State of Alaska Department of Revenue lessened its holdings in shares of International Paper (NYSE:IP – Get Rating) by 9.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 169,482 shares of the basic materials company’s stock after selling 18,695 shares during the quarter. State of Alaska Department of Revenue’s holdings in International Paper were worth $7,088,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. James Reed Financial Services Inc. purchased a new position in shares of International Paper in the 4th quarter worth approximately $52,000. Bivin & Associates Inc. purchased a new position in International Paper during the 4th quarter valued at $30,000. Desjardins Global Asset Management Inc. boosted its holdings in 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 acquiring an additional 211 shares during the period. Mystic Asset Management Inc. purchased a new position in International Paper during the 4th quarter valued at $42,000. Finally, Westside Investment Management Inc. boosted its holdings in 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 acquiring an additional 500 shares during the period. Institutional investors own 85.84% of the company’s stock.
International Paper Stock Up 3.7 %
Shares of IP opened at $36.52 on Tuesday. The company has a market capitalization of $13.22 billion, a price-to-earnings ratio of 7.59 and a beta of 0.90. The stock’s 50-day moving average price is $42.26 and its 200-day moving average price is $44.44. The company has a quick ratio of 1.18, a current ratio of 1.62 and a debt-to-equity ratio of 0.58. International Paper has a 52 week low of $34.75 and a 52 week high of $57.86.
International Paper Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Monday, August 15th were issued a dividend of $0.4625 per share. The ex-dividend date of this dividend was Friday, August 12th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 5.07%. International Paper’s payout ratio is currently 38.46%.
Analyst Upgrades and Downgrades
A number of research firms recently issued reports on IP. Jefferies Financial Group cut International Paper from a “hold” rating to an “underperform” rating and dropped their price objective for the company from $40.00 to $31.00 in a report on Friday. Wells Fargo & Company cut International Paper from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $58.00 to $47.00 in a report on Monday, July 18th. Citigroup cut International Paper from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $53.00 to $46.00 in a report on Tuesday, June 21st. Deutsche Bank Aktiengesellschaft lowered their target price on International Paper from $48.00 to $44.00 in a report on Tuesday, July 19th. Finally, KeyCorp reduced their price target on International Paper from $41.00 to $37.00 and set an “underweight” rating for the company in a research report on Friday, July 1st. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $48.40.
Insider Activity at International Paper
In related news, major shareholder Paper Co /New/ International sold 4,614,358 shares of the stock in a transaction that occurred 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 legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.42% of the company’s stock.
International Paper Company 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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