Public Employees Retirement System of Ohio reduced its stake in shares of International Paper Co (NYSE:IP) by 0.4% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 139,487 shares of the basic materials company’s stock after selling 611 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in International Paper were worth $5,833,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently modified their holdings of IP. Proffitt & Goodson Inc. bought a new position in International Paper in the third quarter valued at $33,000. Citizens Financial Group Inc RI boosted its holdings in shares of International Paper by 138.4% in the 2nd quarter. Citizens Financial Group Inc RI now owns 801 shares of the basic materials company’s stock valued at $35,000 after buying an additional 465 shares during the last quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA boosted its holdings in shares of International Paper by 32.0% in the 3rd quarter. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA now owns 925 shares of the basic materials company’s stock valued at $39,000 after buying an additional 224 shares during the last quarter. Phocas Financial Corp. bought a new position in shares of International Paper in the second quarter valued at $45,000. Finally, Capital Investment Advisory Services LLC grew its stake in shares of International Paper by 83.3% in the third quarter. Capital Investment Advisory Services LLC now owns 1,100 shares of the basic materials company’s stock valued at $46,000 after buying an additional 500 shares in the last quarter. 81.06% of the stock is currently owned by hedge funds and other institutional investors.
In other International Paper news, SVP W. Michael Jr. Amick sold 8,000 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $44.83, for a total value of $358,640.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, SVP Timothy S. Nicholls sold 45,000 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $42.44, for a total value of $1,909,800.00. Following the transaction, the senior vice president now owns 60,490 shares in the company, valued at approximately $2,567,195.60. The disclosure for this sale can be found here. Insiders own 0.33% of the company’s stock.
IP opened at $46.24 on Tuesday. The stock’s fifty day simple moving average is $44.40 and its 200 day simple moving average is $42.46. International Paper Co has a 1-year low of $36.45 and a 1-year high of $48.24. The stock has a market cap of $18.17 billion, a PE ratio of 8.69 and a beta of 1.53. The company has a current ratio of 1.49, a quick ratio of 1.03 and a debt-to-equity ratio of 1.37.
International Paper (NYSE:IP) last released its quarterly earnings data on Thursday, October 31st. The basic materials company reported $1.09 EPS for the quarter, topping the Zacks’ consensus estimate of $0.99 by $0.10. International Paper had a net margin of 6.03% and a return on equity of 26.97%. The firm had revenue of $5.57 billion during the quarter, compared to analysts’ expectations of $5.63 billion. During the same period in the previous year, the business posted $1.56 earnings per share. The company’s revenue for the quarter was down 5.6% compared to the same quarter last year. Equities analysts forecast that International Paper Co will post 4.38 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.5125 per share. This represents a $2.05 dividend on an annualized basis and a dividend yield of 4.43%. The ex-dividend date is Thursday, November 14th. This is a boost from International Paper’s previous quarterly dividend of $0.50. International Paper’s dividend payout ratio (DPR) is currently 38.53%.
IP has been the topic of several analyst reports. Zacks Investment Research raised shares of International Paper from a “sell” rating to a “hold” rating and set a $47.00 price target on the stock in a research report on Tuesday, November 5th. Royal Bank of Canada set a $43.00 price objective on shares of International Paper and gave the company a “hold” rating in a research report on Friday, November 1st. BNP Paribas started coverage on shares of International Paper in a research note on Monday. They set an “outperform” rating and a $53.00 price objective on the stock. Citigroup lowered their price objective on shares of International Paper from $45.00 to $43.00 and set a “neutral” rating on the stock in a research note on Thursday, October 17th. Finally, Wells Fargo & Co dropped their target price on shares of International Paper from $43.00 to $42.00 and set a “market perform” rating on the stock in a report on Tuesday, October 8th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. International Paper currently has a consensus rating of “Hold” and a consensus price target of $45.82.
About International Paper
International Paper Co engages in the manufacture of paper and packaging products. It operates through the following segments: Industrial Packaging, Global Cellulose Fibers, and Printing Papers. The Industrial Packaging segment involves in the manufacturing of containerboards, which include linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft.
Further Reading: Gap Up Stocks
Want to see what other hedge funds are holding IP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for International Paper Co (NYSE:IP).
Receive News & Ratings for International Paper Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for International Paper and related companies with MarketBeat.com's FREE daily email newsletter.