Oppenheimer Asset Management Inc. boosted its holdings in shares of International Paper Co (NYSE:IP) by 23.6% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 349,297 shares of the basic materials company’s stock after buying an additional 66,750 shares during the quarter. Oppenheimer Asset Management Inc. owned 0.09% of International Paper worth $14,097,000 as of its most recent SEC filing.
Other institutional investors have also added to or reduced their stakes in the company. CWM LLC raised its holdings in shares of International Paper by 81.2% in the 4th quarter. CWM LLC now owns 743 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 333 shares in the last quarter. Plimoth Trust Co. LLC grew its position in shares of International Paper by 1.9% in the 4th quarter. Plimoth Trust Co. LLC now owns 19,255 shares of the basic materials company’s stock valued at $777,000 after buying an additional 362 shares during the last quarter. Private Trust Co. NA grew its position in shares of International Paper by 7.7% in the 4th quarter. Private Trust Co. NA now owns 5,531 shares of the basic materials company’s stock valued at $223,000 after buying an additional 396 shares during the last quarter. Alpha Windward LLC grew its position in shares of International Paper by 52.8% in the 4th quarter. Alpha Windward LLC now owns 1,155 shares of the basic materials company’s stock valued at $47,000 after buying an additional 399 shares during the last quarter. Finally, First Command Bank grew its position in shares of International Paper by 56.7% in the 4th quarter. First Command Bank now owns 1,185 shares of the basic materials company’s stock valued at $48,000 after buying an additional 429 shares during the last quarter. Institutional investors own 80.78% of the company’s stock.
Several research analysts have issued reports on IP shares. Zacks Investment Research downgraded shares of International Paper from a “hold” rating to a “sell” rating in a research report on Thursday, October 4th. ValuEngine downgraded shares of International Paper from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 3rd. BMO Capital Markets downgraded shares of International Paper from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $66.00 to $51.00 in a research report on Tuesday, October 9th. Stephens raised shares of International Paper from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $50.00 to $60.00 in a research report on Wednesday, January 23rd. Finally, Deutsche Bank set a $55.00 price objective on shares of International Paper and gave the stock a “hold” rating in a research report on Monday, October 29th. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $56.57.
The company also recently announced a quarterly dividend, which will be paid on Friday, March 15th. Stockholders of record on Thursday, February 21st will be issued a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 4.20%. The ex-dividend date of this dividend is Wednesday, February 20th. International Paper’s payout ratio is 57.31%.
International Paper announced that its Board of Directors has authorized a stock buyback plan on Tuesday, October 9th that permits the company to repurchase $430.00 million in outstanding shares. This repurchase authorization permits the basic materials company to buy up to 2.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
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International Paper Company Profile
International Paper Company operates as a paper and packaging company primarily in North America, Europe, Latin America, North Africa, India, and Russia. It operates through three segments: Industrial Packaging, Global Cellulose Fibers, and Printing Papers. The Industrial Packaging segment manufactures containerboards, including linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft.
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