International Paper (NYSE:IP) Shares Sold by Steel Grove Capital Advisors LLC

Steel Grove Capital Advisors LLC lessened its stake in International Paper (NYSE:IP) by 15.8% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 43,728 shares of the basic materials company’s stock after selling 8,224 shares during the quarter. Steel Grove Capital Advisors LLC’s holdings in International Paper were worth $1,887,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Bank of New York Mellon Corp boosted its stake in shares of International Paper by 133.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 14,214,754 shares of the basic materials company’s stock worth $613,367,000 after acquiring an additional 8,132,332 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in International Paper by 35.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 21,135,702 shares of the basic materials company’s stock valued at $824,716,000 after purchasing an additional 5,492,035 shares during the period. Massachusetts Financial Services Co. MA purchased a new stake in shares of International Paper in the second quarter valued at approximately $119,012,000. Norges Bank acquired a new position in shares of International Paper during the 4th quarter worth approximately $94,913,000. Finally, Diamond Hill Capital Management Inc. purchased a new position in shares of International Paper during the 2nd quarter valued at approximately $81,187,000. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at International Paper

In other news, Director Kathryn D. Sullivan sold 600 shares of the stock in a transaction dated Friday, June 28th. The shares were sold at an average price of $42.77, for a total transaction of $25,662.00. Following the sale, the director now owns 42,802 shares of the company’s stock, valued at $1,830,641.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Clay R. Ellis sold 9,000 shares of International Paper stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $48.83, for a total value of $439,470.00. Following the completion of the transaction, the senior vice president now directly owns 49,832 shares in the company, valued at $2,433,296.56. 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 Friday, June 28th. The stock was sold at an average price of $42.77, for a total value of $25,662.00. Following the sale, the director now owns 42,802 shares in the company, valued at approximately $1,830,641.54. The disclosure for this sale can be found here. Insiders sold 19,440 shares of company stock worth $927,956 in the last three months. 0.55% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

IP has been the subject of a number of research analyst reports. Stifel Nicolaus started coverage on shares of International Paper in a research report on Tuesday, July 9th. They set a “hold” rating and a $48.70 price objective for the company. Seaport Res Ptn upgraded shares of International Paper from a “hold” rating to a “strong-buy” rating in a research report on Friday, June 28th. Wells Fargo & Company boosted 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 upped 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 raised shares of International Paper from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research report on Wednesday, August 14th. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, International Paper currently has an average rating of “Moderate Buy” and a consensus price target of $50.21.

International Paper Stock Down 2.5 %

Shares of IP opened at $48.71 on Monday. The company’s 50-day moving average price is $47.00 and its 200 day moving average price is $42.78. International Paper has a 12-month low of $31.76 and a 12-month high of $50.68. The company has a current ratio of 1.59, a quick ratio of 1.17 and a debt-to-equity ratio of 0.62. The firm has a market cap of $16.92 billion, a P/E ratio of 99.41 and a beta of 1.04.

International Paper (NYSE:IP) last posted its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.14. The firm had revenue of $4.73 billion during the quarter, compared to analysts’ expectations of $4.78 billion. International Paper had a net margin of 2.34% and a return on equity of 7.28%. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. During the same quarter last year, the company posted $0.59 EPS. On average, sell-side analysts forecast that International Paper will post 1.55 earnings per share for the current year.

International Paper Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Thursday, August 15th were paid a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 3.80%. The ex-dividend date was Thursday, August 15th. International Paper’s payout ratio is 377.55%.

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.