Wedge Capital Management L L P NC decreased its holdings in shares of International Paper (NYSE:IP – Get Rating) by 15.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 148,713 shares of the basic materials company’s stock after selling 26,447 shares during the quarter. Wedge Capital Management L L P NC’s holdings in International Paper were worth $6,221,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of IP. BlackRock Inc. grew its stake in shares of International Paper by 12.1% in the first quarter. BlackRock Inc. now owns 35,263,405 shares of the basic materials company’s stock valued at $1,627,407,000 after buying an additional 3,811,743 shares in the last quarter. State Street Corp grew its position in shares of International Paper by 0.9% in the 1st quarter. State Street Corp now owns 24,364,091 shares of the basic materials company’s stock valued at $1,124,403,000 after acquiring an additional 218,754 shares during the period. Geode Capital Management LLC increased its stake in shares of International Paper by 1.7% during the 4th quarter. Geode Capital Management LLC now owns 7,725,761 shares of the basic materials company’s stock worth $362,084,000 after purchasing an additional 128,213 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of International Paper by 7.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,506,475 shares of the basic materials company’s stock valued at $300,274,000 after purchasing an additional 450,484 shares during the period. Finally, Nordea Investment Management AB lifted its stake in International Paper by 21.7% in the 1st quarter. Nordea Investment Management AB now owns 6,272,540 shares of the basic materials company’s stock valued at $291,485,000 after purchasing an additional 1,118,816 shares during the last quarter. 85.84% of the stock is currently owned by institutional investors and hedge funds.
International Paper Trading Down 4.6 %
NYSE:IP opened at $34.83 on Wednesday. International Paper has a 52 week low of $34.43 and a 52 week high of $57.86. The firm has a 50-day moving average price of $42.15 and a two-hundred day moving average price of $44.40. The firm has a market cap of $12.61 billion, a price-to-earnings ratio of 7.24 and a beta of 0.90. The company has a debt-to-equity ratio of 0.58, a quick ratio of 1.18 and a current ratio of 1.62.
International Paper Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Monday, August 15th were issued a $0.4625 dividend. The ex-dividend date was Friday, August 12th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 5.31%. International Paper’s dividend payout ratio (DPR) is presently 38.46%.
Wall Street Analysts Forecast Growth
Several research firms have issued reports on IP. KeyCorp dropped their price objective 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. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of International Paper from $48.00 to $44.00 in a research report on Tuesday, July 19th. Citigroup cut shares of International Paper from a “buy” rating to a “neutral” rating and cut their target price for the stock from $53.00 to $46.00 in a research note on Tuesday, June 21st. Wells Fargo & Company downgraded International Paper from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $58.00 to $47.00 in a research note on Monday, July 18th. Finally, Jefferies Financial Group downgraded shares of International Paper from a “hold” rating to an “underperform” rating and cut their price objective for the company from $40.00 to $31.00 in a report on Friday, September 16th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $48.40.
Insider Activity at International Paper
In other International Paper news, major shareholder Paper Co /New/ International sold 4,614,358 shares of the firm’s stock in a transaction on Monday, September 12th. The stock was sold at an average price of $36.25, for a total value of $167,270,477.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.42% of the stock is owned by company insiders.
International Paper Profile
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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