Today The International Paper Company (IP) Stake Cut by Columbia Asset Management

Today The International Paper Company (IP) Stake Cut by Columbia Asset Management

Columbia Asset Management cut its stake in International Paper Company (NYSE:IP) by 26.6% during the third quarter, according to its most recent disclosure with the SEC. The firm owned 13,010 shares of the company’s stock after selling 4,710 shares during the period. Columbia Asset Management’s holdings in International Paper Company were worth $624,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Financial Architects Inc boosted its position in International Paper Company by 346.6% in the third quarter. Financial Architects Inc now owns 2,577 shares of the company’s stock valued at $124,000 after buying an additional 2,000 shares during the period. NEXT Financial Group Inc boosted its position in International Paper Company by 109.0% in the third quarter. NEXT Financial Group Inc now owns 2,690 shares of the company’s stock valued at $129,000 after buying an additional 1,403 shares during the period. SevenBridge Financial Group LLC purchased a new position in International Paper Company during the second quarter valued at approximately $141,000. Johnson Financial Group Inc. boosted its position in International Paper Company by 2,458.9% in the second quarter. Johnson Financial Group Inc. now owns 4,606 shares of the company’s stock valued at $195,000 after buying an additional 4,426 shares during the period. Finally, Patten & Patten Inc. TN purchased a new position in International Paper Company during the third quarter valued at approximately $202,000. Hedge funds and other institutional investors own 81.37% of the company’s stock.

International Paper Company (NYSE:IP) traded up 3.086% on Wednesday, reaching $57.625. 666,045 shares of the company’s stock traded hands. The stock’s 50 day moving average is $53.62 and its 200 day moving average is $48.55. The firm has a market cap of $23.70 billion, a price-to-earnings ratio of 27.758 and a beta of 1.56. International Paper Company has a 52-week low of $32.53 and a 52-week high of $57.70.

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 15th. Shareholders of record on Wednesday, February 15th will be given a $0.4625 dividend. This represents a $1.85 annualized dividend and a yield of 3.31%. The ex-dividend date of this dividend is Monday, February 13th. International Paper Company’s payout ratio is presently 88.52%.

A number of brokerages have recently weighed in on IP. Jefferies Group LLC raised shares of International Paper Company from a “hold” rating to a “buy” rating and upped their price target for the stock from $55.00 to $65.00 in a research note on Friday, January 20th. Zacks Investment Research raised shares of International Paper Company from a “hold” rating to a “buy” rating and set a $61.00 price target for the company in a research note on Thursday, January 12th. TheStreet raised shares of International Paper Company to a “buy” rating in a research note on Thursday, December 1st. BMO Capital Markets raised shares of International Paper Company from a “market perform” rating to an “outperform” rating and set a $62.00 price target for the company in a research note on Wednesday. Finally, Vetr raised shares of International Paper Company from a “buy” rating to a “strong-buy” rating and set a $51.66 price target for the company in a research note on Monday, October 17th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. International Paper Company has an average rating of “Hold” and a consensus price target of $50.33.

In other news, CFO Carol L. Roberts sold 8,113 shares of International Paper Company stock in a transaction that occurred on Friday, December 9th. The shares were sold at an average price of $53.59, for a total transaction of $434,775.67. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Tommy S. Joseph sold 11,700 shares of International Paper Company stock in a transaction that occurred on Wednesday, November 30th. The stock was sold at an average price of $48.88, for a total transaction of $571,896.00. The disclosure for this sale can be found here. Insiders sold a total of 34,684 shares of company stock valued at $1,800,424 in the last 90 days. Corporate insiders own 0.64% of the company’s stock.

International Paper Company Company Profile

International Paper Company (International Paper) 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 operates in three segments: Industrial Packaging, Printing Papers and Consumer Packaging.

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