Hammer Asset Management LLC decreased its position in International Paper Co (NYSE:IP) by 37.6% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 44,754 shares of the basic materials company’s stock after selling 26,918 shares during the quarter. Hammer Asset Management LLC’s holdings in International Paper were worth $1,939,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Advisory Alpha LLC bought a new stake in International Paper during the 1st quarter worth about $25,000. Bremer Bank National Association bought a new position in shares of International Paper in the 1st quarter valued at about $28,000. First Interstate Bank bought a new position in shares of International Paper in the 1st quarter valued at about $37,000. Hanson McClain Inc. boosted its stake in shares of International Paper by 82.2% in the 1st quarter. Hanson McClain Inc. now owns 869 shares of the basic materials company’s stock valued at $40,000 after purchasing an additional 392 shares during the last quarter. Finally, Icon Wealth Partners LLC bought a new position in shares of International Paper in the 1st quarter valued at about $47,000. 82.02% of the stock is currently owned by institutional investors and hedge funds.
Several brokerages have recently issued reports on IP. UBS Group set a $50.00 target price on shares of International Paper and gave the company a “buy” rating in a research note on Monday, June 24th. Stephens lowered shares of International Paper from an “overweight” rating to an “equal weight” rating and set a $60.00 target price on the stock. in a research note on Monday, June 24th. KeyCorp reaffirmed a “sell” rating and issued a $38.00 target price on shares of International Paper in a research note on Thursday, July 25th. Finally, Citigroup lowered shares of International Paper from a “buy” rating to a “neutral” rating and reduced their target price for the company from $53.00 to $45.00 in a research note on Thursday, July 11th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company’s stock. International Paper has an average rating of “Hold” and an average price target of $47.82.
International Paper (NYSE:IP) last issued its earnings results on Thursday, July 25th. The basic materials company reported $1.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.01 by $0.14. The company had revenue of $5.67 billion for the quarter, compared to analyst estimates of $5.77 billion. International Paper had a net margin of 6.88% and a return on equity of 30.14%. The company’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same quarter last year, the firm earned $1.19 EPS. On average, sell-side analysts predict that International Paper Co will post 4.53 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Thursday, August 15th will be given a $0.50 dividend. The ex-dividend date is Wednesday, August 14th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.14%. International Paper’s dividend payout ratio is 37.59%.
In related news, SVP Sharon R. Ryan sold 22,507 shares of the stock in a transaction that occurred on Friday, July 26th. The shares were sold at an average price of $44.97, for a total value of $1,012,139.79. Following the sale, the senior vice president now directly owns 61,554 shares in the company, valued at approximately $2,768,083.38. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.33% of the company’s stock.
International Paper Company Profile
International Paper Co engages in the manufacture of paper and packaging products. It operates through the following segments: Industrial Packaging, Global Cellulose Fibers, and Printing Papers. The Industrial Packaging segment involves in the manufacturing of containerboards, which include linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft.
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