International Paper Co. (IP) Sets New 52-Week High at $47.70
International Paper Co. (NYSE:IP) shares hit a new 52-week high on Thursday . The company traded as high as $47.70 and last traded at $47.35, with a volume of 979,827 shares changing hands. The stock had previously closed at $47.31.
A number of brokerages recently weighed in on IP. BMO Capital Markets reissued a “market perform” rating and issued a $47.00 price objective on shares of International Paper in a research note on Saturday, August 13th. Deutsche Bank AG lifted their price target on International Paper from $40.00 to $42.00 and gave the stock a “hold” rating in a research report on Wednesday, August 10th. Jefferies Group reaffirmed a “hold” rating on shares of International Paper in a research report on Friday, August 5th. Credit Suisse Group AG reaffirmed a “hold” rating and issued a $47.00 price target on shares of International Paper in a research report on Monday, August 1st. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $42.00 price target on shares of International Paper in a research report on Friday, July 29th. Ten investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $45.64.
The company has a 50-day moving average price of $44.86 and a 200-day moving average price of $41.30. The firm has a market cap of $19.51 billion and a P/E ratio of 25.702.
International Paper (NYSE:IP) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.84 by $0.08. The business earned $5.30 billion during the quarter, compared to the consensus estimate of $5.32 billion. International Paper’s quarterly revenue was down 6.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.97 EPS. On average, equities research analysts expect that International Paper Co. will post $3.48 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Monday, August 15th will be paid a $0.44 dividend. The ex-dividend date of this dividend is Thursday, August 11th. This represents a $1.76 annualized dividend and a yield of 3.72%.
In other International Paper news, SVP Glenn R. Landau sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, June 10th. The stock was sold at an average price of $43.28, for a total value of $432,800.00. Following the sale, the senior vice president now owns 91,554 shares in the company, valued at $3,962,457.12. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Timothy S. Nicholls sold 13,000 shares of the company’s stock in a transaction that occurred on Friday, June 3rd. The shares were sold at an average price of $42.70, for a total value of $555,100.00. Following the completion of the sale, the senior vice president now owns 212,511 shares in the company, valued at approximately $9,074,219.70. The disclosure for this sale can be found here.
A number of hedge funds have added to or reduced their stakes in the stock. Stephens Inc. AR raised its stake in International Paper by 12.8% in the fourth quarter. Stephens Inc. AR now owns 30,455 shares of the company’s stock valued at $1,148,000 after buying an additional 3,460 shares in the last quarter. Trexquant Investment LP raised its position in shares of International Paper by 1.3% in the fourth quarter. Trexquant Investment LP now owns 47,800 shares of the company’s stock worth $1,802,000 after buying an additional 600 shares during the period. Victory Capital Management Inc. raised its position in shares of International Paper by 33.6% in the fourth quarter. Victory Capital Management Inc. now owns 54,210 shares of the company’s stock worth $2,044,000 after buying an additional 13,646 shares during the period. Utah Retirement Systems raised its position in shares of International Paper by 0.3% in the fourth quarter. Utah Retirement Systems now owns 75,465 shares of the company’s stock worth $2,846,000 after buying an additional 200 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. raised its position in shares of International Paper by 131.3% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 256,500 shares of the company’s stock worth $9,670,000 after buying an additional 145,600 shares during the period.
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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