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MEMPHIS, Tenn. - International Paper (NYSE: IP), a leading global producer of fiber-based products, today announced the issuance of quarterly dividends for its common and preferred stock for the third quarter of 2024.
Shareholders of International Paper's common stock are set to receive a dividend of $0.4625 per share, while holders of the cumulative $4.00 preferred stock will receive $1.00 per share. Both dividends are for the period starting July 1, 2024, and ending September 30, 2024. The payment date for these dividends is scheduled for September 16, 2024, with the record date on August 15, 2024.
International Paper, headquartered in Memphis, Tennessee, operates as a global leader in the packaging, pulp, and recycling industries. With a workforce of approximately 39,000 employees worldwide, the company focuses on sustainable product development. International Paper's reach extends across various continents, with manufacturing operations in North America, Europe, Latin America, and Africa.
In the previous year, the company reported net sales of $18.9 billion, reflecting its significant presence in the global market. This dividend declaration underscores International Paper's ongoing commitment to providing returns to its shareholders.
The information regarding the dividend declaration is based on a press release statement issued by International Paper.
In other recent news, International Paper has been the focus of several significant developments. Financial services firm Stifel initiated coverage on the company with a Hold rating, anticipating a share price of $48.70 if a potential merger with SMDS is successful.
Moreover, Seaport Global Securities upgraded International Paper from Neutral to Buy, citing factors such as improved profitability and potential for margin improvement. Truist Securities and Jefferies also upgraded their ratings on International Paper, raising their price targets to $52.00 and $57.00 respectively, reflecting confidence in the company's future prospects.
Wells Fargo increased its price target for International Paper to $41 from $37, maintaining an Equal Weight rating. This adjustment comes amidst potential interest from Suzano, a firm listed on Brazil's B3 S.A. exchange.
International Paper also announced the addition of Jamie A. Beggs and Scott A. Tozier to its Board of Directors, a move expected to bring financial acumen and strategic insight to the company's Board. These recent developments come amidst a strategic shift by the company's new CEO, which analysts believe could enhance shareholder value.
InvestingPro Insights
As International Paper (NYSE: IP) continues to reward its shareholders with consistent dividends, the latest metrics from InvestingPro shed light on the company's financial health and market performance. With a market cap of $14.76 billion and a dividend yield of 4.29%, International Paper stands out as a company dedicated to shareholder returns, especially considering its track record of maintaining dividend payments for 54 consecutive years, an InvestingPro Tip that underscores its reliability for income-focused investors.
Despite recent challenges in revenue growth, with a -11.6% change over the last twelve months as of Q1 2024, the company's commitment to dividends is supported by a solid gross profit margin of 27.57% in the same period. Furthermore, the price to earnings (P/E) ratio has adjusted to a more modest 25.35 from a high of 85.69, suggesting a potential normalization in valuation that could interest value investors.
For those looking to delve deeper into International Paper's prospects, there are additional InvestingPro Tips available, including expectations for net income growth this year. With these insights and more, prospective and current investors can make informed decisions. To access these exclusive tips and real-time data, visit https://www.investing.com/pro/IP. Don't forget to use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, unlocking even more valuable investment information.
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