Garner Asset Management Corp Boosts Stake in International Paper (NYSE:IP)

Garner Asset Management Corp increased its position in International Paper (NYSE:IP) by 2.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 86,416 shares of the basic materials company’s stock after purchasing an additional 1,994 shares during the period. International Paper accounts for 1.8% of Garner Asset Management Corp’s portfolio, making the stock its 11th biggest position. Garner Asset Management Corp’s holdings in International Paper were worth $3,729,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Innealta Capital LLC bought a new position in International Paper during the 2nd quarter valued at approximately $26,000. MCF Advisors LLC raised its position in shares of International Paper by 1,094.7% in the 1st quarter. MCF Advisors LLC now owns 681 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 624 shares during the last quarter. Jones Financial Companies Lllp raised its position in shares of International Paper by 208.3% in the 4th quarter. Jones Financial Companies Lllp now owns 703 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 475 shares during the last quarter. Crewe Advisors LLC bought a new position in International Paper in the 1st quarter worth about $29,000. Finally, Assetmark Inc. grew its position in International Paper by 309.0% during the 4th quarter. Assetmark Inc. now owns 859 shares of the basic materials company’s stock valued at $31,000 after purchasing an additional 649 shares during the last quarter. Hedge funds and other institutional investors own 81.95% of the company’s stock.

International Paper Trading Up 0.1 %

International Paper stock opened at $49.54 on Thursday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.59 and a quick ratio of 1.17. The stock has a market cap of $17.21 billion, a P/E ratio of 101.10 and a beta of 1.04. The firm’s 50 day moving average price is $46.76 and its 200-day moving average price is $42.54. International Paper has a 1 year low of $31.76 and a 1 year high of $50.55.

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. International Paper had a net margin of 2.34% and a return on equity of 7.28%. The business had revenue of $4.73 billion during the quarter, compared to analysts’ expectations of $4.78 billion. During the same period last year, the company posted $0.59 EPS. The business’s revenue was up 1.1% on a year-over-year basis. On average, equities analysts predict that International Paper will post 1.55 earnings per share for the current fiscal year.

International Paper Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, August 15th were paid a dividend of $0.4625 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.85 annualized dividend and a yield of 3.73%. International Paper’s payout ratio is currently 377.55%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on IP. Stifel Nicolaus started coverage on shares of International Paper in a research note on Tuesday, July 9th. They issued a “hold” rating and a $48.70 target price on the stock. Jefferies Financial Group upgraded shares of International Paper from a “hold” rating to a “buy” rating and lifted their price target for the stock from $38.00 to $57.00 in a research note on Thursday, May 23rd. Argus upgraded shares of International Paper from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a research report on Wednesday, August 14th. Seaport Res Ptn raised International Paper from a “hold” rating to a “strong-buy” rating in a report on Friday, June 28th. Finally, Royal Bank of Canada raised their target price on shares of International Paper from $52.00 to $56.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Three investment 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 stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $50.21.

Insider Buying and Selling at International Paper

In other news, Director Kathryn D. Sullivan sold 600 shares of International Paper stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $43.68, for a total value of $26,208.00. Following the completion of the transaction, the director now owns 42,202 shares in the company, valued at approximately $1,843,383.36. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, SVP Joseph R. Saab sold 2,440 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $47.30, for a total value of $115,412.00. Following the transaction, the senior vice president now directly owns 18,668 shares in the company, valued at $882,996.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kathryn D. Sullivan sold 600 shares of the company’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $43.68, for a total transaction of $26,208.00. Following the completion of the transaction, the director now owns 42,202 shares in the company, valued at $1,843,383.36. The disclosure for this sale can be found here. Insiders have sold a total of 19,440 shares of company stock worth $927,956 over the last ninety days. Company insiders own 0.55% of the company’s stock.

International Paper Company 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.