Resources Investment Advisors LLC. acquired a new position in International Paper (NYSE:IP) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 3,263 shares of the basic materials company’s stock, valued at approximately $200,000.
Other hedge funds have also made changes to their positions in the company. Providence Capital Advisors LLC bought a new stake in shares of International Paper in the second quarter worth $31,000. Stonebridge Capital Advisors LLC bought a new stake in shares of International Paper in the first quarter worth $35,000. E Fund Management Co. Ltd. bought a new stake in shares of International Paper in the first quarter worth $37,000. Logan Capital Management Inc. bought a new stake in shares of International Paper in the first quarter worth $39,000. Finally, San Francisco Sentry Investment Group CA acquired a new position in International Paper during the second quarter worth $40,000. 81.58% of the stock is currently owned by institutional investors and hedge funds.
IP stock opened at $57.75 on Wednesday. The company has a debt-to-equity ratio of 0.85, a quick ratio of 1.20 and a current ratio of 1.42. The company’s 50-day simple moving average is $59.15 and its 200 day simple moving average is $58.81. International Paper has a 52 week low of $38.38 and a 52 week high of $65.27. The company has a market capitalization of $22.57 billion, a PE ratio of 20.05 and a beta of 1.05.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, September 15th. Investors of record on Monday, August 16th will be paid a $0.5125 dividend. The ex-dividend date of this dividend is Friday, August 13th. This represents a $2.05 annualized dividend and a dividend yield of 3.55%. International Paper’s dividend payout ratio (DPR) is presently 73.21%.
A number of brokerages recently weighed in on IP. Wells Fargo & Company boosted their target price on shares of International Paper from $66.00 to $85.00 and gave the stock an “overweight” rating in a report on Monday, June 7th. Jefferies Financial Group boosted their target price on shares of International Paper from $78.00 to $96.00 and gave the stock a “buy” rating in a report on Friday, June 4th. Zacks Investment Research downgraded shares of International Paper from a “strong-buy” rating to a “hold” rating and set a $63.00 target price on the stock. in a report on Monday, July 19th. Argus upgraded shares of International Paper from a “hold” rating to a “buy” rating and set a $75.00 target price on the stock in a report on Friday, June 11th. Finally, Stephens upgraded shares of International Paper from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $58.00 to $80.00 in a report on Monday, June 28th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $63.17.
International Paper Company Profile
International Paper Co engages in the manufacture of paper and packaging products. It operates through the following segments: Industrial Packaging, Global Cellulose Fibers, and Printing Papers. The Industrial Packaging segment involves in the manufacturing of containerboards, which include linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft.
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