Financial Counselors Inc. lifted its position in International Paper Co (NYSE:IP) by 2.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 252,796 shares of the basic materials company’s stock after buying an additional 5,618 shares during the period. Financial Counselors Inc. owned about 0.06% of International Paper worth $12,425,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Grassi Investment Management increased its position in shares of International Paper by 0.9% in the 2nd quarter. Grassi Investment Management now owns 105,807 shares of the basic materials company’s stock valued at $5,510,000 after buying an additional 962 shares in the last quarter. Pitcairn Co. increased its position in shares of International Paper by 8.4% in the 2nd quarter. Pitcairn Co. now owns 12,761 shares of the basic materials company’s stock valued at $665,000 after buying an additional 993 shares in the last quarter. Townsend & Associates Inc increased its position in shares of International Paper by 8.7% in the 2nd quarter. Townsend & Associates Inc now owns 12,407 shares of the basic materials company’s stock valued at $646,000 after buying an additional 997 shares in the last quarter. State Treasurer State of Michigan increased its position in shares of International Paper by 0.8% in the 2nd quarter. State Treasurer State of Michigan now owns 122,573 shares of the basic materials company’s stock valued at $6,384,000 after buying an additional 1,000 shares in the last quarter. Finally, Independent Advisor Alliance increased its position in shares of International Paper by 9.2% in the 2nd quarter. Independent Advisor Alliance now owns 12,113 shares of the basic materials company’s stock valued at $626,000 after buying an additional 1,022 shares in the last quarter. Institutional investors and hedge funds own 81.85% of the company’s stock.
In other news, SVP John V. Sims sold 4,725 shares of the stock in a transaction dated Wednesday, September 19th. The shares were sold at an average price of $54.35, for a total transaction of $256,803.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jeanmichel Ribieras sold 10,000 shares of the stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $54.20, for a total transaction of $542,000.00. The disclosure for this sale can be found here. In the last quarter, insiders have sold 46,725 shares of company stock valued at $2,484,864. Corporate insiders own 0.32% of the company’s stock.
International Paper (NYSE:IP) last released its earnings results on Thursday, October 25th. The basic materials company reported $1.56 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.47 by $0.09. The firm had revenue of $5.90 billion during the quarter, compared to analysts’ expectations of $5.90 billion. International Paper had a return on equity of 29.42% and a net margin of 13.68%. As a group, sell-side analysts forecast that International Paper Co will post 5.28 earnings per share for the current year.
International Paper declared that its board has approved a share buyback program on Tuesday, October 9th that allows the company to buyback $430.00 million in shares. This buyback authorization allows the basic materials company to repurchase up to 2.1% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Thursday, November 15th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.41%. The ex-dividend date is Wednesday, November 14th. This is a boost from International Paper’s previous quarterly dividend of $0.48. International Paper’s dividend payout ratio is 54.44%.
A number of analysts recently commented on IP shares. Citigroup restated a “buy” rating and issued a $65.00 price objective (down previously from $71.00) on shares of International Paper in a research report on Monday, July 23rd. Zacks Investment Research upgraded shares of International Paper from a “hold” rating to a “buy” rating and set a $59.00 price objective for the company in a research report on Wednesday, August 1st. Royal Bank of Canada restated a “buy” rating and issued a $55.00 price objective on shares of International Paper in a research report on Tuesday, October 23rd. Argus lowered their target price on International Paper from $70.00 to $55.00 and set a “buy” rating for the company in a report on Monday. Finally, Stephens set a $57.00 target price on International Paper and gave the stock a “hold” rating in a report on Tuesday, September 11th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have issued a buy rating to the company. The stock has a consensus rating of “Hold” and an average price target of $58.64.
About International Paper
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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