International Paper Co. (IP) Position Lowered by Prudential Financial Inc.
Prudential Financial Inc. lowered its position in shares of International Paper Co. (NYSE:IP) by 29.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 610,910 shares of the company’s stock after selling 259,274 shares during the period. Prudential Financial Inc. owned 0.15% of International Paper worth $25,890,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Springbok Capital Management LLC raised its stake in International Paper by 50.9% in the first quarter. Springbok Capital Management LLC now owns 4,163 shares of the company’s stock valued at $171,000 after buying an additional 1,405 shares during the period. Bender Robert & Associates acquired a new stake in International Paper during the second quarter valued at about $202,000. Palladium Partners LLC acquired a new stake in International Paper during the second quarter valued at about $205,000. Ironwood Financial llc acquired a new stake in International Paper during the first quarter valued at about $205,000. Finally, Trust Co acquired a new stake in International Paper during the first quarter valued at about $205,000. 81.73% of the stock is currently owned by institutional investors.
Shares of International Paper Co. (NYSE:IP) traded up 1.00% on Friday, reaching $48.39. 698,015 shares of the company’s stock traded hands. The firm has a market cap of $19.90 billion, a P/E ratio of 26.21 and a beta of 1.59. International Paper Co. has a 12-month low of $32.50 and a 12-month high of $49.90. The stock has a 50-day moving average of $47.75 and a 200 day moving average of $43.60.
International Paper (NYSE:IP) last posted its earnings results on Thursday, July 28th. The company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.84 by $0.08. International Paper had a net margin of 3.58% and a return on equity of 35.41%. The firm earned $5.30 billion during the quarter, compared to analyst estimates of $5.32 billion. During the same period last year, the firm posted $0.97 earnings per share. International Paper’s revenue for the quarter was down 6.9% compared to the same quarter last year. On average, equities research analysts expect that International Paper Co. will post $3.49 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Monday, August 15th were issued a $0.44 dividend. This represents a $1.76 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date was Thursday, August 11th. International Paper’s dividend payout ratio (DPR) is presently 94.12%.
IP has been the subject of several recent analyst reports. Jefferies Group boosted their price objective on shares of International Paper from $47.00 to $49.00 and gave the company a “hold” rating in a research note on Friday, July 29th. Deutsche Bank AG boosted their price target on shares of International Paper from $40.00 to $42.00 and gave the stock a “hold” rating in a research note on Wednesday, August 10th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $42.00 price target on shares of International Paper in a research note on Friday, July 29th. Vetr cut shares of International Paper from a “strong-buy” rating to a “buy” rating and set a $46.00 price target for the company. in a research note on Wednesday, June 29th. Finally, Citigroup Inc. boosted their price target on shares of International Paper from $47.00 to $49.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 2nd. One investment analyst has rated the stock with a sell rating, eleven have given a hold rating and four have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $47.24.
In related news, insider William P. Hoel sold 20,000 shares of the firm’s stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $48.12, for a total value of $962,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Carol L. Roberts sold 12,256 shares of the firm’s stock in a transaction on Monday, August 8th. The shares were sold at an average price of $46.20, for a total transaction of $566,227.20. The disclosure for this sale can be found here. 0.64% of the stock is currently owned by corporate insiders.
About International Paper
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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