Canada Pension Plan Investment Board raised its position in International Paper (NYSE:IP – Get Rating) by 1.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 727,265 shares of the basic materials company’s stock after buying an additional 9,909 shares during the quarter. Canada Pension Plan Investment Board owned about 0.20% of International Paper worth $33,563,000 at the end of the most recent reporting period.
Other hedge funds have also recently made changes to their positions in the company. James Reed Financial Services Inc. bought a new stake in shares of International Paper in the fourth quarter valued at $52,000. Bivin & Associates Inc. bought a new stake in shares of International Paper during the 4th quarter valued at $30,000. Desjardins Global Asset Management Inc. raised its stake in shares of International Paper by 45.5% during the 1st quarter. Desjardins Global Asset Management Inc. now owns 675 shares of the basic materials company’s stock valued at $31,000 after purchasing an additional 211 shares during the period. Mystic Asset Management Inc. bought a new stake in shares of International Paper during the 4th quarter valued at $42,000. Finally, Westside Investment Management Inc. raised its stake in shares of International Paper by 112.4% during the 1st quarter. Westside Investment Management Inc. now owns 945 shares of the basic materials company’s stock valued at $43,000 after purchasing an additional 500 shares during the period. 85.84% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
A number of analysts recently issued reports on IP shares. Wells Fargo & Company lowered International Paper from an “overweight” rating to an “equal weight” rating and decreased their price objective for the company from $58.00 to $47.00 in a research note on Monday, July 18th. Citigroup lowered International Paper from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $53.00 to $46.00 in a research note on Tuesday, June 21st. Deutsche Bank Aktiengesellschaft decreased their target price on International Paper from $48.00 to $44.00 in a research note on Tuesday, July 19th. Finally, KeyCorp decreased their target price on International Paper from $41.00 to $37.00 and set an “underweight” rating on the stock in a research note on Friday, July 1st. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, International Paper has a consensus rating of “Hold” and an average price target of $50.80.
International Paper Trading Up 1.2 %
International Paper (NYSE:IP – Get Rating) last released its quarterly earnings data on Thursday, July 28th. The basic materials company reported $1.24 earnings per share for the quarter, topping the consensus estimate of $1.11 by $0.13. International Paper had a return on equity of 17.25% and a net margin of 8.60%. The business had revenue of $5.39 billion during the quarter, compared to analysts’ expectations of $5.35 billion. During the same quarter last year, the business posted $1.06 EPS. The business’s revenue was down 4.0% on a year-over-year basis. As a group, sell-side analysts anticipate that International Paper will post 4.54 earnings per share for the current year.
International Paper Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Monday, August 15th will be given a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 4.45%. The ex-dividend date is Friday, August 12th. International Paper’s dividend payout ratio is currently 38.46%.
About International Paper
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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