Sit Investment Associates Inc. reduced its stake in International Paper Co. (NYSE:IP) by 49.4% during the second quarter, Holdings Channel reports. The fund owned 400,125 shares of the company’s stock after selling 390,960 shares during the period. Sit Investment Associates Inc.’s holdings in International Paper were worth $16,957,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in IP. Springbok Capital Management LLC boosted its position in International Paper by 50.9% in the first quarter. Springbok Capital Management LLC now owns 4,163 shares of the company’s stock valued at $171,000 after buying an additional 1,405 shares during the last quarter. Bender Robert & Associates bought a new position in shares of International Paper during the second quarter valued at about $202,000. Palladium Partners LLC bought a new position in shares of International Paper during the second quarter valued at about $205,000. Trust Co bought a new position in shares of International Paper during the first quarter valued at about $205,000. Finally, FirstMerit Bank N A Trustee bought a new position in shares of International Paper during the second quarter valued at about $213,000. 81.73% of the stock is currently owned by hedge funds and other institutional investors.
International Paper Co. (NYSE:IP) traded down 0.839% during trading on Wednesday, reaching $46.695. 4,635,669 shares of the company were exchanged. The company’s 50-day moving average price is $48.06 and its 200-day moving average price is $44.13. The stock has a market capitalization of $19.20 billion, a P/E ratio of 25.295 and a beta of 1.55. International Paper Co. has a 1-year low of $32.50 and a 1-year high of $49.90.
International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.84 by $0.08. The company had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.32 billion. International Paper had a net margin of 3.58% and a return on equity of 35.41%. International Paper’s revenue for the quarter was down 6.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.97 EPS. On average, equities analysts forecast that International Paper Co. will post $3.49 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Monday, August 15th were issued a $0.44 dividend. The ex-dividend date was Thursday, August 11th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.74%. International Paper’s dividend payout ratio (DPR) is presently 94.12%.
IP has been the subject of several research reports. Jefferies Group reiterated a “hold” rating on shares of International Paper in a research report on Monday, August 22nd. Wells Fargo & Co. reiterated a “buy” rating on shares of International Paper in a research report on Monday, June 20th. Credit Agricole SA upped their target price on shares of International Paper from $45.00 to $53.00 and gave the stock an “underperform” rating in a research report on Tuesday, September 6th. Zacks Investment Research upgraded shares of International Paper from a “hold” rating to a “strong-buy” rating and set a $55.00 target price for the company in a research report on Monday. Finally, Deutsche Bank AG upped their target price on shares of International Paper from $40.00 to $42.00 and gave the stock a “hold” rating in a research report on Wednesday, August 10th. One research analyst has rated the stock with a sell rating, eleven have given a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $47.71.
In other news, insider Thomas G. Kadien sold 10,000 shares of the business’s stock in a transaction dated Thursday, September 15th. The shares were sold at an average price of $47.86, for a total value of $478,600.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider William P. Hoel sold 20,000 shares of the business’s stock in a transaction dated Tuesday, September 13th. The stock was sold at an average price of $48.12, for a total transaction of $962,400.00. The disclosure for this sale can be found here. 0.64% of the stock is currently owned by insiders.
About International Paper
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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