Westpac Banking Corp Has $5.74 Million Stock Position in International Paper (NYSE:IP)

Westpac Banking Corp lowered its holdings in International Paper (NYSE:IP) by 1.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 93,570 shares of the basic materials company’s stock after selling 1,456 shares during the quarter. Westpac Banking Corp’s holdings in International Paper were worth $5,737,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. FMR LLC grew its holdings in shares of International Paper by 4.3% during the 1st quarter. FMR LLC now owns 391,110 shares of the basic materials company’s stock worth $18,096,000 after purchasing an additional 16,114 shares in the last quarter. Sigma Planning Corp grew its holdings in shares of International Paper by 23.0% during the 1st quarter. Sigma Planning Corp now owns 16,907 shares of the basic materials company’s stock worth $914,000 after purchasing an additional 3,160 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of International Paper by 20.3% during the 1st quarter. Fifth Third Bancorp now owns 4,750 shares of the basic materials company’s stock worth $257,000 after purchasing an additional 800 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in shares of International Paper by 62.8% during the 1st quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 37,911 shares of the basic materials company’s stock worth $2,049,000 after purchasing an additional 14,621 shares in the last quarter. Finally, IndexIQ Advisors LLC grew its holdings in shares of International Paper by 7.0% during the 1st quarter. IndexIQ Advisors LLC now owns 14,907 shares of the basic materials company’s stock worth $806,000 after purchasing an additional 971 shares in the last quarter. 81.58% of the stock is currently owned by hedge funds and other institutional investors.

IP has been the topic of several recent research reports. Wells Fargo & Company lifted their price objective on International Paper from $66.00 to $85.00 and gave the stock an “overweight” rating in a report on Monday, June 7th. Zacks Investment Research lowered International Paper from a “strong-buy” rating to a “hold” rating and set a $63.00 price target on the stock. in a research note on Monday, July 19th. Jefferies Financial Group upped their price target on International Paper from $78.00 to $96.00 and gave the company a “buy” rating in a research report on Friday, June 4th. Argus raised International Paper from a “hold” rating to a “buy” rating and set a $75.00 price objective for the company in a report on Friday, June 11th. Finally, Stephens raised shares of International Paper from an “equal weight” rating to an “overweight” rating and upped their target price for the stock from $58.00 to $80.00 in a report on Monday, June 28th. Three research analysts have rated the stock with a sell rating, two have assigned a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, International Paper has a consensus rating of “Hold” and an average target price of $64.45.

Shares of International Paper stock opened at $55.22 on Wednesday. The company has a quick ratio of 1.20, a current ratio of 1.42 and a debt-to-equity ratio of 0.85. The stock has a market capitalization of $21.58 billion, a P/E ratio of 19.17 and a beta of 1.05. International Paper has a 12-month low of $38.38 and a 12-month high of $65.27. The company has a 50-day simple moving average of $58.65 and a 200 day simple moving average of $58.95.

International Paper (NYSE:IP) last posted its quarterly earnings data on Thursday, July 29th. The basic materials company reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.05 by $0.01. The firm had revenue of $5.62 billion during the quarter, compared to analysts’ expectations of $5.60 billion. International Paper had a net margin of 5.33% and a return on equity of 16.67%. On average, equities analysts anticipate that International Paper will post 4.87 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, September 15th. Shareholders of record on Monday, August 16th were given a $0.5125 dividend. This represents a $2.05 annualized dividend and a yield of 3.71%. The ex-dividend date was Friday, August 13th. International Paper’s payout ratio is presently 73.21%.

In other International Paper news, SVP Jeanmichel Ribieras sold 4,417 shares of the firm’s stock in a transaction dated Tuesday, September 14th. The shares were sold at an average price of $57.75, for a total value of $255,081.75. Following the completion of the sale, the senior vice president now owns 61,333 shares in the company, valued at approximately $3,541,980.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders acquired a total of 128 shares of company stock valued at $7,473 in the last 90 days. Corporate insiders own 0.42% of the company’s stock.

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.

Further Reading: How to read a candlestick chart

Want to see what other hedge funds are holding IP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for International Paper (NYSE:IP).

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

Receive News & Ratings for International Paper Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for International Paper and related companies with MarketBeat.com's FREE daily email newsletter.