International Paper Co. (IP) Hits New 1-Year High at $47.70
International Paper Co. (NYSE:IP) hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $47.70 and last traded at $47.35, with a volume of 979,827 shares traded. The stock had previously closed at $47.31.
Several equities research analysts have recently issued reports on the company. Zacks Investment Research raised International Paper from a “hold” rating to a “buy” rating and set a $48.00 target price on the stock in a report on Monday, May 2nd. Vetr cut International Paper from a “strong-buy” rating to a “buy” rating and set a $46.81 target price on the stock. in a report on Wednesday, May 25th. Jefferies Group cut International Paper from a “buy” rating to a “hold” rating and reduced their target price for the stock from $51.00 to $47.00 in a report on Tuesday, May 3rd. Credit Suisse Group AG cut International Paper from an “outperform” rating to a “neutral” rating and boosted their price objective for the stock from $46.00 to $47.00 in a research note on Thursday, April 28th. Finally, Citigroup Inc. boosted their price objective on International Paper from $47.00 to $49.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 2nd. Ten equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $45.64.
The stock has a market capitalization of $19.52 billion and a PE ratio of 25.71. The stock’s 50 day moving average price is $45.19 and its 200 day moving average price is $41.44.
International Paper (NYSE:IP) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.92 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.84 by $0.08. The company earned $5.30 billion during the quarter, compared to analysts’ expectations of $5.32 billion. During the same period in the prior year, the business posted $0.97 earnings per share. The company’s quarterly revenue was down 6.9% compared to the same quarter last year. Equities research analysts expect that International Paper Co. will post $3.48 EPS for the current fiscal year.
The firm also recently announced 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. This represents a $1.76 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date is Thursday, August 11th.
In other International Paper news, CFO Carol L. Roberts sold 12,256 shares of the firm’s stock in a transaction that occurred on Monday, August 8th. The shares were sold at an average price of $46.20, for a total value of $566,227.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Glenn R. Landau sold 10,000 shares of the firm’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 transaction of $432,800.00. Following the completion of the transaction, the senior vice president now directly owns 91,554 shares in the company, valued at $3,962,457.12. The disclosure for this sale can be found here.
A number of hedge funds and institutional investors have added to or reduced their stakes in the company. Dimensional Fund Advisors LP raised its position in International Paper by 14.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 5,020,542 shares of the company’s stock worth $189,289,000 after buying an additional 621,585 shares during the period. Principal Financial Group Inc. raised its position in International Paper by 0.4% in the fourth quarter. Principal Financial Group Inc. now owns 630,477 shares of the company’s stock worth $23,769,000 after buying an additional 2,488 shares during the period. KBC Group NV raised its position in International Paper by 11.4% in the fourth quarter. KBC Group NV now owns 467,991 shares of the company’s stock worth $17,643,000 after buying an additional 47,869 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in 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. Finally, Utah Retirement Systems raised its position in 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.
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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