Brookstone Capital Management lowered its stake in shares of International Paper Co (NYSE:IP) by 4.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 82,786 shares of the basic materials company’s stock after selling 3,733 shares during the period. Brookstone Capital Management’s holdings in International Paper were worth $4,069,000 at the end of the most recent quarter.
Several other hedge funds also recently modified their holdings of IP. DnB Asset Management AS increased its stake in shares of International Paper by 4.4% during the 2nd quarter. DnB Asset Management AS now owns 49,997 shares of the basic materials company’s stock worth $2,604,000 after purchasing an additional 2,100 shares during the last quarter. IFM Investors Pty Ltd increased its stake in shares of International Paper by 45.8% during the 2nd quarter. IFM Investors Pty Ltd now owns 17,593 shares of the basic materials company’s stock worth $916,000 after purchasing an additional 5,523 shares during the last quarter. Osborn Williams & Donohoe LLC increased its stake in shares of International Paper by 72.2% during the 2nd quarter. Osborn Williams & Donohoe LLC now owns 18,360 shares of the basic materials company’s stock worth $956,000 after purchasing an additional 7,700 shares during the last quarter. State of Alaska Department of Revenue increased its stake in shares of International Paper by 4.2% during the 2nd quarter. State of Alaska Department of Revenue now owns 109,273 shares of the basic materials company’s stock worth $5,688,000 after purchasing an additional 4,383 shares during the last quarter. Finally, Xact Kapitalforvaltning AB increased its stake in shares of International Paper by 7.8% during the 2nd quarter. Xact Kapitalforvaltning AB now owns 80,834 shares of the basic materials company’s stock worth $4,210,000 after purchasing an additional 5,848 shares during the last quarter. Institutional investors own 82.24% of the company’s stock.
IP opened at $47.39 on Thursday. The company has a market capitalization of $18.89 billion, a P/E ratio of 13.58, a price-to-earnings-growth ratio of 0.92 and a beta of 1.53. International Paper Co has a 12 month low of $39.60 and a 12 month high of $66.94. The company has a quick ratio of 1.13, a current ratio of 1.59 and a debt-to-equity ratio of 1.52.
International Paper declared that its Board of Directors has approved a stock buyback plan on Tuesday, October 9th that permits the company to repurchase $430.00 million in shares. This repurchase authorization permits the basic materials company to repurchase up to 2.1% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s board of directors believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Investors of record on Thursday, November 15th will be issued a $0.50 dividend. The ex-dividend date is Wednesday, November 14th. This is an increase from International Paper’s previous quarterly dividend of $0.48. This represents a $2.00 annualized dividend and a yield of 4.22%. International Paper’s dividend payout ratio (DPR) is 54.44%.
In other International Paper news, SVP John V. Sims sold 4,725 shares of the firm’s stock in a transaction on Wednesday, September 19th. The shares were sold at an average price of $54.35, for a total value of $256,803.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Timothy S. Nicholls sold 17,000 shares of the firm’s stock in a transaction on Tuesday, August 28th. The shares were sold at an average price of $52.53, for a total transaction of $893,010.00. Following the completion of the transaction, the insider now directly owns 108,538 shares of the company’s stock, valued at $5,701,501.14. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,725 shares of company stock valued at $1,691,814. 0.32% of the stock is owned by insiders.
IP has been the subject of several research analyst reports. Goldman Sachs Group lowered shares of International Paper from a “buy” rating to a “neutral” rating and set a $53.00 price target for the company. in a research note on Wednesday, October 10th. Royal Bank of Canada restated a “buy” rating and set a $55.00 price target on shares of International Paper in a research note on Tuesday, October 23rd. Zacks Investment Research upgraded shares of International Paper from a “hold” rating to a “buy” rating and set a $59.00 price target for the company in a research note on Wednesday, August 1st. Seaport Global Securities started coverage on shares of International Paper in a research note on Tuesday, October 23rd. They set a “neutral” rating for the company. Finally, Deutsche Bank set a $55.00 price objective on shares of International Paper and gave the stock a “hold” rating in a report on Monday, October 29th. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and seven have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $58.64.
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International Paper Profile
International Paper Company operates as a paper and packaging company primarily in North America, Europe, Latin America, North Africa, India, and Russia. It operates through three segments: Industrial Packaging, Global Cellulose Fibers, and Printing Papers. The Industrial Packaging segment manufactures containerboards, including linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft.
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