International Paper Company (IP) Position Reduced by HighPoint Advisor Group LLC
HighPoint Advisor Group LLC lessened its position in International Paper Company (NYSE:IP) by 28.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,889 shares of the basic materials company’s stock after selling 3,596 shares during the quarter. HighPoint Advisor Group LLC’s holdings in International Paper were worth $511,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. raised its holdings in International Paper by 4.4% in the 2nd quarter. BlackRock Inc. now owns 38,831,623 shares of the basic materials company’s stock worth $2,198,257,000 after acquiring an additional 1,648,915 shares during the period. Vanguard Group Inc. raised its holdings in International Paper by 0.6% in the 2nd quarter. Vanguard Group Inc. now owns 29,065,508 shares of the basic materials company’s stock worth $1,645,398,000 after acquiring an additional 184,066 shares during the period. Bank of New York Mellon Corp raised its holdings in International Paper by 13.1% in the 2nd quarter. Bank of New York Mellon Corp now owns 7,226,283 shares of the basic materials company’s stock worth $409,080,000 after acquiring an additional 836,888 shares during the period. Ameriprise Financial Inc. raised its holdings in International Paper by 18.0% in the 2nd quarter. Ameriprise Financial Inc. now owns 6,335,943 shares of the basic materials company’s stock worth $359,118,000 after acquiring an additional 966,103 shares during the period. Finally, Iridian Asset Management LLC CT raised its holdings in International Paper by 42.6% in the 2nd quarter. Iridian Asset Management LLC CT now owns 5,342,050 shares of the basic materials company’s stock worth $302,413,000 after acquiring an additional 1,596,230 shares during the period. Hedge funds and other institutional investors own 82.63% of the company’s stock.
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International Paper Company (NYSE:IP) traded down $0.22 during trading hours on Tuesday, hitting $54.17. 839,646 shares of the stock traded hands, compared to its average volume of 2,361,396. The company has a market cap of $22,460.00, a P/E ratio of 17.92, a price-to-earnings-growth ratio of 1.65 and a beta of 1.47. International Paper Company has a one year low of $45.94 and a one year high of $58.96. The company has a debt-to-equity ratio of 2.31, a quick ratio of 0.97 and a current ratio of 1.48.
International Paper (NYSE:IP) last posted its earnings results on Wednesday, October 25th. The basic materials company reported $1.08 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.04 by $0.04. The business had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $5.85 billion. International Paper had a net margin of 4.00% and a return on equity of 27.56%. The firm’s revenue for the quarter was up 12.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.91 earnings per share. research analysts forecast that International Paper Company will post 3.5 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Wednesday, November 15th will be paid a $0.475 dividend. The ex-dividend date of this dividend is Tuesday, November 14th. This represents a $1.90 dividend on an annualized basis and a yield of 3.51%. This is a boost from International Paper’s previous quarterly dividend of $0.46. International Paper’s payout ratio is presently 85.25%.
Several research analysts recently commented on IP shares. KeyCorp reiterated a “hold” rating on shares of International Paper in a report on Thursday, July 27th. Zacks Investment Research upgraded shares of International Paper from a “sell” rating to a “hold” rating in a report on Monday, October 2nd. ValuEngine downgraded shares of International Paper from a “buy” rating to a “hold” rating in a report on Monday, July 17th. DA Davidson upgraded shares of International Paper from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $53.75 to $62.00 in a report on Monday, August 14th. Finally, Royal Bank Of Canada reiterated a “buy” rating and issued a $65.00 target price on shares of International Paper in a report on Monday, August 21st. One analyst has rated the stock with a sell rating, nine have given a hold rating and seven have assigned a buy rating to the stock. International Paper currently has an average rating of “Hold” and an average target price of $61.73.
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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