DNB Asset Management AS increased its holdings in shares of International Paper (NYSE:IP – Get Rating) by 23.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 108,785 shares of the basic materials company’s stock after acquiring an additional 20,462 shares during the period. DNB Asset Management AS’s holdings in International Paper were worth $5,020,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of the stock. James Reed Financial Services Inc. bought a new stake in International Paper during the 4th quarter valued at $52,000. Bivin & Associates Inc. bought a new stake in International Paper during the 4th quarter valued at $30,000. Concord Wealth Partners raised its position in International Paper by 527.0% during the 4th quarter. Concord Wealth Partners now owns 721 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 606 shares in the last quarter. Masso Torrence Wealth Management Inc. bought a new stake in International Paper during the 4th quarter valued at $35,000. Finally, Ahrens Investment Partners LLC bought a new stake in International Paper during the 4th quarter valued at $38,000. 82.69% of the stock is owned by hedge funds and other institutional investors.
In other news, major shareholder Paper Co /New/ International sold 4,132,000 shares of the company’s stock in a transaction dated Thursday, April 21st. The stock was sold at an average price of $34.75, for a total value of $143,587,000.00. Following the sale, the insider now owns 4,614,358 shares in the company, valued at $160,348,940.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP William Thomas Hamic sold 3,630 shares of the company’s stock in a transaction dated Monday, May 16th. The stock was sold at an average price of $47.72, for a total value of $173,223.60. Following the completion of the sale, the senior vice president now owns 22,050 shares in the company, valued at approximately $1,052,226. The disclosure for this sale can be found here. 0.42% of the stock is currently owned by insiders.
International Paper (NYSE:IP – Get Rating) last announced its earnings results on Thursday, April 28th. The basic materials company reported $0.76 earnings per share for the quarter, topping the consensus estimate of $0.52 by $0.24. The firm had revenue of $5.24 billion for the quarter, compared to the consensus estimate of $4.96 billion. International Paper had a return on equity of 17.16% and a net margin of 8.14%. The firm’s revenue for the quarter was up 14.0% on a year-over-year basis. During the same period in the previous year, the business earned $0.76 EPS. As a group, equities research analysts anticipate that International Paper will post 4.76 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 15th. Shareholders of record on Friday, May 27th were paid a dividend of $0.4625 per share. The ex-dividend date of this dividend was Thursday, May 26th. This represents a $1.85 annualized dividend and a yield of 4.49%. International Paper’s payout ratio is presently 40.93%.
A number of equities research analysts have weighed in on IP shares. Citigroup lowered International Paper from a “buy” rating to a “neutral” rating and decreased their target price for the company from $53.00 to $46.00 in a research report on Tuesday. StockNews.com raised International Paper from a “hold” rating to a “buy” rating in a research report on Friday, April 29th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on International Paper from $47.00 to $48.00 in a research report on Monday, April 18th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $55.82.
International Paper Profile (Get Rating)
International Paper Company operates as a packaging company primarily in United States, the Middle East, Europe, Africa, Pacific Rim, Asia, and rest of the Americas. It operates through two segments: Industrial Packaging and Global Cellulose Fibers. The Industrial Packaging segment manufactures containerboards, including linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft.
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