Romano Brothers AND Company reduced its holdings in shares of International Paper (NYSE:IP – Free Report) by 8.2% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 78,328 shares of the basic materials company’s stock after selling 6,994 shares during the quarter. Romano Brothers AND Company’s holdings in International Paper were worth $2,492,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in IP. CI Investments Inc. raised its position in International Paper by 975.2% in the fourth quarter. CI Investments Inc. now owns 5,333 shares of the basic materials company’s stock worth $185,000 after acquiring an additional 4,837 shares during the period. MV Capital Management Inc. raised its position in shares of International Paper by 299.0% in the first quarter. MV Capital Management Inc. now owns 2,749 shares of the basic materials company’s stock valued at $99,000 after purchasing an additional 2,060 shares during the period. DnB Asset Management AS raised its position in shares of International Paper by 104.9% in the first quarter. DnB Asset Management AS now owns 201,269 shares of the basic materials company’s stock valued at $7,258,000 after purchasing an additional 103,040 shares during the period. Householder Group Estate & Retirement Specialist LLC purchased a new position in International Paper during the first quarter valued at approximately $198,000. Finally, SG Americas Securities LLC grew its stake in International Paper by 205.4% during the first quarter. SG Americas Securities LLC now owns 35,060 shares of the basic materials company’s stock valued at $1,264,000 after acquiring an additional 23,580 shares in the last quarter. 80.78% of the stock is currently owned by institutional investors and hedge funds.
In other news, VP Holly G. Goughnour sold 2,500 shares of the firm’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $35.70, for a total transaction of $89,250.00. Following the sale, the vice president now owns 8,219 shares of the company’s stock, valued at approximately $293,418.30. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.51% of the company’s stock.
International Paper Stock Down 0.9 %
International Paper (NYSE:IP – Get Free Report) last announced its quarterly earnings data on Thursday, July 27th. The basic materials company reported $0.59 EPS for the quarter, beating the consensus estimate of $0.42 by $0.17. The company had revenue of $4.68 billion for the quarter, compared to the consensus estimate of $4.90 billion. International Paper had a net margin of 5.14% and a return on equity of 12.22%. International Paper’s revenue for the quarter was down 13.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.24 EPS. On average, sell-side analysts anticipate that International Paper will post 2.21 EPS for the current year.
International Paper Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Tuesday, August 15th were issued a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 5.46%. The ex-dividend date was Monday, August 14th. International Paper’s payout ratio is presently 63.57%.
Analysts Set New Price Targets
A number of equities analysts have commented on the stock. Citigroup boosted their price target on shares of International Paper from $30.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, July 31st. UBS Group cut their price target on shares of International Paper from $33.00 to $32.00 and set a “neutral” rating for the company in a research note on Wednesday, July 19th. StockNews.com started coverage on shares of International Paper in a research note on Friday, August 18th. They issued a “buy” rating for the company. Bank of America cut shares of International Paper from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $35.00 to $33.00 in a research note on Monday, July 10th. Finally, Truist Financial lowered their price target on shares of International Paper from $38.00 to $29.00 and set a “hold” rating for the company in a report on Tuesday, July 18th. Three analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, International Paper currently has an average rating of “Hold” and an average price target of $36.30.
International Paper Company Profile
International Paper Company produces renewable fiber-based packaging and pulp products in North America, Latin America, Europe, and North Africa. It operates through Industrial Packaging and Global Cellulose Fibers segment. The company's Industrial Packaging segment manufactures containerboards, including linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft.
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