Sentry Investment Management LLC lowered its position in shares of International Paper Co (NYSE:IP) by 8.2% in the first quarter, Holdings Channel reports. The fund owned 23,973 shares of the basic materials company’s stock after selling 2,128 shares during the quarter. Sentry Investment Management LLC’s holdings in International Paper were worth $1,109,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in the business. Legal & General Group Plc grew its position in shares of International Paper by 1.6% during the 3rd quarter. Legal & General Group Plc now owns 1,950,444 shares of the basic materials company’s stock worth $95,865,000 after buying an additional 30,715 shares during the period. Morgan Stanley raised its holdings in International Paper by 8.7% in the 3rd quarter. Morgan Stanley now owns 3,542,394 shares of the basic materials company’s stock valued at $174,109,000 after buying an additional 284,827 shares during the last quarter. Vanguard Group Inc raised its holdings in International Paper by 0.3% in the 3rd quarter. Vanguard Group Inc now owns 31,253,119 shares of the basic materials company’s stock valued at $1,536,091,000 after buying an additional 101,749 shares during the last quarter. Regent Investment Management LLC raised its holdings in International Paper by 9.3% during the 4th quarter. Regent Investment Management LLC now owns 5,190 shares of the basic materials company’s stock worth $209,000 after purchasing an additional 440 shares during the last quarter. Finally, SignalPoint Asset Management LLC grew its position in shares of International Paper by 15.5% during the 4th quarter. SignalPoint Asset Management LLC now owns 5,258 shares of the basic materials company’s stock worth $212,000 after buying an additional 707 shares during the period. 81.91% of the stock is owned by institutional investors and hedge funds.
In other news, SVP W. Michael Jr. Amick sold 9,093 shares of the business’s stock in a transaction dated Tuesday, February 26th. The stock was sold at an average price of $47.65, for a total transaction of $433,281.45. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Gregory T. Wanta sold 9,000 shares of the business’s stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $47.72, for a total value of $429,480.00. The disclosure for this sale can be found here. Insiders have sold a total of 36,760 shares of company stock valued at $1,724,357 in the last ninety days. Insiders own 0.33% of the company’s stock.
International Paper (NYSE:IP) last posted its earnings results on Thursday, April 25th. The basic materials company reported $1.11 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.91 by $0.20. The business had revenue of $5.64 billion during the quarter, compared to analyst estimates of $5.73 billion. International Paper had a return on equity of 31.35% and a net margin of 7.32%. The company’s quarterly revenue was up .4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.94 EPS. Sell-side analysts expect that International Paper Co will post 5.15 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Tuesday, May 28th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.56%. The ex-dividend date is Friday, May 24th. International Paper’s payout ratio is presently 37.59%.
A number of research firms have recently commented on IP. Barclays lowered their target price on International Paper from $40.00 to $39.00 and set an “underweight” rating on the stock in a research note on Monday, April 1st. Royal Bank of Canada cut International Paper from an “outperform” rating to a “sector perform” rating and lowered their price objective for the company from $54.00 to $47.00 in a research note on Friday, April 5th. Zacks Investment Research upgraded International Paper from a “sell” rating to a “hold” rating in a research note on Monday, February 4th. Stephens upgraded International Paper from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $50.00 to $60.00 in a research note on Wednesday, January 23rd. Finally, Citigroup restated a “buy” rating and issued a $53.00 price objective on shares of International Paper in a research note on Friday, February 1st. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $53.00.
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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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