Robeco Institutional Asset Management B.V. lowered its holdings in International Paper Co (NYSE:IP) by 8.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,581 shares of the basic materials company’s stock after selling 2,776 shares during the period. Robeco Institutional Asset Management B.V.’s holdings in International Paper were worth $1,405,000 as of its most recent filing with the Securities and Exchange Commission.
Other institutional investors have also added to or reduced their stakes in the company. Qube Research & Technologies Ltd bought a new position in shares of International Paper in the 2nd quarter valued at about $106,000. Flagship Harbor Advisors LLC bought a new position in shares of International Paper in the 2nd quarter valued at about $139,000. Diamant Asset Management Inc. bought a new position in shares of International Paper in the 3rd quarter valued at about $140,000. Harel Insurance Investments & Financial Services Ltd. grew its position in shares of International Paper by 433.3% in the 2nd quarter. Harel Insurance Investments & Financial Services Ltd. now owns 3,200 shares of the basic materials company’s stock valued at $167,000 after acquiring an additional 2,600 shares during the period. Finally, First Hawaiian Bank bought a new position in shares of International Paper in the 3rd quarter valued at about $205,000. 81.92% of the stock is owned by institutional investors and hedge funds.
In other International Paper news, insider Jeanmichel Ribieras sold 10,000 shares of International Paper stock in a transaction dated Wednesday, September 19th. The shares were sold at an average price of $54.20, for a total value of $542,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP John V. Sims sold 4,725 shares of International Paper stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $54.35, for a total transaction of $256,803.75. The disclosure for this sale can be found here. Insiders sold a total of 31,725 shares of company stock valued at $1,691,814 in the last quarter. Corporate insiders own 0.32% of the company’s stock.
International Paper (NYSE:IP) last issued its quarterly earnings data on Thursday, October 25th. The basic materials company reported $1.56 earnings per share for the quarter, topping the consensus estimate of $1.47 by $0.09. International Paper had a net margin of 13.68% and a return on equity of 29.75%. The business had revenue of $5.90 billion during the quarter, compared to analysts’ expectations of $5.90 billion. As a group, equities research analysts expect that International Paper Co will post 5.31 EPS for the current fiscal year.
International Paper announced that its Board of Directors has authorized a stock repurchase program on Tuesday, October 9th that allows the company to repurchase $430.00 million in shares. This repurchase authorization allows the basic materials company to buy up to 2.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Shareholders of record on Thursday, November 15th will be paid a $0.50 dividend. This is a boost from International Paper’s previous quarterly dividend of $0.48. The ex-dividend date of this dividend is Wednesday, November 14th. This represents a $2.00 annualized dividend and a yield of 4.45%. International Paper’s payout ratio is 57.31%.
A number of research firms have recently issued reports on IP. Zacks Investment Research restated a “buy” rating and set a $51.00 target price on shares of International Paper in a research note on Tuesday, November 13th. Barclays cut their target price on shares of International Paper from $45.00 to $44.00 and set an “underweight” rating for the company in a research note on Monday, October 29th. Argus cut their target price on shares of International Paper from $70.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, October 29th. Deutsche Bank set a $55.00 target price on shares of International Paper and gave the stock a “hold” rating in a research note on Monday, October 29th. Finally, Royal Bank of Canada restated a “buy” rating and set a $55.00 target price on shares of International Paper in a research note on Tuesday, October 23rd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eight have given a buy rating to the company. International Paper has an average rating of “Hold” and an average price target of $58.07.
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About International Paper
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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