Sound Shore Management Inc. CT Purchase 477,084 Shares of International Paper Co (IP)

Sound Shore Management Inc. CT Purchase 477,084 Shares of International Paper Co (IP)

Sound Shore Management Inc. CT increased its stake in International Paper Co (NYSE:IP) by 16.5% during the first quarter, according to its most recent disclosure with the SEC. The firm owned 3,370,525 shares of the basic materials company’s stock after buying an additional 477,084 shares during the period. International Paper comprises about 2.8% of Sound Shore Management Inc. CT’s portfolio, making the stock its 17th largest position. Sound Shore Management Inc. CT’s holdings in International Paper were worth $171,155,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Cantab Capital Partners LLP boosted its position in International Paper by 1,015.7% in the fourth quarter. Cantab Capital Partners LLP now owns 2,633 shares of the basic materials company’s stock valued at $140,000 after buying an additional 2,397 shares during the last quarter. Parallel Advisors LLC bought a new position in International Paper during the fourth quarter valued at approximately $145,000. Hefty Wealth Partners boosted its position in International Paper by 4,425.7% in the first quarter. Hefty Wealth Partners now owns 3,168 shares of the basic materials company’s stock valued at $160,000 after buying an additional 3,098 shares during the last quarter. Old Mutual Global Investors UK Ltd. bought a new position in International Paper during the first quarter valued at approximately $172,000. Finally, Duncker Streett & Co. Inc. boosted its position in International Paper by 9.0% in the first quarter. Duncker Streett & Co. Inc. now owns 3,630 shares of the basic materials company’s stock valued at $184,000 after buying an additional 300 shares during the last quarter. 82.62% of the stock is owned by hedge funds and other institutional investors.

International Paper Co (NYSE:IP) traded down 0.75% on Wednesday, hitting $52.88. The stock had a trading volume of 3,189,544 shares. The company’s 50-day moving average is $52.46 and its 200-day moving average is $52.32. The stock has a market cap of $21.83 billion, a P/E ratio of 28.26 and a beta of 1.58. International Paper Co has a one year low of $39.24 and a one year high of $58.86.

International Paper (NYSE:IP) last announced its earnings results on Thursday, April 27th. The basic materials company reported $0.60 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.04. The company had revenue of $5.51 billion during the quarter, compared to the consensus estimate of $5.44 billion. International Paper had a return on equity of 32.96% and a net margin of 4.29%. The company’s revenue was up 7.8% on a year-over-year basis. During the same period last year, the firm earned $0.80 earnings per share. On average, analysts anticipate that International Paper Co will post $3.63 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Friday, May 26th will be paid a dividend of $0.4625 per share. The ex-dividend date of this dividend is Wednesday, May 24th. This represents a $1.85 annualized dividend and a dividend yield of 3.50%. International Paper’s dividend payout ratio is presently 84.47%.

Several research firms recently commented on IP. Royal Bank of Canada raised International Paper from a “sector perform” rating to an “outperform” rating and boosted their target price for the stock from $50.00 to $56.00 in a research note on Wednesday, April 19th. Bank of America Corp reissued a “neutral” rating and set a $62.00 target price (up from $61.00) on shares of International Paper in a research note on Tuesday, February 21st. BMO Capital Markets raised International Paper from a “market perform” rating to an “outperform” rating in a research note on Tuesday, January 31st. Barclays PLC cut International Paper from an “equal weight” rating to an “underweight” rating and lowered their target price for the stock from $50.00 to $45.00 in a research note on Monday, February 6th. Finally, Jefferies Group LLC reissued a “buy” rating and set a $62.00 target price (down from $65.00) on shares of International Paper in a research note on Friday, February 3rd. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average price target of $55.44.

In related news, insider John V. Sims sold 2,333 shares of International Paper stock in a transaction dated Tuesday, March 7th. The stock was sold at an average price of $52.11, for a total value of $121,572.63. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Carol L. Roberts sold 32,181 shares of International Paper stock in a transaction dated Thursday, March 2nd. The stock was sold at an average price of $53.89, for a total value of $1,734,234.09. The disclosure for this sale can be found here. Insiders have sold 62,925 shares of company stock valued at $3,360,278 over the last 90 days. Insiders own 0.64% of the company’s stock.

International Paper Company Profile

International Paper Company is a paper and packaging company with primary markets and manufacturing operations in North America, Europe, Latin America, Russia, Asia, Africa and the Middle East. The Company’s segments include Industrial Packaging, Global Cellulose Fibers, Printing Papers and Consumer Packaging.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “IP”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

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