PNC Financial Services Group Inc. Acquires 21,730 Shares of International Paper Company (IP)

PNC Financial Services Group Inc. increased its holdings in International Paper Company (NYSE:IP) by 2.0% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,116,315 shares of the basic materials company’s stock after buying an additional 21,730 shares during the period. PNC Financial Services Group Inc. owned about 0.27% of International Paper worth $63,193,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in IP. LS Investment Advisors LLC boosted its position in shares of International Paper by 2.6% in the 1st quarter. LS Investment Advisors LLC now owns 19,007 shares of the basic materials company’s stock worth $965,000 after buying an additional 488 shares in the last quarter. Swiss National Bank boosted its position in shares of International Paper by 27.2% in the 1st quarter. Swiss National Bank now owns 1,384,218 shares of the basic materials company’s stock worth $70,291,000 after buying an additional 296,200 shares in the last quarter. World Asset Management Inc boosted its position in shares of International Paper by 9.7% in the 1st quarter. World Asset Management Inc now owns 44,206 shares of the basic materials company’s stock worth $2,245,000 after buying an additional 3,901 shares in the last quarter. UBS Asset Management Americas Inc. boosted its position in shares of International Paper by 3.9% in the 1st quarter. UBS Asset Management Americas Inc. now owns 1,108,548 shares of the basic materials company’s stock worth $56,292,000 after buying an additional 41,897 shares in the last quarter. Finally, British Columbia Investment Management Corp boosted its position in shares of International Paper by 32.3% in the 1st quarter. British Columbia Investment Management Corp now owns 321,033 shares of the basic materials company’s stock worth $16,302,000 after buying an additional 78,412 shares in the last quarter. Institutional investors and hedge funds own 83.04% of the company’s stock.

A number of research firms have issued reports on IP. Goldman Sachs Group, Inc. (The) upgraded shares of International Paper from a “neutral” rating to a “buy” rating and upped their target price for the company from $60.00 to $64.00 in a report on Thursday, July 13th. BidaskClub upgraded shares of International Paper from a “hold” rating to a “buy” rating in a report on Friday, June 16th. Vertical Research restated a “buy” rating on shares of International Paper in a report on Friday, July 28th. Zacks Investment Research upgraded shares of International Paper from a “hold” rating to a “buy” rating and set a $64.00 target price on the stock in a report on Tuesday, July 11th. Finally, Barclays PLC restated a “sell” rating and issued a $50.00 target price on shares of International Paper in a report on Wednesday, August 2nd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $60.07.

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In other International Paper news, insider Gregory T. Wanta sold 1,044 shares of the firm’s stock in a transaction dated Tuesday, August 1st. The stock was sold at an average price of $55.22, for a total transaction of $57,649.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.63% of the company’s stock.

Shares of International Paper Company (NYSE IP) traded down 0.05% on Friday, hitting $56.23. 2,198,981 shares of the stock traded hands. The stock has a market cap of $23.22 billion, a price-to-earnings ratio of 28.56 and a beta of 1.46. International Paper Company has a one year low of $43.55 and a one year high of $58.95. The company’s 50 day moving average is $54.34 and its 200 day moving average is $53.78.

International Paper (NYSE:IP) last announced its quarterly earnings data on Thursday, July 27th. The basic materials company reported $0.65 EPS for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.01. International Paper had a return on equity of 27.09% and a net margin of 3.73%. The firm had revenue of $5.77 billion during the quarter, compared to analyst estimates of $5.72 billion. During the same period last year, the company posted $0.92 EPS. The business’s quarterly revenue was up 8.5% compared to the same quarter last year. On average, equities analysts forecast that International Paper Company will post $3.46 EPS for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Tuesday, August 15th were given a dividend of $0.4625 per share. The ex-dividend date was Friday, August 11th. This represents a $1.85 dividend on an annualized basis and a yield of 3.29%. International Paper’s payout ratio is presently 93.91%.

About International Paper

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.

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Institutional Ownership by Quarter for International Paper (NYSE:IP)

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