Convergence Investment Partners LLC cut its holdings in International Paper Company (NYSE:IP) by 13.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 25,855 shares of the basic materials company’s stock after selling 3,857 shares during the period. Convergence Investment Partners LLC’s holdings in International Paper were worth $1,469,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of the business. Oppenheimer & Co. Inc. raised 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 valued at $2,891,000 after acquiring an additional 9,093 shares during the last quarter. FMR LLC raised its stake in shares of International Paper by 9.9% during the second quarter. FMR LLC now owns 359,574 shares of the basic materials company’s stock valued at $20,356,000 after acquiring an additional 32,461 shares during the last quarter. Burney Co. increased its position 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 valued at $5,654,000 after buying an additional 4,374 shares during the period. Homrich & Berg purchased a new position in shares of International Paper during the second quarter valued at about $337,000. Finally, Cipher Capital LP purchased a new position in shares of International Paper during the second quarter valued at about $2,703,000. 81.98% of the stock is owned by institutional investors and hedge funds.
Several equities analysts recently issued reports on IP shares. Zacks Investment Research upgraded shares of International Paper from a “sell” rating to a “hold” rating in a research report on Monday, October 2nd. KeyCorp reiterated a “hold” rating on shares of International Paper in a research report on Thursday, October 12th. BMO Capital Markets reiterated a “buy” rating and set a $62.00 price target on shares of International Paper in a research report on Friday, November 24th. DA Davidson upgraded shares of International Paper from a “neutral” rating to a “buy” rating and boosted their price target for the company from $53.75 to $62.00 in a research report on Monday, August 14th. Finally, Royal Bank Of Canada reiterated a “buy” rating and set a $65.00 price target on shares of International Paper in a research report on Monday, August 21st. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and six have assigned a buy rating to the stock. International Paper currently has a consensus rating of “Hold” and an average price target of $61.73.
International Paper (NYSE:IP) last announced its quarterly earnings data on Wednesday, October 25th. The basic materials company reported $1.08 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.04 by $0.04. The business had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $5.85 billion. International Paper had a net margin of 4.00% and a return on equity of 27.56%. The business’s revenue was up 12.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.91 earnings per share. sell-side analysts forecast that International Paper Company will post 3.51 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 15th will be issued a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date is Tuesday, November 14th. This is a boost from International Paper’s previous quarterly dividend of $0.46. International Paper’s dividend payout ratio is 87.56%.
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About International Paper
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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