Bank of Nova Scotia reduced its stake in shares of International Paper Company (NYSE:IP) by 22.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 93,818 shares of the basic materials company’s stock after selling 26,532 shares during the quarter. Bank of Nova Scotia’s holdings in International Paper were worth $5,311,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Oppenheimer & Co. Inc. grew its position in shares of International Paper by 21.7% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 51,063 shares of the basic materials company’s stock worth $2,891,000 after buying an additional 9,093 shares during the period. Burney Co. grew its position in shares of International Paper by 4.5% during the 2nd quarter. Burney Co. now owns 101,543 shares of the basic materials company’s stock worth $5,654,000 after buying an additional 4,374 shares during the period. Homrich & Berg acquired a new position in shares of International Paper during the 2nd quarter worth about $337,000. Private Trust Co. NA grew its position in shares of International Paper by 10.4% during the 2nd quarter. Private Trust Co. NA now owns 5,245 shares of the basic materials company’s stock worth $296,000 after buying an additional 492 shares during the period. Finally, Cipher Capital LP acquired a new position in shares of International Paper during the 2nd quarter worth about $2,703,000. Institutional investors own 83.00% of the company’s stock.

In other International Paper news, insider Gregory T. Wanta sold 1,044 shares of the firm’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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.63% of the company’s stock.

Several equities analysts have recently weighed in on the company. Zacks Investment Research upgraded International Paper from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a report on Tuesday, July 11th. DA Davidson upgraded International Paper from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $53.75 to $62.00 in a report on Monday, August 14th. BidaskClub cut International Paper from a “buy” rating to a “hold” rating in a report on Monday, July 24th. KeyCorp reiterated a “hold” rating on shares of International Paper in a report on Thursday, July 27th. Finally, Goldman Sachs Group, Inc. (The) upgraded International Paper from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $60.00 to $64.00 in a report on Thursday, July 13th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. International Paper presently has a consensus rating of “Hold” and a consensus target price of $60.27.

Shares of International Paper Company (IP) opened at 57.45 on Monday. The firm has a 50-day moving average price of $56.23 and a 200 day moving average price of $54.61. The company has a market cap of $23.72 billion, a PE ratio of 29.18 and a beta of 1.46. International Paper Company has a 1-year low of $43.55 and a 1-year high of $58.95.

International Paper (NYSE:IP) last announced its quarterly earnings data on Thursday, July 27th. The basic materials company reported $0.65 EPS for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.01. International Paper had a return on equity of 27.09% and a net margin of 3.73%. The firm had revenue of $5.77 billion during the quarter, compared to analysts’ expectations of $5.72 billion. During the same quarter last year, the firm posted $0.92 earnings per share. The company’s revenue for the quarter was up 8.5% compared to the same quarter last year. On average, equities analysts anticipate that International Paper Company will post $3.46 earnings per share for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 15th will be paid a $0.475 dividend. This represents a $1.90 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date of this dividend is Tuesday, November 14th. This is a boost from International Paper’s previous quarterly dividend of $0.46. International Paper’s dividend payout ratio (DPR) is 93.91%.

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International Paper Profile

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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Institutional Ownership by Quarter for International Paper (NYSE:IP)

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