Raymond James Financial Services Advisors Inc. reduced its stake in shares of International Paper Company (NYSE:IP) by 9.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 95,419 shares of the basic materials company’s stock after selling 9,997 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in International Paper were worth $5,422,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of the stock. BlackRock Inc. lifted its stake in International Paper by 4.4% in the 2nd quarter. BlackRock Inc. now owns 38,831,623 shares of the basic materials company’s stock valued at $2,198,257,000 after acquiring an additional 1,648,915 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of International Paper by 0.6% during the 2nd quarter. Vanguard Group Inc. now owns 29,065,508 shares of the basic materials company’s stock worth $1,645,398,000 after purchasing an additional 184,066 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of International Paper by 13.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 7,226,283 shares of the basic materials company’s stock worth $409,080,000 after purchasing an additional 836,888 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of International Paper by 18.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 6,335,943 shares of the basic materials company’s stock worth $359,118,000 after purchasing an additional 966,103 shares in the last quarter. Finally, Iridian Asset Management LLC CT raised its stake in shares of International Paper by 42.6% during the 2nd quarter. Iridian Asset Management LLC CT now owns 5,342,050 shares of the basic materials company’s stock worth $302,413,000 after purchasing an additional 1,596,230 shares in the last quarter. Institutional investors and hedge funds own 81.98% of the company’s stock.
A number of research firms recently weighed in on IP. DA Davidson upgraded International Paper from a “neutral” rating to a “buy” rating and increased their price target for the company from $53.75 to $62.00 in a research note on Monday, August 14th. Royal Bank Of Canada reaffirmed a “buy” rating and issued a $65.00 price objective on shares of International Paper in a report on Monday, October 23rd. Deutsche Bank reaffirmed a “hold” rating and issued a $56.00 price objective (up from $54.00) on shares of International Paper in a report on Monday, October 9th. BMO Capital Markets reissued a “buy” rating on shares of International Paper in a report on Thursday, August 17th. Finally, Barclays increased their target price on International Paper from $50.00 to $52.00 and gave the stock an “underweight” rating in a report on Monday, October 30th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $61.73.
International Paper Company (IP) traded down $0.12 during midday trading on Wednesday, reaching $56.80. The company had a trading volume of 1,378,071 shares, compared to its average volume of 2,327,583. International Paper Company has a fifty-two week low of $49.60 and a fifty-two week high of $58.96. The firm has a market capitalization of $23,487.36, a PE ratio of 18.59, a P/E/G ratio of 1.71 and a beta of 1.45. The company has a quick ratio of 0.97, a current ratio of 1.48 and a debt-to-equity ratio of 2.31.
International Paper (NYSE:IP) last announced its quarterly earnings data on Wednesday, October 25th. The basic materials company reported $1.08 EPS for the quarter, beating the Zacks’ consensus estimate of $1.04 by $0.04. International Paper had a return on equity of 27.56% and a net margin of 4.00%. The firm had revenue of $5.91 billion during the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter last year, the firm posted $0.91 earnings per share. The company’s revenue for the quarter was up 12.3% compared to the same quarter last year. sell-side analysts predict that International Paper Company will post 3.5 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 15th will be paid a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend is Tuesday, November 14th. This is a boost from International Paper’s previous quarterly dividend of $0.46. International Paper’s dividend payout ratio (DPR) is 87.56%.
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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