Ritholtz Wealth Management cut its stake in shares of International Paper (NYSE:IP – Free Report) by 14.4% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,686 shares of the basic materials company’s stock after selling 1,467 shares during the period. Ritholtz Wealth Management’s holdings in International Paper were worth $313,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of IP. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of International Paper by 6.6% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 51,817 shares of the basic materials company’s stock valued at $2,391,000 after purchasing an additional 3,209 shares in the last quarter. Raymond James Trust N.A. grew its stake in International Paper by 4.5% during the 1st quarter. Raymond James Trust N.A. now owns 8,660 shares of the basic materials company’s stock valued at $399,000 after acquiring an additional 369 shares in the last quarter. Desjardins Global Asset Management Inc. increased its holdings in shares of International Paper by 45.5% in the 1st quarter. Desjardins Global Asset Management Inc. now owns 675 shares of the basic materials company’s stock valued at $31,000 after purchasing an additional 211 shares during the period. Cibc World Market Inc. acquired a new stake in shares of International Paper during the first quarter worth approximately $206,000. Finally, Vontobel Holding Ltd. increased its stake in International Paper by 1.6% in the 1st quarter. Vontobel Holding Ltd. now owns 41,970 shares of the basic materials company’s stock valued at $1,947,000 after buying an additional 676 shares during the period. Institutional investors and hedge funds own 85.80% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research firms recently issued reports on IP. Royal Bank of Canada raised International Paper from a “sector perform” rating to an “outperform” rating and reduced their price objective for the company from $40.00 to $39.00 in a research report on Friday, April 28th. They noted that the move was a valuation call. StockNews.com lowered shares of International Paper from a “buy” rating to a “hold” rating in a research report on Thursday, June 29th. 1-800-FLOWERS.COM reiterated a “maintains” rating on shares of International Paper in a research note on Friday, April 28th. Deutsche Bank Aktiengesellschaft dropped their price target on shares of International Paper from $31.00 to $27.00 in a research note on Monday, May 1st. Finally, 58.com reaffirmed a “maintains” rating on shares of International Paper in a research note on Friday, April 28th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average price target of $37.64.
International Paper Stock Performance
International Paper (NYSE:IP – Free Report) last announced its quarterly earnings data on Thursday, April 27th. The basic materials company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.04. The business had revenue of $5.02 billion for the quarter, compared to the consensus estimate of $5.03 billion. International Paper had a net margin of 6.28% and a return on equity of 14.87%. International Paper’s quarterly revenue was down 4.1% on a year-over-year basis. During the same quarter last year, the company posted $0.76 earnings per share. On average, equities analysts forecast that International Paper will post 2.3 earnings per share for the current year.
International Paper Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Thursday, June 15th. Investors of record on Friday, May 26th were paid a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 5.90%. The ex-dividend date of this dividend was Thursday, May 25th. International Paper’s payout ratio is presently 51.25%.
Insider Buying and Selling
In related news, SVP Allison B. Magness sold 3,300 shares of the firm’s stock in a transaction on Friday, June 16th. The stock was sold at an average price of $31.75, for a total value of $104,775.00. Following the completion of the transaction, the senior vice president now directly owns 21,055 shares of the company’s stock, valued at $668,496.25. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.51% of the stock is owned by company insiders.
About International Paper
International Paper Company produces renewable fiber-based packaging and pulp products in North America, Latin America, Europe, and North Africa. It operates through Industrial Packaging and Global Cellulose Fibers segment. The company's Industrial Packaging segment manufactures containerboards, including linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft.
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