Sound Shore Management Inc. CT Has $146,812,000 Position in International Paper Co. (IP)
Sound Shore Management Inc. CT cut its stake in shares of International Paper Co. (NYSE:IP) by 20.4% during the third quarter, Holdings Channel reports. The institutional investor owned 3,059,860 shares of the company’s stock after selling 782,467 shares during the period. International Paper comprises 2.6% of Sound Shore Management Inc. CT’s investment portfolio, making the stock its 29th largest position. Sound Shore Management Inc. CT’s holdings in International Paper were worth $146,812,000 as of its most recent filing with the SEC.
Other institutional investors have also recently added to or reduced their stakes in the company. Financial Architects Inc increased its stake in International Paper by 346.6% in the third quarter. Financial Architects Inc now owns 2,577 shares of the company’s stock worth $124,000 after buying an additional 2,000 shares during the last quarter. NEXT Financial Group Inc increased its stake in International Paper by 109.0% in the third quarter. NEXT Financial Group Inc now owns 2,690 shares of the company’s stock worth $129,000 after buying an additional 1,403 shares during the last quarter. SevenBridge Financial Group LLC bought a new stake in International Paper during the second quarter worth $141,000. Johnson Financial Group Inc. increased its stake in International Paper by 2,458.9% in the second quarter. Johnson Financial Group Inc. now owns 4,606 shares of the company’s stock valued at $195,000 after buying an additional 4,426 shares in the last quarter. Finally, Bender Robert & Associates acquired a new stake in International Paper during the second quarter valued at approximately $202,000. 80.64% of the stock is currently owned by hedge funds and other institutional investors.
Shares of International Paper Co. (NYSE:IP) opened at 48.72 on Thursday. International Paper Co. has a 52 week low of $32.50 and a 52 week high of $49.90. The firm’s 50-day moving average is $46.51 and its 200-day moving average is $45.44. The company has a market cap of $20.03 billion, a price-to-earnings ratio of 23.47 and a beta of 1.52.
International Paper (NYSE:IP) last issued its quarterly earnings results on Thursday, October 27th. The company reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $0.93 by $0.02. International Paper had a net margin of 4.09% and a return on equity of 35.28%. The business had revenue of $5.30 billion for the quarter, compared to the consensus estimate of $5.36 billion. During the same quarter in the previous year, the business earned $0.97 earnings per share. The firm’s revenue was down 7.5% on a year-over-year basis. Equities research analysts predict that International Paper Co. will post $3.34 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Tuesday, November 15th will be paid a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.80%. The ex-dividend date is Thursday, November 10th. This is a positive change from International Paper’s previous quarterly dividend of $0.44. International Paper’s dividend payout ratio is 88.52%.
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Several equities research analysts recently commented on the stock. Goldman Sachs Group Inc. assumed coverage on shares of International Paper in a research report on Thursday, September 22nd. They set a “neutral” rating and a $49.00 target price on the stock. Vetr upgraded shares of International Paper from a “sell” rating to a “buy” rating and set a $51.66 target price on the stock in a research report on Thursday, September 22nd. Jefferies Group reiterated a “hold” rating and set a $51.00 target price on shares of International Paper in a research report on Thursday, October 20th. Citigroup Inc. lifted their target price on shares of International Paper from $49.00 to $53.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 31st. Finally, BMO Capital Markets reiterated a “market perform” rating and set a $47.00 target price on shares of International Paper in a research report on Saturday, August 13th. Two analysts have rated the stock with a sell rating, ten have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. International Paper presently has an average rating of “Hold” and a consensus target price of $47.83.
In other news, insider William P. Hoel sold 20,000 shares of the stock in a transaction that occurred on Tuesday, September 13th. The stock was sold at an average price of $48.12, for a total transaction of $962,400.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Thomas G. Kadien sold 10,000 shares of the stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $47.86, for a total value of $478,600.00. The disclosure for this sale can be found here. Insiders own 0.64% of the company’s stock.
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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