International Paper Co (NYSE:IP) announced a quarterly dividend on Tuesday, May 12th, RTT News reports. Stockholders of record on Wednesday, May 27th will be given a dividend of 0.5125 per share by the basic materials company on Monday, June 15th. This represents a $2.05 dividend on an annualized basis and a dividend yield of 6.69%.
International Paper has increased its dividend by an average of 3.3% annually over the last three years and has raised its dividend annually for the last 8 consecutive years. International Paper has a dividend payout ratio of 95.8% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Research analysts expect International Paper to earn $2.27 per share next year, which means the company should continue to be able to cover its $2.05 annual dividend with an expected future payout ratio of 90.3%.
NYSE:IP traded down $1.47 during midday trading on Wednesday, reaching $30.65. 1,723,538 shares of the company traded hands, compared to its average volume of 3,590,018. The firm has a market capitalization of $13.00 billion, a price-to-earnings ratio of 18.54 and a beta of 1.35. The company has a fifty day moving average price of $31.88 and a 200 day moving average price of $40.24. International Paper has a twelve month low of $26.38 and a twelve month high of $47.64. The company has a debt-to-equity ratio of 1.44, a current ratio of 0.77 and a quick ratio of 0.56.
Several equities analysts recently weighed in on IP shares. Credit Suisse Group assumed coverage on shares of International Paper in a research report on Friday, February 14th. They issued a “neutral” rating and a $48.00 price target on the stock. Cfra dropped their price target on shares of International Paper from $45.00 to $36.00 and set a “hold” rating on the stock in a research report on Friday, May 1st. ValuEngine cut shares of International Paper from a “hold” rating to a “sell” rating in a research report on Friday, May 1st. Wells Fargo & Co increased their price target on International Paper from $32.00 to $34.00 and gave the company an “equal weight” rating in a research report on Friday, May 1st. Finally, Zacks Investment Research cut International Paper from a “hold” rating to a “sell” rating and set a $35.00 price objective on the stock. in a research report on Tuesday, May 5th. Four analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company’s stock. International Paper currently has an average rating of “Hold” and a consensus price target of $42.83.
In related news, SVP William Thomas Hamic sold 4,000 shares of International Paper stock in a transaction on Wednesday, March 18th. The shares were sold at an average price of $32.41, for a total value of $129,640.00. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, SVP W. Michael Jr. Amick sold 16,000 shares of International Paper stock in a transaction on Thursday, February 20th. The stock was sold at an average price of $42.94, for a total transaction of $687,040.00. Following the completion of the transaction, the senior vice president now directly owns 27,194 shares in the company, valued at $1,167,710.36. The disclosure for this sale can be found here. In the last three months, insiders sold 31,000 shares of company stock valued at $1,297,820. 0.37% of the stock is currently owned by corporate insiders.
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.
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