Hudson Canyon Investment Counselors LLC cut its position in International Paper Co. (NYSE:IP) by 2.5% during the second quarter, Holdings Channel reports. The fund owned 33,829 shares of the company’s stock after selling 871 shares during the period. International Paper accounts for approximately 1.6% of Hudson Canyon Investment Counselors LLC’s holdings, making the stock its 20th largest position. Hudson Canyon Investment Counselors LLC’s holdings in International Paper were worth $1,434,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of IP. Wellington Management Group LLP raised its stake in shares of International Paper by 2.7% in the first quarter. Wellington Management Group LLP now owns 26,110,129 shares of the company’s stock worth $1,071,560,000 after buying an additional 685,795 shares during the last quarter. BlackRock Fund Advisors raised its stake in shares of International Paper by 48.3% in the first quarter. BlackRock Fund Advisors now owns 10,300,909 shares of the company’s stock worth $422,749,000 after buying an additional 3,356,879 shares during the last quarter. BlackRock Group LTD raised its stake in shares of International Paper by 42.8% in the first quarter. BlackRock Group LTD now owns 5,612,262 shares of the company’s stock worth $230,327,000 after buying an additional 1,681,518 shares during the last quarter. Sasco Capital Inc. CT raised its stake in shares of International Paper by 4.9% in the first quarter. Sasco Capital Inc. CT now owns 3,626,867 shares of the company’s stock worth $148,847,000 after buying an additional 169,756 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of International Paper by 1.3% in the first quarter. Geode Capital Management LLC now owns 3,272,491 shares of the company’s stock worth $134,028,000 after buying an additional 42,981 shares during the last quarter. Institutional investors and hedge funds own 81.73% of the company’s stock.
International Paper Co. (NYSE:IP) traded down 0.38% during mid-day trading on Monday, hitting $47.80. 2,346,006 shares of the stock traded hands. International Paper Co. has a 12 month low of $32.50 and a 12 month high of $49.90. The stock has a market cap of $19.66 billion, a P/E ratio of 25.89 and a beta of 1.55. The stock has a 50-day moving average price of $48.00 and a 200-day moving average price of $43.98.
International Paper (NYSE:IP) last released its earnings results on Thursday, July 28th. The company reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.84 by $0.08. The business earned $5.30 billion during the quarter, compared to analysts’ expectations of $5.32 billion. International Paper had a net margin of 3.58% and a return on equity of 35.41%. The company’s quarterly revenue was down 6.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.97 earnings per share. On average, equities analysts forecast that International Paper Co. will post $3.49 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Monday, August 15th were paid a dividend of $0.44 per share. The ex-dividend date of this dividend was Thursday, August 11th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.68%. International Paper’s dividend payout ratio is currently 94.12%.
A number of brokerages have recently weighed in on IP. Vetr lowered International Paper from a “strong-buy” rating to a “buy” rating and set a $46.00 price objective for the company. in a research report on Wednesday, June 29th. Royal Bank Of Canada restated a “sector perform” rating and set a $42.00 price objective on shares of International Paper in a research report on Friday, July 29th. Goldman Sachs Group Inc. began coverage on International Paper in a research report on Thursday, September 22nd. They set a “neutral” rating and a $49.00 price objective for the company. Citigroup Inc. raised their price objective on International Paper from $47.00 to $49.00 and gave the company a “neutral” rating in a research report on Tuesday, August 2nd. Finally, Credit Suisse Group AG restated a “hold” rating and set a $47.00 price objective on shares of International Paper in a research report on Monday, August 1st. One equities research analyst has rated the stock with a sell rating, eleven have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. International Paper presently has an average rating of “Hold” and an average price target of $47.71.
In other news, insider William P. Hoel sold 20,000 shares of the business’s stock in a transaction dated Tuesday, September 13th. The shares were sold at an average price of $48.12, for a total transaction of $962,400.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Thomas G. Kadien sold 10,000 shares of the company’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $47.86, for a total transaction of $478,600.00. The disclosure for this sale can be found here. Insiders own 0.64% of the company’s stock.
International Paper Company Profile
International Paper Company (International Paper) 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 operates in three segments: Industrial Packaging, Printing Papers and Consumer Packaging.
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