AMP Capital Investors Ltd Cuts Holdings in International Paper Co (IP)
AMP Capital Investors Ltd cut its holdings in shares of International Paper Co (NYSE:IP) by 1.9% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 117,757 shares of the basic materials company’s stock after selling 2,257 shares during the period. AMP Capital Investors Ltd’s holdings in International Paper were worth $6,133,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in the business. Victory Capital Management Inc. lifted its holdings in shares of International Paper by 52.5% during the 1st quarter. Victory Capital Management Inc. now owns 238,381 shares of the basic materials company’s stock valued at $12,737,000 after purchasing an additional 82,043 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of International Paper by 157.6% during the 1st quarter. Robeco Institutional Asset Management B.V. now owns 34,094 shares of the basic materials company’s stock valued at $1,821,000 after purchasing an additional 20,858 shares during the last quarter. Chicago Equity Partners LLC purchased a new stake in shares of International Paper during the 1st quarter valued at $306,000. Aperio Group LLC lifted its holdings in shares of International Paper by 0.7% during the 1st quarter. Aperio Group LLC now owns 241,416 shares of the basic materials company’s stock valued at $12,899,000 after purchasing an additional 1,744 shares during the last quarter. Finally, Neuberger Berman Group LLC lifted its holdings in shares of International Paper by 1.2% during the 1st quarter. Neuberger Berman Group LLC now owns 1,228,858 shares of the basic materials company’s stock valued at $65,702,000 after purchasing an additional 14,290 shares during the last quarter. Institutional investors own 82.20% of the company’s stock.
Several analysts have recently commented on the company. Stephens set a $66.00 price objective on International Paper and gave the company a “hold” rating in a report on Wednesday, June 6th. BMO Capital Markets upgraded International Paper from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $65.00 to $70.00 in a report on Wednesday, June 6th. Zacks Investment Research upgraded International Paper from a “hold” rating to a “buy” rating and set a $64.00 price objective for the company in a report on Tuesday, June 5th. Royal Bank of Canada upgraded International Paper from a “sector perform” rating to an “outperform” rating and increased their price objective for the company from $65.69 to $67.00 in a report on Wednesday, June 6th. Finally, Deutsche Bank assumed coverage on International Paper in a report on Monday, June 18th. They set a “hold” rating and a $64.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company’s stock. International Paper has a consensus rating of “Hold” and a consensus target price of $64.38.
International Paper (NYSE:IP) last issued its earnings results on Thursday, July 26th. The basic materials company reported $1.19 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.09 by $0.10. The company had revenue of $5.83 billion during the quarter, compared to analyst estimates of $5.80 billion. International Paper had a return on equity of 29.24% and a net margin of 12.95%. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. During the same quarter last year, the business posted $0.65 EPS. analysts forecast that International Paper Co will post 5.21 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, September 17th. Shareholders of record on Wednesday, August 15th will be given a dividend of $0.475 per share. This represents a $1.90 annualized dividend and a yield of 3.57%. The ex-dividend date of this dividend is Tuesday, August 14th. International Paper’s dividend payout ratio is currently 54.44%.
In other International Paper news, insider Timothy S. Nicholls sold 17,000 shares of the stock in a transaction dated Tuesday, August 28th. The stock was sold at an average price of $52.53, for a total transaction of $893,010.00. Following the sale, the insider now directly owns 108,538 shares of the company’s stock, valued at approximately $5,701,501.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Sharon R. Ryan sold 15,000 shares of the stock in a transaction dated Monday, August 6th. The stock was sold at an average price of $52.87, for a total value of $793,050.00. The disclosure for this sale can be found here. Insiders have sold a total of 42,930 shares of company stock worth $2,296,610 over the last ninety days. 0.32% of the stock is owned by insiders.
International Paper Company Profile
International Paper Company operates as a paper and packaging company primarily in North America, Europe, Latin America, North Africa, India, and Russia. It operates through three segments: Industrial Packaging, Global Cellulose Fibers, and Printing Papers. The Industrial Packaging segment manufactures containerboards, including linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft.
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