Wharton Business Group Lowers stake in International Paper Co (IP)

International Paper Co (IP) : Wharton Business Group reduced its stake in International Paper Co by 1.02% during the most recent quarter end. The investment management company now holds a total of 280,270 shares of International Paper Co which is valued at $11.8 Million after selling 2,900 shares in International Paper Co , the firm said in a disclosure report filed with the SEC on May 12, 2016.International Paper Co makes up approximately 1.33% of Wharton Business Group’s portfolio.

Other Hedge Funds, Including , Korea Investment Corp boosted its stake in IP in the latest quarter, The investment management firm added 125,900 additional shares and now holds a total of 159,500 shares of International Paper Co which is valued at $6.7 Million. International Paper Co makes up approx 0.05% of Korea Investment Corp’s portfolio.Norges Bank boosted its stake in IP in the latest quarter, The investment management firm added 201,244 additional shares and now holds a total of 3,699,964 shares of International Paper Co which is valued at $155.3 Million. International Paper Co makes up approx 0.08% of Norges Bank’s portfolio. Papp L Roy Associates added IP to its portfolio by purchasing 5,137 company shares during the most recent quarter which is valued at $215,600. International Paper Co makes up approx 0.05% of Papp L Roy Associates’s portfolio.Cubic Asset Management boosted its stake in IP in the latest quarter, The investment management firm added 145 additional shares and now holds a total of 82,550 shares of International Paper Co which is valued at $3.6 Million. International Paper Co makes up approx 1.18% of Cubic Asset Management’s portfolio.

International Paper Co opened for trading at $40.5 and hit $40.63 on the upside on Friday, eventually ending the session at $40.43, with a gain of 0.42% or 0.17 points. The heightened volatility saw the trading volume jump to 26,20,165 shares. Company has a market cap of $16,624 M.

On the company’s financial health, International Paper Co reported $0.80 EPS for the quarter, beating the analyst consensus estimate by $ 0.11 according to the earnings call on Apr 27, 2016. Analyst had a consensus of $0.69. The company had revenue of $5110.00 million for the quarter, compared to analysts expectations of $5201.31 million. The company’s revenue was down -7.4 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $0.84 EPS.

Investors should note that on May 10, 2016, International Paper Co announced a cash dividend of $0.4400. The company’s management has announced May 25, 2016 as the ex-dividend date and fixed the record date on May 27, 2016. The payable date has been fixed on Jun 15, 2016.

Many Wall Street Analysts have commented on International Paper Co. International Paper Co was Downgraded by Jefferies to ” Hold” on May 3, 2016. Company shares were Reiterated by Barclays on May 2, 2016 to “Equal Weight”, Firm has raised the Price Target to $ 44 from a previous price target of $38 .International Paper Co was Downgraded by Credit Suisse to ” Neutral” on Apr 28, 2016.

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 operates in three segments: Industrial Packaging Printing Papers and Consumer Packaging. Industrial Packaging segment’s products include linerboard medium whitetop recycled linerboard recycled medium and saturating kraft. Printing Papers segment products include uncoated papers which engage in the business of producing papers for use in copiers desktop and laser printers and pulp which manufactures printing writing and specialty papers tissue products and filtration products. Consumer Packaging’s coated paperboard business produces coated paperboard for packaging and commercial printing end uses. Its foodservice business produces cups lids food containers and plates. Its brands include Hammermill Springhill Accent Ballet Rey Pol Everest Fortress and Carolina.

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