First Manhattan Co. cut its position in shares of International Paper Company (NYSE:IP) by 12.7% during the second quarter, according to its most recent filing with the SEC. The fund owned 8,094 shares of the basic materials company’s stock after selling 1,175 shares during the period. First Manhattan Co.’s holdings in International Paper were worth $458,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its stake in International Paper by 2.2% in the first quarter. JPMorgan Chase & Co. now owns 438,814 shares of the basic materials company’s stock valued at $22,282,000 after buying an additional 9,553 shares in the last quarter. Macquarie Group Ltd. boosted its stake in International Paper by 1,220.4% in the fourth quarter. Macquarie Group Ltd. now owns 136,003 shares of the basic materials company’s stock valued at $7,216,000 after buying an additional 125,703 shares in the last quarter. Private Trust Co. NA boosted its stake in International Paper by 10.4% in the second quarter. Private Trust Co. NA now owns 5,245 shares of the basic materials company’s stock valued at $296,000 after buying an additional 492 shares in the last quarter. Sound Shore Management Inc. CT boosted its stake in International Paper by 16.5% in the first quarter. Sound Shore Management Inc. CT now owns 3,370,525 shares of the basic materials company’s stock valued at $171,155,000 after buying an additional 477,084 shares in the last quarter. Finally, City Holding Co. boosted its stake in International Paper by 2.5% in the second quarter. City Holding Co. now owns 4,100 shares of the basic materials company’s stock valued at $232,000 after buying an additional 100 shares in the last quarter. 83.68% of the stock is currently owned by institutional investors.
Shares of International Paper Company (NYSE IP) traded up 0.65% during trading on Friday, reaching $54.29. 2,141,772 shares of the company’s stock traded hands. The company’s 50-day moving average is $55.67 and its 200 day moving average is $53.56. The company has a market cap of $22.42 billion, a price-to-earnings ratio of 27.57 and a beta of 1.46. International Paper Company has a 52-week low of $43.55 and a 52-week high of $58.95.
International Paper (NYSE:IP) last posted its earnings results on Thursday, July 27th. The basic materials company reported $0.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.64 by $0.01. International Paper had a return on equity of 27.09% and a net margin of 3.73%. The company had revenue of $5.77 billion for the quarter, compared to analyst estimates of $5.72 billion. During the same quarter in the previous year, the firm earned $0.92 earnings per share. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. Equities analysts forecast that International Paper Company will post $3.47 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Tuesday, August 15th will be issued a $0.4625 dividend. This represents a $1.85 annualized dividend and a yield of 3.41%. The ex-dividend date of this dividend is Friday, August 11th. International Paper’s dividend payout ratio is presently 93.91%.
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Several research analysts have recently weighed in on IP shares. BMO Capital Markets reiterated a “buy” rating on shares of International Paper in a research note on Thursday. Jefferies Group LLC reiterated a “buy” rating and issued a $66.00 price target on shares of International Paper in a research note on Friday. Barclays PLC reiterated a “sell” rating and issued a $50.00 price target on shares of International Paper in a research note on Wednesday, August 2nd. KeyCorp reiterated a “hold” rating on shares of International Paper in a research note on Thursday, June 29th. Finally, Zacks Investment Research raised shares of International Paper from a “sell” rating to a “hold” rating in a report on Friday, June 30th. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The stock currently has an average rating of “Hold” and an average price target of $58.14.
In other International Paper news, insider Gregory T. Wanta sold 1,044 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $55.22, for a total value of $57,649.68. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.64% of the stock is currently owned by company insiders.
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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