International Paper Company (IP) Stake Increased by Sound Shore Management Inc. CT
Sound Shore Management Inc. CT increased its position in shares of International Paper Company (NYSE:IP) by 7.8% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 3,624,456 shares of the basic materials company’s stock after buying an additional 263,372 shares during the quarter. International Paper comprises approximately 3.4% of Sound Shore Management Inc. CT’s portfolio, making the stock its 5th largest position. Sound Shore Management Inc. CT owned about 0.88% of International Paper worth $205,942,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Quadrant Capital Group LLC grew its stake in shares of International Paper by 2.4% during the second quarter. Quadrant Capital Group LLC now owns 2,043 shares of the basic materials company’s stock worth $107,000 after purchasing an additional 47 shares in the last quarter. Rational Advisors LLC acquired a new stake in shares of International Paper during the third quarter worth about $108,000. Ffcm LLC boosted its stake 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 worth $119,000 after buying an additional 1,242 shares during the period. Asset Advisors Corp boosted its stake 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 worth $136,000 after buying an additional 84 shares during the period. Finally, Krilogy Financial LLC boosted its stake in shares of International Paper by 9.3% during the second quarter. Krilogy Financial LLC now owns 2,476 shares of the basic materials company’s stock worth $140,000 after buying an additional 210 shares during the period. 82.58% of the stock is currently owned by institutional investors.
IP has been the subject of several analyst reports. BidaskClub cut shares of International Paper from a “buy” rating to a “hold” rating in a report on Monday, July 24th. KeyCorp reaffirmed a “hold” rating on shares of International Paper in a report on Thursday, July 27th. Vertical Research restated a “buy” rating on shares of International Paper in a research report on Friday, July 28th. Barclays PLC restated a “sell” rating and set a $50.00 target price on shares of International Paper in a research report on Wednesday, August 2nd. Finally, DA Davidson upgraded shares of International Paper from a “neutral” rating to a “buy” rating and raised their target price for the stock from $53.75 to $62.00 in a research report on Monday, August 14th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $61.73.
International Paper Company (IP) traded up $0.60 during midday trading on Tuesday, hitting $54.75. 1,175,964 shares of the company were exchanged, compared to its average volume of 2,345,100. The company has a debt-to-equity ratio of 2.31, a current ratio of 1.48 and a quick ratio of 0.97. International Paper Company has a twelve month low of $47.85 and a twelve month high of $58.96. The company has a market cap of $22,360.00, a P/E ratio of 17.72, a P/E/G ratio of 1.63 and a beta of 1.47.
International Paper (NYSE:IP) last announced its quarterly earnings data on Wednesday, October 25th. The basic materials company reported $1.08 EPS for the quarter, beating the Zacks’ consensus estimate of $1.04 by $0.04. International Paper had a net margin of 4.00% and a return on equity of 27.56%. The firm had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same period in the previous year, the firm posted $0.91 earnings per share. The firm’s revenue was up 12.3% on a year-over-year basis. analysts forecast that International Paper Company will post 3.5 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 15th will be given a $0.475 dividend. This represents a $1.90 annualized dividend and a yield of 3.47%. This is an increase from International Paper’s previous quarterly dividend of $0.46. The ex-dividend date is Tuesday, November 14th. International Paper’s payout ratio is currently 87.56%.
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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