Goldman Sachs Group Lowers International Paper (IP) to Neutral
Goldman Sachs Group downgraded shares of International Paper (NYSE:IP) from a buy rating to a neutral rating in a research note issued to investors on Wednesday morning, MarketBeat Ratings reports. Goldman Sachs Group currently has $53.00 target price on the basic materials company’s stock.
Several other research analysts also recently commented on IP. Zacks Investment Research downgraded shares of International Paper from a buy rating to a hold rating in a research note on Tuesday, July 10th. Stephens reaffirmed a hold rating and issued a $57.00 price target on shares of International Paper in a research note on Thursday, July 5th. ValuEngine downgraded shares of International Paper from a sell rating to a strong sell rating in a research note on Monday, July 2nd. Deutsche Bank began coverage on shares of International Paper in a research note on Monday, June 18th. They issued a hold rating and a $64.00 price target on the stock. Finally, MED reduced their price target on shares of International Paper from $65.00 to $64.00 and set a hold rating on the stock in a research note on Monday, June 18th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company’s stock. The stock has an average rating of Hold and an average price target of $61.50.
Shares of International Paper stock traded down $0.15 during trading on Wednesday, hitting $42.67. The stock had a trading volume of 4,618,536 shares, compared to its average volume of 2,826,966. The firm has a market capitalization of $20.10 billion, a PE ratio of 12.23, a price-to-earnings-growth ratio of 0.99 and a beta of 1.54. International Paper has a 12 month low of $41.87 and a 12 month high of $66.94. The company has a current ratio of 1.57, a quick ratio of 1.13 and a debt-to-equity ratio of 1.57.
International Paper declared that its board has approved a share repurchase plan on Tuesday, October 9th that allows the company to buyback $430.00 million in outstanding shares. This buyback authorization allows the basic materials company to buy up to 2.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s board believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Thursday, November 15th will be given a dividend of $0.50 per share. This is an increase from International Paper’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Wednesday, November 14th. This represents a $2.00 dividend on an annualized basis and a yield of 4.69%. International Paper’s dividend payout ratio (DPR) is 54.44%.
In other news, insider Timothy S. Nicholls sold 17,000 shares of International Paper stock in a transaction that occurred on Tuesday, August 28th. The shares were sold at an average price of $52.53, for a total value of $893,010.00. Following the transaction, the insider now 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 SEC, which can be accessed through this link. Also, SVP Sharon R. Ryan sold 15,000 shares of International Paper stock in a transaction that occurred on Monday, August 6th. The stock was sold at an average price of $52.87, for a total transaction of $793,050.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 46,725 shares of company stock worth $2,484,864. Insiders own 0.32% of the company’s stock.
Several institutional investors have recently modified their holdings of IP. Grassi Investment Management boosted its stake in International Paper by 0.9% in the 2nd quarter. Grassi Investment Management now owns 105,807 shares of the basic materials company’s stock worth $5,510,000 after purchasing an additional 962 shares in the last quarter. Pitcairn Co. boosted its stake in International Paper by 8.4% in the 2nd quarter. Pitcairn Co. now owns 12,761 shares of the basic materials company’s stock worth $665,000 after purchasing an additional 993 shares in the last quarter. Townsend & Associates Inc boosted its stake in International Paper by 8.7% in the 2nd quarter. Townsend & Associates Inc now owns 12,407 shares of the basic materials company’s stock worth $646,000 after purchasing an additional 997 shares in the last quarter. State Treasurer State of Michigan boosted its stake in International Paper by 0.8% in the 2nd quarter. State Treasurer State of Michigan now owns 122,573 shares of the basic materials company’s stock worth $6,384,000 after purchasing an additional 1,000 shares in the last quarter. Finally, Independent Advisor Alliance boosted its stake in International Paper by 9.2% in the 2nd quarter. Independent Advisor Alliance now owns 12,113 shares of the basic materials company’s stock worth $626,000 after purchasing an additional 1,022 shares in the last quarter. 82.22% of the stock is currently owned by hedge funds and other institutional investors.
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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