Wellington Shields Capital Management LLC Has $511,000 Stake in International Paper Co (IP)

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Wellington Shields Capital Management LLC lessened its stake in shares of International Paper Co (NYSE:IP) by 16.3% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 10,400 shares of the basic materials company’s stock after selling 2,030 shares during the period. Wellington Shields Capital Management LLC’s holdings in International Paper were worth $511,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Miller Howard Investments Inc. NY purchased a new stake in International Paper in the 2nd quarter valued at about $53,831,000. Levin Capital Strategies L.P. raised its holdings in International Paper by 66.4% in the 2nd quarter. Levin Capital Strategies L.P. now owns 1,867,499 shares of the basic materials company’s stock valued at $97,259,000 after buying an additional 745,170 shares during the period. Conning Inc. raised its holdings in International Paper by 4,805.7% in the 3rd quarter. Conning Inc. now owns 733,935 shares of the basic materials company’s stock valued at $36,073,000 after buying an additional 718,974 shares during the period. Becker Capital Management Inc. purchased a new stake in International Paper in the 3rd quarter valued at about $19,717,000. Finally, First Trust Advisors LP raised its holdings in International Paper by 130.8% in the 2nd quarter. First Trust Advisors LP now owns 640,036 shares of the basic materials company’s stock valued at $33,333,000 after buying an additional 362,690 shares during the period. Institutional investors and hedge funds own 82.24% of the company’s stock.

In other news, insider Jeanmichel Ribieras sold 10,000 shares of the business’s stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $54.20, for a total transaction of $542,000.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP John V. Sims sold 4,725 shares of the business’s stock in a transaction dated Wednesday, September 19th. The stock was sold at an average price of $54.35, for a total value of $256,803.75. The disclosure for this sale can be found here. Over the last three months, insiders have sold 31,725 shares of company stock valued at $1,691,814. Corporate insiders own 0.32% of the company’s stock.

Several brokerages recently issued reports on IP. ValuEngine upgraded shares of International Paper from a “strong sell” rating to a “sell” rating in a report on Tuesday, July 24th. BMO Capital Markets downgraded International Paper from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $66.00 to $51.00 in a research report on Tuesday, October 9th. Zacks Investment Research downgraded International Paper from a “buy” rating to a “hold” rating in a research report on Friday, September 21st. Barclays dropped their target price on International Paper from $55.00 to $52.00 and set an “underweight” rating for the company in a research report on Monday, July 30th. Finally, Argus dropped their target price on International Paper from $70.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, October 29th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and seven have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $58.64.

NYSE IP opened at $46.22 on Friday. The stock has a market capitalization of $19.19 billion, a price-to-earnings ratio of 13.24, a PEG ratio of 0.94 and a beta of 1.53. The company has a debt-to-equity ratio of 1.52, a current ratio of 1.59 and a quick ratio of 1.13. International Paper Co has a 1-year low of $39.60 and a 1-year high of $66.94.

International Paper (NYSE:IP) last released its earnings results on Thursday, October 25th. The basic materials company reported $1.56 earnings per share for the quarter, beating the consensus estimate of $1.47 by $0.09. The company had revenue of $5.90 billion during the quarter, compared to the consensus estimate of $5.90 billion. International Paper had a return on equity of 29.75% and a net margin of 13.68%. On average, sell-side analysts forecast that International Paper Co will post 5.31 earnings per share for the current fiscal year.

International Paper declared that its Board of Directors has approved a share buyback program on Tuesday, October 9th that authorizes the company to buyback $430.00 million in shares. This buyback authorization authorizes the basic materials company to purchase up to 2.1% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 14th. Stockholders of record on Thursday, November 15th will be given a dividend of $0.50 per share. The ex-dividend date is Wednesday, November 14th. This is an increase from International Paper’s previous quarterly dividend of $0.48. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.33%. International Paper’s payout ratio is currently 54.44%.

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International Paper Profile

International Paper Company operates as a paper and packaging company primarily in North America, Europe, Latin America, North Africa, India, and Russia. It operates through three segments: Industrial Packaging, Global Cellulose Fibers, and Printing Papers. The Industrial Packaging segment manufactures containerboards, including linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft.

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Institutional Ownership by Quarter for International Paper (NYSE:IP)

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