Deltec Asset Management LLC Makes New $280,000 Investment in International Paper (NYSE:IP)

Deltec Asset Management LLC purchased a new position in International Paper (NYSE:IP) during the third quarter, HoldingsChannel.com reports. The fund purchased 5,000 shares of the basic materials company’s stock, valued at approximately $280,000.

A number of other institutional investors have also recently made changes to their positions in the business. Price T Rowe Associates Inc. MD grew 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 acquiring an additional 947,242 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of 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 during the period. State Street Corp lifted its position in shares of 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 during the period. Geode Capital Management LLC lifted its position in shares of 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 during the period. Finally, Charles Schwab Investment Management Inc. lifted its position in shares of 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 during the period. 81.47% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE IP opened at $47.55 on Thursday. The firm has a 50 day moving average of $52.50 and a 200 day moving average of $57.77. The company has a current ratio of 2.11, a quick ratio of 1.67 and a debt-to-equity ratio of 0.86. The firm has a market capitalization of $18.41 billion, a price-to-earnings ratio of 10.43 and a beta of 0.97. International Paper has a 12-month low of $46.48 and a 12-month high of $65.27.

International Paper (NYSE:IP) last announced its earnings results on Wednesday, October 27th. The basic materials company reported $1.35 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.46 by ($0.11). The business had revenue of $5.71 billion for 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 quarterly revenue was up 11.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.71 earnings per share. Sell-side analysts predict that International Paper will post 4.3 EPS for the current year.

International Paper declared that its Board of Directors has authorized a stock repurchase plan 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 plans are typically a sign that the company’s board of directors believes its shares are undervalued.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, December 15th. Investors of record on Monday, November 15th will be given a dividend of $1.00 per share. This represents a $4.00 annualized dividend and a yield of 8.41%. This is a positive change from International Paper’s previous quarterly dividend of $0.51. The ex-dividend date is Friday, November 12th. International Paper’s payout ratio is 40.57%.

In other International Paper news, SVP Jeanmichel Ribieras sold 4,417 shares of International Paper stock in a transaction that occurred on Tuesday, September 14th. The shares were sold at an average price of $57.75, for a total transaction of $255,081.75. Following the transaction, the senior vice president now owns 61,333 shares of the company’s stock, valued at $3,541,980.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.42% of the stock is owned by insiders.

A number of research analysts recently issued reports on IP shares. Truist Securities started coverage on shares of International Paper in a research report on Wednesday, October 13th. They set a “hold” rating and a $50.00 price target for the company. Jefferies Financial Group cut shares of International Paper from a “buy” rating to a “hold” rating and lowered their price target for the company from $80.00 to $55.00 in a research report on Monday, November 1st. Exane BNP Paribas cut shares of International Paper from an “outperform” rating to a “neutral” rating and set a $60.00 target price for the company. in a report on Tuesday, October 19th. KeyCorp decreased their target price on shares of International Paper from $50.00 to $44.00 and set an “underweight” rating for the company in a report on Monday, November 8th. Finally, Royal Bank of Canada lifted their target price on shares of International Paper from $53.00 to $57.00 and gave the stock a “sector perform” rating in a report on Thursday, October 28th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $59.40.

About International Paper

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

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