Buckingham Capital Management Inc. Buys 599 Shares of International Paper Company (IP)

Buckingham Capital Management Inc. boosted its stake in shares of International Paper Company (NYSE:IP) by 1.8% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 33,062 shares of the basic materials company’s stock after purchasing an additional 599 shares during the period. Buckingham Capital Management Inc.’s holdings in International Paper were worth $1,872,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently modified their holdings of the company. JPMorgan Chase & Co. raised 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 during the period. Private Trust Co. NA increased its stake in shares of International Paper by 10.4% during the second quarter. Private Trust Co. NA now owns 5,245 shares of the basic materials company’s stock worth $296,000 after purchasing an additional 492 shares during the period. Oppenheimer & Co. Inc. increased its stake in shares of International Paper by 21.7% during the second quarter. Oppenheimer & Co. Inc. now owns 51,063 shares of the basic materials company’s stock worth $2,891,000 after purchasing an additional 9,093 shares during the period. Sound Shore Management Inc. CT increased its stake in shares of International Paper by 16.5% during the first quarter. Sound Shore Management Inc. CT now owns 3,370,525 shares of the basic materials company’s stock worth $171,155,000 after purchasing an additional 477,084 shares during the period. Finally, Burney Co. increased its stake in shares of International Paper by 4.5% during the second quarter. Burney Co. now owns 101,543 shares of the basic materials company’s stock worth $5,654,000 after purchasing an additional 4,374 shares during the period. 83.04% of the stock is owned by hedge funds and other institutional investors.

International Paper Company (NYSE IP) traded up 0.04% on Tuesday, reaching $56.12. The company had a trading volume of 714,276 shares. The stock’s 50 day moving average price is $54.38 and its 200-day moving average price is $53.68. The stock has a market capitalization of $23.17 billion, a PE ratio of 28.50 and a beta of 1.46. International Paper Company has a 12-month low of $43.55 and a 12-month high of $58.95.

International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.65 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.01. The company had revenue of $5.77 billion for the quarter, compared to the consensus estimate of $5.72 billion. International Paper had a net margin of 3.73% and a return on equity of 27.09%. International Paper’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.92 EPS. Equities analysts expect that International Paper Company will post $3.46 earnings per share for the current fiscal year.

The business 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. The ex-dividend date of this dividend is Friday, August 11th. This represents a $1.85 dividend on an annualized basis and a yield of 3.30%. International Paper’s dividend payout ratio is currently 93.91%.

A number of brokerages have recently weighed in on IP. ValuEngine lowered International Paper from a “buy” rating to a “hold” rating in a research note on Monday, July 17th. Zacks Investment Research downgraded International Paper from a “buy” rating to a “hold” rating in a report on Friday, July 14th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $66.00 target price (up previously from $65.00) on shares of International Paper in a report on Friday, July 14th. Vertical Research reaffirmed a “buy” rating on shares of International Paper in a report on Friday, July 28th. Finally, KeyCorp reissued a “hold” rating on shares of International Paper in a report on Thursday, July 27th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $60.07.

In other International Paper news, insider Gregory T. Wanta sold 1,044 shares of International Paper stock in a transaction on Tuesday, August 1st. The shares were 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 SEC, which can be accessed through this link. Insiders own 0.63% of the company’s stock.

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

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