Deseret Mutual Benefit Administrators cut its stake in shares of International Paper (NYSE:IP) by 33.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,056 shares of the basic materials company’s stock after selling 1,518 shares during the quarter. Deseret Mutual Benefit Administrators’ holdings in International Paper were worth $171,000 at the end of the most recent reporting period.
Other large investors also recently made changes to their positions in the company. Price T Rowe Associates Inc. MD lifted its holdings in International Paper by 2.1% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 47,100,520 shares of the basic materials company’s stock worth $2,887,733,000 after purchasing an additional 947,242 shares in the last quarter. Vanguard Group Inc. lifted its holdings in International Paper by 0.5% in the 2nd quarter. Vanguard Group Inc. now owns 45,502,847 shares of the basic materials company’s stock worth $2,789,779,000 after purchasing an additional 241,298 shares in the last quarter. State Street Corp lifted its holdings in International Paper by 3.4% in the 2nd quarter. State Street Corp now owns 25,038,719 shares of the basic materials company’s stock worth $1,535,124,000 after purchasing an additional 820,092 shares in the last quarter. Geode Capital Management LLC lifted its holdings in International Paper by 6.7% in the 2nd quarter. Geode Capital Management LLC now owns 7,648,876 shares of the basic materials company’s stock worth $467,924,000 after purchasing an additional 482,384 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in International Paper by 10.5% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 5,382,733 shares of the basic materials company’s stock worth $330,016,000 after purchasing an additional 510,247 shares in the last quarter. Institutional investors own 81.47% of the company’s stock.
Shares of International Paper stock opened at $46.68 on Friday. The stock’s fifty day moving average is $47.82 and its two-hundred day moving average is $54.72. The company has a market capitalization of $18.08 billion, a PE ratio of 10.24 and a beta of 0.99. The company has a quick ratio of 1.67, a current ratio of 2.11 and a debt-to-equity ratio of 0.86. International Paper has a 52 week low of $43.87 and a 52 week high of $65.27.
International Paper (NYSE:IP) last announced its quarterly earnings data on Wednesday, October 27th. The basic materials company reported $1.35 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.46 by ($0.11). The business had revenue of $5.71 billion during the quarter, compared to the consensus estimate of $5.84 billion. International Paper had a net margin of 8.20% and a return on equity of 18.42%. The business’s revenue was up 11.5% compared to the same quarter last year. During the same period last year, the company earned $0.71 EPS. As a group, research analysts anticipate that International Paper will post 4.13 earnings per share for the current year.
International Paper declared that its board has initiated a share repurchase program on Tuesday, October 12th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the basic materials company to reacquire up to 9.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, December 15th. Shareholders of record on Monday, November 15th were given a $1.00 dividend. This represents a $4.00 annualized dividend and a yield of 8.57%. The ex-dividend date was Friday, November 12th. This is an increase from International Paper’s previous quarterly dividend of $0.51. International Paper’s dividend payout ratio is 40.57%.
A number of research analysts recently commented on the company. Royal Bank of Canada boosted their price target on International Paper from $53.00 to $57.00 and gave the stock a “sector perform” rating in a report on Thursday, October 28th. Jefferies Financial Group cut International Paper from a “buy” rating to a “hold” rating and lowered their price target for the stock from $80.00 to $55.00 in a report on Monday, November 1st. UBS Group upped their price objective on International Paper from $47.00 to $52.00 and gave the stock a “sell” rating in a report on Tuesday, September 28th. Truist Securities initiated coverage on International Paper in a report on Wednesday, October 13th. They set a “hold” rating and a $50.00 price objective on the stock. Finally, Truist initiated coverage on International Paper in a report on Wednesday, October 13th. They set a “hold” rating and a $50.00 price objective on the stock. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, International Paper presently has a consensus rating of “Hold” and an average price target of $58.47.
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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