Cigna Investments Inc. New decreased its position in International Paper Company (NYSE:IP) by 5.9% during the second quarter, Holdings Channel reports. The firm owned 15,858 shares of the basic materials company’s stock after selling 1,001 shares during the period. Cigna Investments Inc. New’s holdings in International Paper were worth $898,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently made changes to their positions in IP. Wilbanks Smith & Thomas Asset Management LLC raised its position in shares of International Paper by 0.3% in the first quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 6,426 shares of the basic materials company’s stock worth $326,000 after buying an additional 20 shares during the period. Vaughan David Investments Inc. IL raised its position in shares of International Paper by 0.5% in the first quarter. Vaughan David Investments Inc. IL now owns 4,248 shares of the basic materials company’s stock worth $216,000 after buying an additional 21 shares during the period. Mechanics Bank Trust Department raised its position in shares of International Paper by 0.6% in the second quarter. Mechanics Bank Trust Department now owns 4,467 shares of the basic materials company’s stock worth $253,000 after buying an additional 26 shares during the period. Checchi Capital Advisers LLC raised its position in shares of International Paper by 0.8% in the first quarter. Checchi Capital Advisers LLC now owns 4,670 shares of the basic materials company’s stock worth $237,000 after buying an additional 37 shares during the period. Finally, Moloney Securities Asset Management LLC raised its position in shares of International Paper by 0.9% in the second quarter. Moloney Securities Asset Management LLC now owns 4,989 shares of the basic materials company’s stock worth $282,000 after buying an additional 44 shares during the period. Institutional investors own 83.04% of the company’s stock.

Shares of International Paper Company (IP) opened at 52.59 on Friday. The firm has a market cap of $21.72 billion, a P/E ratio of 26.71 and a beta of 1.46. International Paper Company has a one year low of $43.55 and a one year high of $58.95. The firm has a 50 day moving average price of $56.00 and a 200-day moving average price of $53.67.

International Paper (NYSE:IP) last issued its earnings results on Thursday, July 27th. The basic materials company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.01. International Paper had a net margin of 3.73% and a return on equity of 27.09%. The business had revenue of $5.77 billion for the quarter, compared to analysts’ expectations of $5.72 billion. During the same quarter in the previous year, the firm posted $0.92 EPS. The business’s revenue for the quarter was up 8.5% compared to the same quarter last year. Analysts forecast that International Paper Company will post $3.47 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Tuesday, August 15th will be issued a dividend of $0.4625 per share. The ex-dividend date is Friday, August 11th. This represents a $1.85 dividend on an annualized basis and a yield of 3.52%. International Paper’s payout ratio is 93.91%.

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A number of brokerages have recently weighed in on IP. Jefferies Group LLC reiterated a “buy” rating and set a $66.00 target price (up previously from $65.00) on shares of International Paper in a research note on Friday, July 14th. Deutsche Bank AG increased their target price on International Paper from $50.00 to $54.00 and gave the stock a “hold” rating in a research note on Tuesday, April 25th. KeyCorp reiterated a “hold” rating on shares of International Paper in a research note on Thursday, June 29th. BidaskClub upgraded International Paper from a “hold” rating to a “buy” rating in a research note on Friday, June 16th. Finally, Citigroup Inc. reissued a “neutral” rating on shares of International Paper in a research report on Saturday, April 22nd. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $57.89.

In other news, insider Gregory T. Wanta sold 1,044 shares of the company’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $55.22, for a total value of $57,649.68. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.64% of the company’s stock.

About International Paper

International Paper Company is a paper and packaging company with primary markets and manufacturing operations in North America, Europe, Latin America, Russia, Asia, Africa and the Middle East. The Company’s segments include Industrial Packaging, Global Cellulose Fibers, Printing Papers and Consumer Packaging.

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Institutional Ownership by Quarter for International Paper (NYSE:IP)

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