Kathryn Sullivan, a director at International Paper Co (NYSE:IP), recently sold 600 shares of the company's common stock. The sale, which took place on October 15, was executed at a price of $48.08 per share, amounting to a total transaction value of $28,848. This transaction was carried out automatically under a Rule 10b5-1 trading plan that Sullivan adopted on November 14, 2023.
Following the sale, Sullivan holds 38,945 shares of International Paper, a figure that includes previously credited dividend equivalents acquired through the company's Long-Term Incentive Plan.
In other recent news, International Paper, a global producer of fiber-based products, has announced several significant developments. The company declared a quarterly dividend of $0.4625 per share on its common stock and a $1.00 per share dividend on its preferred stock for the fourth quarter of 2024. In addition, International Paper has made substantial progress in its acquisition of DS Smith Plc, with plans to list its shares on the London Stock Exchange.
The company has also seen several leadership changes, with Andy Silvernail appointed as Chairman of the Board, and Tom Hamic named as the Executive Vice President and President of North American Packaging (NYSE:PKG) Solutions. However, Senior Vice President Tom Plath is set to leave the company by the end of the year. Despite underperformance in its second-quarter earnings, the company is shifting towards customer-driven strategies and cost optimization. RBC Capital Markets has raised the stock's price target from $52.00 to $56.00, maintaining an Outperform rating. These are just some of the recent developments shaping International Paper's future.
InvestingPro Insights
While Kathryn Sullivan's recent stock sale might raise eyebrows, it's important to consider the broader context of International Paper's financial health and market position. According to InvestingPro data, the company boasts a market capitalization of $16.68 billion and a P/E ratio of 37.92, suggesting a relatively high valuation compared to earnings.
Interestingly, one of the InvestingPro Tips indicates that International Paper has maintained dividend payments for 54 consecutive years, showcasing a strong commitment to shareholder returns. This long-standing dividend history aligns with the company's current attractive dividend yield of 3.88%, as reported by InvestingPro.
Another relevant InvestingPro Tip reveals that the stock has experienced a large price uptick over the last six months. This is corroborated by the impressive 35.78% price total return over the same period, according to InvestingPro data. Such positive momentum might explain why the stock is currently trading near its 52-week high, with the price at 94.77% of its peak.
For investors seeking a more comprehensive analysis, InvestingPro offers additional tips and insights. In fact, there are 8 more tips available for International Paper on the InvestingPro platform, providing a deeper understanding of the company's financial position and market outlook.
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