Rhumbline Advisers Acquires 37,725 Shares of International Paper (NYSE:IP)

Rhumbline Advisers boosted its holdings in shares of International Paper (NYSE:IPGet Rating) by 5.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 688,371 shares of the basic materials company’s stock after acquiring an additional 37,725 shares during the period. Rhumbline Advisers owned about 0.19% of International Paper worth $28,795,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IP. Desjardins Global Asset Management Inc. boosted its holdings in shares of International Paper by 45.5% in the 1st quarter. Desjardins Global Asset Management Inc. now owns 675 shares of the basic materials company’s stock valued at $31,000 after buying an additional 211 shares in the last quarter. Hartford Financial Management Inc. boosted its holdings in shares of International Paper by 0.9% in the 1st quarter. Hartford Financial Management Inc. now owns 26,337 shares of the basic materials company’s stock valued at $1,215,000 after buying an additional 222 shares in the last quarter. Brown Advisory Inc. boosted its holdings in shares of International Paper by 1.8% in the 2nd quarter. Brown Advisory Inc. now owns 14,280 shares of the basic materials company’s stock valued at $666,000 after buying an additional 250 shares in the last quarter. Boenning & Scattergood Inc. boosted its stake in International Paper by 1.4% in the 2nd quarter. Boenning & Scattergood Inc. now owns 19,172 shares of the basic materials company’s stock worth $802,000 after purchasing an additional 266 shares in the last quarter. Finally, Sumitomo Life Insurance Co. boosted its stake in International Paper by 3.4% in the 2nd quarter. Sumitomo Life Insurance Co. now owns 8,630 shares of the basic materials company’s stock worth $361,000 after purchasing an additional 287 shares in the last quarter. 85.84% of the stock is currently owned by institutional investors.

Insider Activity

In other news, major shareholder Paper Co /New/ International sold 4,614,358 shares of International Paper stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $36.25, for a total transaction of $167,270,477.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, SVP Timothy S. Nicholls sold 7,500 shares of International Paper stock in a transaction on Monday, October 31st. The shares were sold at an average price of $33.66, for a total value of $252,450.00. Following the sale, the senior vice president now owns 101,897 shares of the company’s stock, valued at approximately $3,429,853.02. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, major shareholder Paper Co /New/ International sold 4,614,358 shares of International Paper stock in a transaction on Monday, September 12th. The shares were sold at an average price of $36.25, for a total transaction of $167,270,477.50. The disclosure for this sale can be found here. Insiders own 0.42% of the company’s stock.

International Paper Stock Performance

IP opened at $36.81 on Thursday. The company has a current ratio of 1.38, a quick ratio of 0.97 and a debt-to-equity ratio of 0.50. The firm has a market capitalization of $13.09 billion, a PE ratio of 7.01 and a beta of 0.99. The firm has a 50 day moving average of $33.83 and a two-hundred day moving average of $40.37. International Paper has a 12-month low of $30.69 and a 12-month high of $50.23.

International Paper Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Tuesday, November 15th will be issued a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a dividend yield of 5.03%. The ex-dividend date of this dividend is Monday, November 14th. International Paper’s dividend payout ratio (DPR) is 35.24%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on IP shares. Citigroup lowered their target price on shares of International Paper from $46.00 to $34.00 and set a “neutral” rating for the company in a research note on Tuesday, October 11th. Jefferies Financial Group cut shares of International Paper from a “hold” rating to an “underperform” rating and lowered their target price for the stock from $40.00 to $31.00 in a research note on Friday, September 16th. Wells Fargo & Company lowered their target price on shares of International Paper from $35.00 to $32.00 and set an “equal weight” rating for the company in a research note on Friday, October 28th. KeyCorp lowered their target price on shares of International Paper from $37.00 to $27.00 and set an “underweight” rating for the company in a research note on Friday, September 30th. Finally, StockNews.com began coverage on shares of International Paper in a research note on Wednesday, October 12th. They issued a “buy” rating for the company. Three analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $34.44.

About International Paper

(Get Rating)

International Paper Company operates as a packaging company primarily in United States, the Middle East, Europe, Africa, Pacific Rim, Asia, and rest of the Americas. It operates through two segments: Industrial Packaging and Global Cellulose Fibers. The Industrial Packaging segment manufactures containerboards, including linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft.

Further Reading

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

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