QRG Capital Management Inc. Sells 24,550 Shares of International Paper Company $IP

Key Points

• QRG Capital Management Inc. reduced its stake in International Paper Company by 11% during the second quarter, now owning 199,314 shares after selling 24,550 shares.
• International Paper reported disappointing earnings, with an EPS of $0.20, missing the consensus estimate of $0.38, although revenue of $6.77 billion was above expectations.
• The company recently announced a quarterly dividend of $0.4625, translating to an annualized yield of 3.9%, despite a payout ratio of -1,850.00%.

QRG Capital Management Inc. lessened its position in International Paper Company (NYSE:IP - Free Report) by 11.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 199,314 shares of the basic materials company's stock after selling 24,550 shares during the period. QRG Capital Management Inc.'s holdings in International Paper were worth $9,334,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in International Paper by 52.0% in the 1st quarter. Vanguard Group Inc. now owns 62,623,540 shares of the basic materials company's stock worth $3,340,966,000 after acquiring an additional 21,428,455 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in International Paper by 8.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 51,798,017 shares of the basic materials company's stock worth $2,763,426,000 after acquiring an additional 4,201,422 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in International Paper by 19.4% in the 1st quarter. Bank of New York Mellon Corp now owns 17,145,485 shares of the basic materials company's stock worth $914,712,000 after acquiring an additional 2,782,042 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in International Paper by 21.4% in the 1st quarter. JPMorgan Chase & Co. now owns 9,019,743 shares of the basic materials company's stock worth $481,203,000 after acquiring an additional 1,590,137 shares during the last quarter. Finally, Invesco Ltd. grew its holdings in International Paper by 1.1% in the 1st quarter. Invesco Ltd. now owns 8,040,128 shares of the basic materials company's stock worth $428,941,000 after acquiring an additional 85,732 shares during the last quarter. Institutional investors own 81.95% of the company's stock.

International Paper Stock Up 1.3%

Shares of International Paper stock opened at $47.25 on Friday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.96 and a current ratio of 1.33. The stock has a market capitalization of $24.95 billion, a PE ratio of -472.50, a price-to-earnings-growth ratio of 0.53 and a beta of 1.10. International Paper Company has a 52-week low of $43.27 and a 52-week high of $60.36. The company has a 50-day simple moving average of $47.69 and a two-hundred day simple moving average of $48.35.

International Paper (NYSE:IP - Get Free Report) last issued its earnings results on Thursday, July 31st. The basic materials company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.18). The firm had revenue of $6.77 billion during the quarter, compared to analysts' expectations of $6.64 billion. International Paper had a positive return on equity of 2.63% and a negative net margin of 0.12%.The firm's quarterly revenue was up 42.9% on a year-over-year basis. During the same period last year, the firm posted $0.55 earnings per share. On average, analysts anticipate that International Paper Company will post 2.77 EPS for the current fiscal year.

International Paper Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Friday, August 15th were issued a $0.4625 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.85 annualized dividend and a yield of 3.9%. International Paper's payout ratio is -1,850.00%.

Insider Transactions at International Paper

In other International Paper news, SVP Joseph R. Saab sold 9,000 shares of International Paper stock in a transaction dated Tuesday, September 16th. The shares were sold at an average price of $45.53, for a total value of $409,770.00. Following the completion of the transaction, the senior vice president directly owned 27,673 shares of the company's stock, valued at approximately $1,259,951.69. The trade was a 24.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.35% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on IP shares. JPMorgan Chase & Co. lowered shares of International Paper from an "overweight" rating to a "neutral" rating and cut their target price for the company from $55.00 to $54.00 in a research note on Tuesday, August 5th. Wells Fargo & Company reaffirmed an "underweight" rating and set a $43.00 target price (up previously from $40.00) on shares of International Paper in a research note on Thursday, July 10th. Wall Street Zen raised shares of International Paper from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. Bank of America raised shares of International Paper from a "neutral" rating to a "buy" rating and lifted their target price for the company from $55.00 to $57.00 in a research note on Thursday, August 28th. Finally, Zacks Research lowered shares of International Paper from a "hold" rating to a "strong sell" rating in a research note on Monday, August 18th. Six research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the company's stock. According to data from MarketBeat, International Paper currently has a consensus rating of "Hold" and an average price target of $56.02.

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.

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