NorthCrest Asset Manangement LLC Trims Stock Holdings in International Paper (NYSE:IP)

NorthCrest Asset Manangement LLC cut its holdings in shares of International Paper (NYSE:IP) by 10.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 16,025 shares of the basic materials company’s stock after selling 1,815 shares during the period. NorthCrest Asset Manangement LLC’s holdings in International Paper were worth $691,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its holdings in shares of International Paper by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 21,135,702 shares of the basic materials company’s stock worth $824,716,000 after buying an additional 5,492,035 shares during the period. Franklin Resources Inc. lifted its position in International Paper by 61.5% during the fourth quarter. Franklin Resources Inc. now owns 13,030,839 shares of the basic materials company’s stock worth $471,065,000 after buying an additional 4,960,005 shares in the last quarter. Charles Schwab Investment Management Inc. increased its stake in International Paper by 0.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 8,847,682 shares of the basic materials company’s stock worth $319,844,000 after acquiring an additional 35,930 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of International Paper by 82.8% in the first quarter. Bank of New York Mellon Corp now owns 6,082,422 shares of the basic materials company’s stock valued at $237,336,000 after buying an additional 2,755,441 shares in the last quarter. Finally, Norges Bank purchased a new position in International Paper in the fourth quarter valued at $94,913,000. Institutional investors own 81.95% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have issued reports on IP shares. Seaport Res Ptn upgraded International Paper from a “hold” rating to a “strong-buy” rating in a research report on Friday, June 28th. Jefferies Financial Group raised shares of International Paper from a “hold” rating to a “buy” rating and raised their target price for the stock from $38.00 to $57.00 in a report on Thursday, May 23rd. Wells Fargo & Company lifted their price target on shares of International Paper from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 25th. Royal Bank of Canada lifted their price objective on shares of International Paper from $52.00 to $56.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Finally, Argus upgraded International Paper from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a research note on Wednesday. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $50.21.

International Paper Price Performance

Shares of NYSE:IP opened at $46.12 on Thursday. International Paper has a twelve month low of $31.76 and a twelve month high of $47.40. The firm’s 50 day moving average price is $45.06 and its 200-day moving average price is $40.23. The company has a quick ratio of 1.17, a current ratio of 1.59 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $16.02 billion, a PE ratio of 94.12 and a beta of 1.06.

International Paper (NYSE:IP) last issued its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.14. The company had revenue of $4.73 billion during the quarter, compared to the consensus estimate of $4.78 billion. International Paper had a net margin of 2.34% and a return on equity of 7.28%. International Paper’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.59 earnings per share. Equities research analysts expect that International Paper will post 1.64 EPS for the current year.

International Paper Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Thursday, August 15th will be issued a $0.4625 dividend. The ex-dividend date is Thursday, August 15th. This represents a $1.85 annualized dividend and a yield of 4.01%. International Paper’s payout ratio is 377.55%.

Insider Transactions at International Paper

In other news, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction on Friday, June 14th. The shares were sold at an average price of $45.11, for a total value of $27,066.00. Following the completion of the sale, the director now owns 43,402 shares in the company, valued at approximately $1,957,864.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last three months, insiders have sold 3,000 shares of company stock worth $133,440. 0.55% of the stock is currently owned by insiders.

International Paper Profile

International Paper Company produces and sells renewable fiber-based packaging and pulp products in North America, Latin America, Europe, and North Africa. It operates through two segments, Industrial Packaging and Global Cellulose Fibers. The company offers linerboard, medium, whitetop, recycled linerboard, recycled medium and saturating kraft; and pulp for a range of applications, such as diapers, towel and tissue products, feminine care, incontinence, and other personal care products, as well as specialty pulps for use in textiles, construction materials, paints, coatings, and others.