International Paper Co (IP) Position Lifted by Glen Harbor Capital Management LLC
Glen Harbor Capital Management LLC increased its holdings in shares of International Paper Co (NYSE:IP) by 29.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 11,616 shares of the basic materials company’s stock after acquiring an additional 2,656 shares during the quarter. Glen Harbor Capital Management LLC’s holdings in International Paper were worth $605,000 as of its most recent SEC filing.
Several other hedge funds have also bought and sold shares of the stock. Private Capital Group LLC boosted its stake in International Paper by 227.0% in the 1st quarter. Private Capital Group LLC now owns 2,093 shares of the basic materials company’s stock valued at $112,000 after purchasing an additional 1,453 shares during the period. Silvant Capital Management LLC bought a new stake in International Paper in the 1st quarter valued at $119,000. Signaturefd LLC bought a new stake in International Paper in the 1st quarter valued at $120,000. Squar Milner Financial Services LLC bought a new stake in International Paper in the 2nd quarter valued at $125,000. Finally, Vigilant Capital Management LLC boosted its stake in International Paper by 375.1% in the 2nd quarter. Vigilant Capital Management LLC now owns 3,088 shares of the basic materials company’s stock valued at $161,000 after purchasing an additional 2,438 shares during the period. 82.20% of the stock is currently owned by institutional investors and hedge funds.
NYSE:IP opened at $53.24 on Friday. The firm has a market cap of $21.41 billion, a PE ratio of 15.26, a P/E/G ratio of 1.06 and a beta of 1.50. The company has a quick ratio of 1.13, a current ratio of 1.57 and a debt-to-equity ratio of 1.57. International Paper Co has a fifty-two week low of $50.00 and a fifty-two week high of $66.94.
The business also recently announced a quarterly dividend, which will be paid on Monday, September 17th. Stockholders of record on Wednesday, August 15th will be given a dividend of $0.475 per share. The ex-dividend date is Tuesday, August 14th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 3.57%. International Paper’s payout ratio is 54.44%.
In related news, SVP Sharon R. Ryan sold 15,000 shares of the company’s stock in a transaction on Monday, August 6th. The stock was sold at an average price of $52.87, for a total transaction of $793,050.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Timothy S. Nicholls sold 17,000 shares of the company’s stock in a transaction on Tuesday, August 28th. The stock was sold at an average price of $52.53, for a total value of $893,010.00. Following the sale, the insider now owns 108,538 shares of the company’s stock, valued at $5,701,501.14. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,930 shares of company stock valued at $2,296,610. Corporate insiders own 0.32% of the company’s stock.
Several analysts recently issued reports on IP shares. ValuEngine downgraded International Paper from a “hold” rating to a “sell” rating in a research note on Tuesday, May 29th. Wells Fargo & Co boosted their price target on International Paper from $62.00 to $70.00 and gave the company an “outperform” rating in a research note on Monday, July 9th. Citigroup restated a “buy” rating and issued a $65.00 price target (down from $71.00) on shares of International Paper in a research note on Monday, July 23rd. BMO Capital Markets upgraded International Paper from a “market perform” rating to an “outperform” rating and upped their target price for the company from $65.00 to $70.00 in a research report on Wednesday, June 6th. Finally, Stephens set a $66.00 target price on International Paper and gave the company a “hold” rating in a research report on Wednesday, June 6th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating and eight have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average price target of $64.38.
About International Paper
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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