North Star Investment Management Corp. continued to hold its stake in International Paper Company (NYSE:IP) during the second quarter, according to its most recent disclosure with the SEC. The firm owned 6,750 shares of the basic materials company’s stock at the end of the second quarter. North Star Investment Management Corp.’s holdings in International Paper were worth $382,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in IP. BlackRock Inc. boosted its stake in International Paper by 3,397.1% in the first quarter. BlackRock Inc. now owns 37,182,708 shares of the basic materials company’s stock worth $1,888,138,000 after buying an additional 36,119,474 shares during the last quarter. Wellington Management Group LLP boosted its stake in International Paper by 29.5% in the first quarter. Wellington Management Group LLP now owns 36,352,239 shares of the basic materials company’s stock worth $1,845,965,000 after buying an additional 8,273,552 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in International Paper by 62.9% in the first quarter. Bank of New York Mellon Corp now owns 6,389,395 shares of the basic materials company’s stock worth $324,455,000 after buying an additional 2,466,074 shares during the last quarter. Iridian Asset Management LLC CT boosted its stake in International Paper by 149.4% in the first quarter. Iridian Asset Management LLC CT now owns 3,745,820 shares of the basic materials company’s stock worth $190,213,000 after buying an additional 2,243,965 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in International Paper by 64.2% in the first quarter. Ameriprise Financial Inc. now owns 5,369,840 shares of the basic materials company’s stock worth $271,771,000 after buying an additional 2,098,824 shares during the last quarter. 83.10% of the stock is owned by institutional investors.
International Paper Company (NYSE:IP) opened at 56.79 on Friday. The firm’s 50-day moving average price is $56.19 and its 200-day moving average price is $53.53. International Paper Company has a 1-year low of $43.55 and a 1-year high of $58.95. The company has a market cap of $23.45 billion, a price-to-earnings ratio of 30.35 and a beta of 1.48.
International Paper (NYSE:IP) last posted its earnings results on Thursday, April 27th. The basic materials company reported $0.60 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.56 by $0.04. The firm had revenue of $5.51 billion for the quarter, compared to the consensus estimate of $5.44 billion. International Paper had a return on equity of 30.44% and a net margin of 3.63%. The business’s quarterly revenue was up 7.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.80 earnings per share. Equities research analysts forecast that International Paper Company will post $3.60 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Tuesday, August 15th will be given a dividend of $0.4625 per share. The ex-dividend date is Friday, August 11th. This represents a $1.85 annualized dividend and a dividend yield of 3.25%. International Paper’s dividend payout ratio is currently 98.40%.
IP has been the subject of a number of recent analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and issued a $63.00 price objective on shares of International Paper in a research report on Wednesday, April 12th. Barclays PLC increased their target price on International Paper from $45.00 to $48.00 and gave the stock an “underweight” rating in a research note on Monday, May 1st. Citigroup Inc. reiterated a “neutral” rating on shares of International Paper in a research note on Saturday, April 22nd. Deutsche Bank AG increased their target price on International Paper from $50.00 to $54.00 and gave the stock a “hold” rating in a research note on Tuesday, April 25th. Finally, Royal Bank Of Canada upgraded International Paper from a “sector perform” rating to an “outperform” rating and increased their target price for the stock from $50.00 to $56.00 in a research note on Wednesday, April 19th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $56.90.
About International Paper
International Paper Company is a paper and packaging company with primary markets and manufacturing operations in North America, Europe, Latin America, Russia, Asia, Africa and the Middle East. The Company’s segments include Industrial Packaging, Global Cellulose Fibers, Printing Papers and Consumer Packaging.
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