Wellington Shields Capital Management LLC Takes $374,000 Position in International Paper Co (NYSE:IP)

Wellington Shields Capital Management LLC purchased a new stake in shares of International Paper Co (NYSE:IP) during the third quarter, Holdings Channel.com reports. The fund purchased 8,950 shares of the basic materials company’s stock, valued at approximately $374,000.

A number of other institutional investors and hedge funds also recently modified their holdings of IP. DDD Partners LLC bought a new position in International Paper in the 2nd quarter worth about $9,150,000. Cerebellum GP LLC bought a new position in International Paper in the 3rd quarter worth about $121,000. OLD National Bancorp IN increased its stake in International Paper by 0.7% in the 2nd quarter. OLD National Bancorp IN now owns 307,801 shares of the basic materials company’s stock worth $13,333,000 after acquiring an additional 2,209 shares during the last quarter. Janus Henderson Group PLC increased its stake in International Paper by 21.7% in the 2nd quarter. Janus Henderson Group PLC now owns 181,662 shares of the basic materials company’s stock worth $7,872,000 after acquiring an additional 32,333 shares during the last quarter. Finally, Inlet Private Wealth LLC increased its stake in International Paper by 23.5% in the 2nd quarter. Inlet Private Wealth LLC now owns 6,300 shares of the basic materials company’s stock worth $269,000 after acquiring an additional 1,200 shares during the last quarter. 81.85% of the stock is currently owned by institutional investors and hedge funds.

Shares of International Paper stock traded up $0.27 during trading on Tuesday, hitting $46.22. 2,418,044 shares of the stock traded hands, compared to its average volume of 3,093,994. The company has a quick ratio of 1.03, a current ratio of 1.49 and a debt-to-equity ratio of 1.37. The stock has a market cap of $18.12 billion, a price-to-earnings ratio of 8.69 and a beta of 1.53. The firm’s fifty day moving average is $42.24 and its 200-day moving average is $42.47. International Paper Co has a 52 week low of $36.45 and a 52 week high of $48.24.

International Paper (NYSE:IP) last announced its quarterly earnings data on Thursday, October 31st. The basic materials company reported $1.09 EPS for the quarter, beating the consensus estimate of $0.99 by $0.10. The firm had revenue of $5.57 billion for the quarter, compared to analyst estimates of $5.63 billion. International Paper had a return on equity of 26.97% and a net margin of 6.03%. The company’s revenue was down 5.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.56 EPS. On average, analysts forecast that International Paper Co will post 4.38 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 15th will be given a dividend of $0.5125 per share. The ex-dividend date of this dividend is Thursday, November 14th. This is a positive change from International Paper’s previous quarterly dividend of $0.50. This represents a $2.05 annualized dividend and a dividend yield of 4.44%. International Paper’s dividend payout ratio is 37.59%.

A number of equities analysts have weighed in on the company. ValuEngine upgraded International Paper from a “hold” rating to a “buy” rating in a research note on Friday, November 1st. KeyCorp restated a “sell” rating and issued a $38.00 target price on shares of International Paper in a research note on Thursday, October 31st. Zacks Investment Research upgraded International Paper from a “sell” rating to a “hold” rating and set a $47.00 target price on the stock in a research note on Tuesday, November 5th. Wells Fargo & Co decreased their target price on International Paper from $43.00 to $42.00 and set a “market perform” rating on the stock in a research note on Tuesday, October 8th. Finally, Royal Bank of Canada set a $43.00 target price on International Paper and gave the stock a “hold” rating in a research note on Friday, November 1st. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $44.22.

In other news, SVP Timothy S. Nicholls sold 45,000 shares of the stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $42.44, for a total transaction of $1,909,800.00. Following the transaction, the senior vice president now directly owns 60,490 shares in the company, valued at approximately $2,567,195.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.33% of the stock is currently owned by corporate insiders.

About International Paper

International Paper Co engages in the manufacture of paper and packaging products. It operates through the following segments: Industrial Packaging, Global Cellulose Fibers, and Printing Papers. The Industrial Packaging segment involves in the manufacturing of containerboards, which include linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft.

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

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