Baird Financial Group Inc. reduced its stake in shares of International Paper Co (NYSE:IP) by 0.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 188,999 shares of the basic materials company’s stock after selling 1,386 shares during the period. Baird Financial Group Inc.’s holdings in International Paper were worth $9,442,000 as of its most recent SEC filing.
Several other hedge funds also recently made changes to their positions in IP. Levin Capital Strategies L.P. lifted its holdings in shares of International Paper by 66.4% during the 2nd quarter. Levin Capital Strategies L.P. now owns 1,867,499 shares of the basic materials company’s stock worth $97,259,000 after acquiring an additional 745,170 shares during the period. Conning Inc. increased its position in International Paper by 4,805.7% during the 3rd quarter. Conning Inc. now owns 733,935 shares of the basic materials company’s stock worth $36,073,000 after purchasing an additional 718,974 shares in the last quarter. Dimensional Fund Advisors LP increased its position in International Paper by 28.9% during the 3rd quarter. Dimensional Fund Advisors LP now owns 2,477,279 shares of the basic materials company’s stock worth $121,793,000 after purchasing an additional 555,339 shares in the last quarter. LSV Asset Management increased its position in International Paper by 10.3% during the 3rd quarter. LSV Asset Management now owns 4,723,998 shares of the basic materials company’s stock worth $232,184,000 after purchasing an additional 439,685 shares in the last quarter. Finally, Becker Capital Management Inc. acquired a new stake in International Paper during the 3rd quarter worth approximately $19,717,000. Institutional investors and hedge funds own 81.92% of the company’s stock.
A number of research firms recently issued reports on IP. BMO Capital Markets downgraded shares of International Paper from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $66.00 to $51.00 in a research report on Tuesday, October 9th. Zacks Investment Research downgraded shares of International Paper from a “buy” rating to a “hold” rating in a research report on Friday, September 21st. ValuEngine downgraded shares of International Paper from a “sell” rating to a “strong sell” rating in a research report on Wednesday, October 3rd. Argus dropped their target price on shares of International Paper from $70.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, October 29th. Finally, Deutsche Bank set a $55.00 target price on shares of International Paper and gave the stock a “hold” rating in a research report on Monday, October 29th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $58.07.
International Paper (NYSE:IP) last issued its quarterly earnings data on Thursday, October 25th. The basic materials company reported $1.56 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.47 by $0.09. International Paper had a net margin of 13.68% and a return on equity of 29.75%. The company had revenue of $5.90 billion during the quarter, compared to the consensus estimate of $5.90 billion. On average, analysts anticipate that International Paper Co will post 5.31 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Thursday, November 15th will be given a $0.50 dividend. This is an increase from International Paper’s previous quarterly dividend of $0.48. The ex-dividend date is Wednesday, November 14th. This represents a $2.00 annualized dividend and a yield of 4.33%. International Paper’s dividend payout ratio (DPR) is 57.31%.
International Paper declared that its board has approved a stock buyback plan 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 plans are generally an indication that the company’s management believes its stock is undervalued.
In other International Paper news, SVP John V. Sims sold 4,725 shares of the stock in a transaction that occurred on Wednesday, September 19th. The shares were sold at an average price of $54.35, for a total value of $256,803.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Jeanmichel Ribieras sold 10,000 shares of the stock in a transaction that occurred on Wednesday, September 19th. The shares were 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. 0.32% of the stock is owned by company insiders.
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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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