Wetherby Asset Management Inc. Increases Stake in International Paper Company (IP)
Wetherby Asset Management Inc. raised its position in International Paper Company (NYSE:IP) by 2.0% during the second quarter, Holdings Channel reports. The firm owned 6,308 shares of the basic materials company’s stock after buying an additional 121 shares during the period. Wetherby Asset Management Inc.’s holdings in International Paper were worth $357,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in IP. FNY Partners Fund LP raised its stake in International Paper by 166.7% in the first quarter. FNY Partners Fund LP now owns 2,000 shares of the basic materials company’s stock valued at $101,000 after buying an additional 1,250 shares during the last quarter. Asset Advisors Corp raised its stake in International Paper by 3.6% in the second quarter. Asset Advisors Corp now owns 2,398 shares of the basic materials company’s stock valued at $136,000 after buying an additional 84 shares during the last quarter. Old Mutual Global Investors UK Ltd. purchased a new stake in International Paper during the first quarter valued at approximately $172,000. Parallel Advisors LLC raised its stake in International Paper by 24.8% in the first quarter. Parallel Advisors LLC now owns 3,417 shares of the basic materials company’s stock valued at $182,000 after buying an additional 680 shares during the last quarter. Finally, Hefty Wealth Partners raised its stake in International Paper by 1.7% in the second quarter. Hefty Wealth Partners now owns 3,223 shares of the basic materials company’s stock valued at $182,000 after buying an additional 55 shares during the last quarter. 83.68% of the stock is currently owned by institutional investors and hedge funds.
Shares of International Paper Company (NYSE IP) opened at 53.64 on Tuesday. The stock has a market capitalization of $22.15 billion, a PE ratio of 27.24 and a beta of 1.46. The stock’s 50 day moving average is $55.91 and its 200 day moving average is $53.60. International Paper Company has a 52-week low of $43.55 and a 52-week high of $58.95.
International Paper (NYSE:IP) last released its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.65 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.01. The business had revenue of $5.77 billion during the quarter, compared to analyst estimates of $5.72 billion. International Paper had a net margin of 3.73% and a return on equity of 27.09%. The business’s revenue was up 8.5% on a year-over-year basis. During the same period last year, the business earned $0.92 EPS. Equities research analysts expect that International Paper Company will post $3.47 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Tuesday, August 15th will be issued a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend is Friday, August 11th. International Paper’s payout ratio is 93.91%.
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IP has been the topic of several analyst reports. Royal Bank Of Canada raised shares of International Paper from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $50.00 to $56.00 in a research report on Wednesday, April 19th. Citigroup Inc. reiterated a “neutral” rating on shares of International Paper in a report on Saturday, April 22nd. Deutsche Bank AG lifted their target price on shares of International Paper from $50.00 to $54.00 and gave the company a “hold” rating in a report on Tuesday, April 25th. Jefferies Group LLC reiterated a “buy” rating and issued a $65.00 target price (up previously from $63.00) on shares of International Paper in a report on Saturday, April 29th. Finally, Barclays PLC lifted their target price on shares of International Paper from $45.00 to $48.00 and gave the company an “underweight” rating in a report on Monday, May 1st. Three research analysts have rated the stock with a sell rating, seven have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $58.14.
In related news, insider Gregory T. Wanta sold 1,044 shares of the firm’s stock in a transaction on Tuesday, August 1st. The shares were sold at an average price of $55.22, for a total transaction of $57,649.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.64% of the stock is currently owned by company insiders.
International Paper Company Profile
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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