Cim Investment Mangement Inc. Has $779,000 Position in International Paper Co (IP)
Cim Investment Mangement Inc. decreased its stake in International Paper Co (NYSE:IP) by 9.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 15,845 shares of the basic materials company’s stock after selling 1,668 shares during the period. Cim Investment Mangement Inc.’s holdings in International Paper were worth $779,000 at the end of the most recent quarter.
Several other large investors also recently modified their holdings of the company. Qube Research & Technologies Ltd purchased a new stake in shares of International Paper in the 2nd quarter valued at $106,000. Girard Partners LTD. purchased a new stake in shares of International Paper in the 3rd quarter valued at $109,000. Squar Milner Financial Services LLC purchased a new stake in shares of International Paper in the 2nd quarter valued at $125,000. Flagship Harbor Advisors LLC purchased a new stake in shares of International Paper in the 2nd quarter valued at $139,000. Finally, Meeder Asset Management Inc. purchased a new stake in shares of International Paper in the 3rd quarter valued at $133,000. 81.92% of the stock is currently owned by hedge funds and other institutional investors.
In other news, insider Jeanmichel Ribieras sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, September 19th. The shares were sold at an average price of $54.20, for a total value of $542,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Timothy S. Nicholls sold 17,000 shares of the firm’s 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 completion of the sale, the insider now directly owns 108,538 shares of the company’s stock, valued at $5,701,501.14. The disclosure for this sale can be found here. Insiders have sold a total of 31,725 shares of company stock valued at $1,691,814 in the last three months. 0.32% of the stock is currently owned by corporate insiders.
International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, October 25th. The basic materials company reported $1.56 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.47 by $0.09. The business had revenue of $5.90 billion during the quarter, compared to analysts’ expectations of $5.90 billion. International Paper had a net margin of 13.68% and a return on equity of 29.75%. As a group, equities research analysts forecast that International Paper Co will post 5.31 EPS for the current fiscal year.
International Paper announced that its board has approved a stock buyback program on Tuesday, October 9th that authorizes the company to repurchase $430.00 million in shares. This repurchase authorization authorizes the basic materials company to purchase up to 2.1% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
The company also recently declared 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. The ex-dividend date of this dividend is Wednesday, November 14th. This represents a $2.00 annualized dividend and a yield of 4.33%. This is a boost from International Paper’s previous quarterly dividend of $0.48. International Paper’s dividend payout ratio is presently 57.31%.
A number of equities research analysts have recently issued reports on IP shares. Citigroup cut their price objective on shares of International Paper from $67.00 to $51.00 and set a “buy” rating for the company in a research note on Thursday, October 11th. Barclays cut their price objective on shares of International Paper from $45.00 to $44.00 and set an “underweight” rating for the company in a research note on Monday, October 29th. Zacks Investment Research raised shares of International Paper from a “sell” rating to a “hold” rating in a research note on Monday, October 29th. Goldman Sachs Group cut shares of International Paper from a “buy” rating to a “neutral” rating and set a $53.00 price objective for the company. in a research note on Wednesday, October 10th. Finally, Stephens set a $57.00 price objective on shares of International Paper and gave the company a “hold” rating in a research note on Tuesday, September 11th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $58.07.
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.
Featured Article: Capital Gains
Want to see what other hedge funds are holding IP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for International Paper Co (NYSE:IP).
Receive News & Ratings for International Paper Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for International Paper and related companies with MarketBeat.com's FREE daily email newsletter.