International Paper Company (IP) Stake Lessened by Alliancebernstein L.P.
Alliancebernstein L.P. lowered its stake in shares of International Paper Company (NYSE:IP) by 3.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 780,189 shares of the basic materials company’s stock after selling 24,517 shares during the quarter. Alliancebernstein L.P. owned about 0.19% of International Paper worth $44,166,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. FNY Partners Fund LP increased its holdings in shares of International Paper by 166.7% during the first quarter. FNY Partners Fund LP now owns 2,000 shares of the basic materials company’s stock valued at $101,000 after acquiring an additional 1,250 shares in the last quarter. Ffcm LLC increased its holdings in shares of International Paper by 148.0% during the second quarter. Ffcm LLC now owns 2,081 shares of the basic materials company’s stock valued at $119,000 after acquiring an additional 1,242 shares in the last quarter. Asset Advisors Corp increased its holdings in shares of International Paper by 3.6% during the second quarter. Asset Advisors Corp now owns 2,398 shares of the basic materials company’s stock valued at $136,000 after acquiring an additional 84 shares in the last quarter. Parallel Advisors LLC increased its holdings in shares of International Paper by 24.8% during the first quarter. Parallel Advisors LLC now owns 3,417 shares of the basic materials company’s stock valued at $182,000 after acquiring an additional 680 shares in the last quarter. Finally, Hefty Wealth Partners increased its holdings in shares of International Paper by 1.7% during the second quarter. Hefty Wealth Partners now owns 3,223 shares of the basic materials company’s stock valued at $182,000 after acquiring an additional 55 shares in the last quarter. Hedge funds and other institutional investors own 83.04% of the company’s stock.
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In other news, insider Gregory T. Wanta sold 1,044 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The stock was sold at an average price of $55.22, for a total value of $57,649.68. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 0.63% of the company’s stock.
Shares of International Paper Company (IP) opened at 56.23 on Friday. The firm has a market cap of $23.22 billion, a PE ratio of 28.56 and a beta of 1.46. International Paper Company has a 52 week low of $43.55 and a 52 week high of $58.95. The stock’s 50 day moving average is $54.34 and its 200-day moving average is $53.78.
International Paper (NYSE:IP) last released its earnings results on Thursday, July 27th. The basic materials company reported $0.65 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.01. The business had revenue of $5.77 billion for the quarter, compared to analyst estimates of $5.72 billion. International Paper had a return on equity of 27.09% and a net margin of 3.73%. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.92 earnings per share. On average, equities analysts predict that International Paper Company will post $3.46 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Tuesday, August 15th were issued a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date was Friday, August 11th. International Paper’s payout ratio is currently 93.91%.
Several equities analysts recently weighed in on IP shares. BidaskClub upgraded shares of International Paper from a “hold” rating to a “buy” rating in a report on Friday, June 16th. DA Davidson upgraded shares of International Paper from a “neutral” rating to a “buy” rating and increased their price target for the stock from $53.75 to $62.00 in a report on Monday, August 14th. Jefferies Group LLC reiterated a “buy” rating and issued a $66.00 price target (up previously from $65.00) on shares of International Paper in a report on Friday, July 14th. Goldman Sachs Group, Inc. (The) upgraded shares of International Paper from a “neutral” rating to a “buy” rating and increased their price target for the stock from $60.00 to $64.00 in a report on Thursday, July 13th. Finally, Zacks Investment Research upgraded shares of International Paper from a “hold” rating to a “buy” rating and set a $64.00 price target on the stock in a report on Tuesday, July 11th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $60.07.
About International Paper
International Paper Company 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’s segments include Industrial Packaging, Global Cellulose Fibers, Printing Papers and Consumer Packaging.
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