Russell Investments Group Ltd. reduced its position in International Paper Company (NYSE:IP) by 89.1% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 46,267 shares of the basic materials company’s stock after selling 377,829 shares during the quarter. Russell Investments Group Ltd.’s holdings in International Paper were worth $2,628,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of the company. BlackRock Inc. increased its position in International Paper by 4.4% during the 2nd quarter. BlackRock Inc. now owns 38,831,623 shares of the basic materials company’s stock valued at $2,198,257,000 after buying an additional 1,648,915 shares in the last quarter. Iridian Asset Management LLC CT boosted its stake in International Paper by 42.6% during the 2nd quarter. Iridian Asset Management LLC CT now owns 5,342,050 shares of the basic materials company’s stock valued at $302,413,000 after purchasing an additional 1,596,230 shares during the last quarter. Parametric Portfolio Associates LLC boosted its stake in International Paper by 103.9% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 1,916,057 shares of the basic materials company’s stock valued at $108,468,000 after purchasing an additional 976,180 shares during the last quarter. Ameriprise Financial Inc. boosted its stake in International Paper by 18.0% during the 2nd quarter. Ameriprise Financial Inc. now owns 6,335,943 shares of the basic materials company’s stock valued at $359,118,000 after purchasing an additional 966,103 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its stake in International Paper by 1,517.8% during the 2nd quarter. Janus Henderson Group PLC now owns 853,585 shares of the basic materials company’s stock valued at $48,322,000 after purchasing an additional 800,823 shares during the last quarter. Hedge funds and other institutional investors own 81.85% of the company’s stock.
A number of research firms have recently issued reports on IP. Stephens set a $66.00 price target on International Paper and gave the stock a “hold” rating in a research note on Wednesday. KeyCorp reiterated a “hold” rating on shares of International Paper in a research report on Tuesday, January 2nd. Zacks Investment Research cut International Paper from a “hold” rating to a “sell” rating in a report on Tuesday, September 26th. Barclays lifted their price target on International Paper from $50.00 to $52.00 and gave the stock an “underweight” rating in a research report on Monday, October 30th. Finally, Bank of America upgraded International Paper from a “neutral” rating to a “buy” rating and set a $66.00 target price for the company in a research report on Tuesday, January 2nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and eight have assigned a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $63.25.
International Paper (NYSE:IP) last released its quarterly earnings results on Wednesday, October 25th. The basic materials company reported $1.08 earnings per share for the quarter, topping the consensus estimate of $1.04 by $0.04. The firm had revenue of $5.91 billion during the quarter, compared to the consensus estimate of $5.85 billion. International Paper had a net margin of 4.00% and a return on equity of 27.56%. The company’s revenue for the quarter was up 12.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.91 EPS. research analysts expect that International Paper Company will post 3.51 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Wednesday, February 21st will be issued a $0.475 dividend. The ex-dividend date of this dividend is Tuesday, February 20th. This represents a $1.90 dividend on an annualized basis and a yield of 3.05%. International Paper’s payout ratio is 87.56%.
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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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