Bank of Nova Scotia Makes New $2.10 Million Investment in International Paper Company $IP

Bank of Nova Scotia purchased a new position in shares of International Paper Company (NYSE:IP) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 55,090 shares of the basic materials company’s stock, valued at approximately $2,100,000.

A number of other large investors have also made changes to their positions in the stock. DNB Asset Management AS raised its position in International Paper by 144.2% during the fourth quarter. DNB Asset Management AS now owns 258,920 shares of the basic materials company’s stock worth $10,199,000 after acquiring an additional 152,907 shares during the last quarter. D.A. Davidson & CO. grew its position in shares of International Paper by 29.6% in the first quarter. D.A. Davidson & CO. now owns 137,856 shares of the basic materials company’s stock valued at $4,921,000 after purchasing an additional 31,518 shares during the last quarter. Bellwether Advisors LLC purchased a new position in shares of International Paper during the 1st quarter worth approximately $2,615,000. Norges Bank purchased a new position in shares of International Paper during the 4th quarter worth approximately $250,093,000. Finally, Deutsche Bank AG acquired a new position in shares of International Paper during the 2nd quarter worth approximately $77,604,000. Hedge funds and other institutional investors own 81.95% of the company’s stock.

Insider Transactions at International Paper

In other news, VP William Thomas Hamic sold 24,500 shares of the company’s stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $41.20, for a total transaction of $1,009,400.00. Following the completion of the transaction, the vice president owned 106,952 shares of the company’s stock, valued at $4,406,422.40. This represents a 18.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Holly G. Goughnour sold 3,500 shares of the stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $41.96, for a total transaction of $146,860.00. Following the transaction, the chief accounting officer owned 34,248 shares in the company, valued at approximately $1,437,046.08. The trade was a 9.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is currently owned by company insiders.

International Paper Stock Up 0.8%

IP stock opened at $41.31 on Thursday. The company has a 50 day moving average price of $39.51 and a two-hundred day moving average price of $37.85. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.10. The stock has a market capitalization of $21.88 billion, a P/E ratio of -6.34 and a beta of 0.94. International Paper Company has a one year low of $29.26 and a one year high of $50.25.

International Paper (NYSE:IP) last issued its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.04 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.08. International Paper had a negative return on equity of 1.09% and a negative net margin of 14.20%.The company had revenue of $6 billion for the quarter, compared to analyst estimates of $6.19 billion. During the same quarter in the prior year, the company posted $0.20 EPS. The business’s revenue for the quarter was down 11.3% compared to the same quarter last year. As a group, sell-side analysts expect that International Paper Company will post 1.34 EPS for the current year.

International Paper Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Friday, August 14th will be given a dividend of $0.4625 per share. The ex-dividend date is Friday, August 14th. This represents a $1.85 annualized dividend and a yield of 4.5%. International Paper’s dividend payout ratio is -28.37%.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Weiss Ratings upgraded International Paper from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, August 21st. Bank of America cut International Paper from a “buy” rating to a “neutral” rating and set a $41.00 price target for the company. in a report on Tuesday, July 14th. Loop Capital set a $61.00 price objective on International Paper in a research note on Tuesday, July 28th. Zacks Research upgraded International Paper from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Finally, Wall Street Zen downgraded shares of International Paper from a “hold” rating to a “sell” rating in a research note on Tuesday. Nine investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.75.

International Paper Profile

International Paper is a global producer of renewable fiber-based products, focused primarily on pulp, paper, and packaging. The company manufactures containerboard and corrugated packaging used for shipping and retail display, as well as a range of specialty papers and pulp products that serve industrial, consumer goods, and e-commerce customers. Its product portfolio is oriented toward large-scale packaging solutions, tissue and paper grades, and raw pulp for a variety of manufacturing uses.

Founded in 1898, International Paper is headquartered in Memphis, Tennessee, and is one of the largest and longest-established companies in the forest products sector.