Webster Bank N. A. increased its position in shares of International Paper Company (NYSE:IP) by 20.8% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 35,923 shares of the basic materials company’s stock after buying an additional 6,182 shares during the period. Webster Bank N. A.’s holdings in International Paper were worth $2,034,000 at the end of the most recent quarter.
A number of other institutional investors also recently made changes to their positions in IP. BlackRock Inc. increased its stake in shares of 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 increased its stake in shares of 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 increased its stake in shares of 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 increased its stake in shares of 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. increased its stake in shares of 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. Hedge funds and other institutional investors own 83.08% of the company’s stock.
International Paper Company (IP) opened at 54.74 on Friday. International Paper Company has a one year low of $43.55 and a one year high of $58.95. The firm’s 50-day moving average price is $56.61 and its 200 day moving average price is $53.65. The firm has a market cap of $22.60 billion, a P/E ratio of 29.26 and a beta of 1.48.
International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.65 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.01. The company had revenue of $5.77 billion during the quarter, compared to analysts’ expectations of $5.72 billion. International Paper had a return on equity of 27.09% and a net margin of 3.73%. The firm’s quarterly revenue was up 8.5% compared to the same quarter last year. During the same period in the previous year, the business earned $0.92 earnings per share. On average, equities research analysts forecast that International Paper Company will post $3.60 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 15th will be given a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 3.38%. The ex-dividend date is Friday, August 11th. International Paper’s dividend payout ratio (DPR) is presently 93.91%.
A number of analysts have commented on the stock. KeyCorp reaffirmed a “hold” rating on shares of International Paper in a research note on Thursday, June 29th. Deutsche Bank AG upped their price objective on shares of International Paper from $50.00 to $54.00 and gave the company a “hold” rating in a research note on Tuesday, April 25th. Jefferies Group LLC reaffirmed a “buy” rating and set a $66.00 price objective (up from $65.00) on shares of International Paper in a research note on Friday, July 14th. Vertical Research reiterated a “buy” rating on shares of International Paper in a report on Friday. Finally, Zacks Investment Research downgraded International Paper from a “buy” rating to a “hold” rating in a report on Friday, July 14th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price 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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