GWM Advisors LLC increased its stake in International Paper Co (NYSE:IP) by 12.3% during the 3rd quarter, HoldingsChannel reports. The fund owned 11,683 shares of the basic materials company’s stock after purchasing an additional 1,279 shares during the quarter. GWM Advisors LLC’s holdings in International Paper were worth $574,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently made changes to their positions in IP. DnB Asset Management AS raised its stake in shares of International Paper by 4.4% in the second quarter. DnB Asset Management AS now owns 49,997 shares of the basic materials company’s stock valued at $2,604,000 after acquiring an additional 2,100 shares in the last quarter. IFM Investors Pty Ltd raised its stake in shares of International Paper by 45.8% in the second quarter. IFM Investors Pty Ltd now owns 17,593 shares of the basic materials company’s stock valued at $916,000 after acquiring an additional 5,523 shares in the last quarter. Lynch & Associates IN raised its stake in shares of International Paper by 4.9% in the second quarter. Lynch & Associates IN now owns 36,924 shares of the basic materials company’s stock valued at $1,923,000 after acquiring an additional 1,727 shares in the last quarter. Osborn Williams & Donohoe LLC raised its stake in shares of International Paper by 72.2% in the second quarter. Osborn Williams & Donohoe LLC now owns 18,360 shares of the basic materials company’s stock valued at $956,000 after acquiring an additional 7,700 shares in the last quarter. Finally, Grassi Investment Management raised its stake in shares of International Paper by 0.9% in the second quarter. Grassi Investment Management now owns 105,807 shares of the basic materials company’s stock valued at $5,510,000 after acquiring an additional 962 shares in the last quarter. Institutional investors and hedge funds own 81.85% of the company’s stock.
Shares of IP stock opened at $45.54 on Friday. The stock has a market cap of $18.62 billion, a price-to-earnings ratio of 13.05, a PEG ratio of 0.90 and a beta of 1.53. International Paper Co has a 1 year low of $39.60 and a 1 year high of $66.94. The company has a debt-to-equity ratio of 1.45, a quick ratio of 1.13 and a current ratio of 1.59.
International Paper declared that its Board of Directors has initiated a stock repurchase program on Tuesday, October 9th that permits the company to buyback $430.00 million in outstanding shares. This buyback authorization permits the basic materials company to reacquire up to 2.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Thursday, November 15th will be issued a dividend of $0.50 per share. This is a positive change from International Paper’s previous quarterly dividend of $0.48. The ex-dividend date is Wednesday, November 14th. This represents a $2.00 annualized dividend and a dividend yield of 4.39%. International Paper’s dividend payout ratio (DPR) is presently 54.44%.
In other International Paper news, 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 transaction, the insider now owns 108,538 shares of the company’s stock, valued at $5,701,501.14. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Jeanmichel Ribieras sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $54.20, for a total value of $542,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 46,725 shares of company stock worth $2,484,864. Corporate insiders own 0.32% of the company’s stock.
A number of research firms have weighed in on IP. Zacks Investment Research cut International Paper from a “buy” rating to a “hold” rating in a research note on Friday, September 21st. ValuEngine upgraded International Paper from a “strong sell” rating to a “sell” rating in a research note on Tuesday, July 24th. 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. Barclays cut their price target on International Paper from $55.00 to $52.00 and set an “underweight” rating on the stock in a research note on Monday, July 30th. Finally, BMO Capital Markets cut their price target on International Paper from $70.00 to $66.00 and set an “outperform” rating on the stock in a research note on Friday, July 27th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and seven have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $58.64.
International Paper 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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