MEMPHIS, Tenn. - International Paper (NYSE:IP), a leading global producer of fiber-based products, announced today that it has set its quarterly dividends for common and preferred stock. The company declared a dividend of $0.4625 per share on its common stock, with a par value of $1.00, for the fourth quarter of 2024. This dividend is payable on December 16, 2024, to stockholders of record as of the close of business on November 15, 2024.
In addition, a quarterly dividend of $1.00 per share was declared on the company's cumulative $4.00 preferred stock for the same period. This will also be paid out on December 16 to shareholders who are on record by November 15.
International Paper is a global leader in the paper and packaging industry and stands as one of the world's largest recyclers. With a workforce of approximately 39,000 people worldwide, the company is committed to innovation and sustainability. It operates manufacturing facilities across North America, Europe, Latin America, and North Africa. In 2023, International Paper reported net sales of $18.9 billion.
The declaration of these dividends follows the company's performance and is part of its commitment to return value to its shareholders. This information is based on a press release statement from International Paper.
In other recent news, International Paper has made substantial progress in its acquisition of DS Smith Plc, a major development in the paper and packaging industry. The company has published a prospectus and plans to list its shares on the London Stock Exchange, a key step in the acquisition process. Simultaneously, DS Smith has outlined the full terms of the acquisition and scheduled a shareholder meeting to vote on the proposal.
In leadership shifts, Andy Silvernail has been appointed as Chairman of the Board, and Tom Hamic has been 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 year-end.
Despite underperformance in its second-quarter earnings, International Paper 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, reflecting confidence in the company's management and strategy. The company's EBITDA target stands at $4 billion, and it plans to treat DS Smith as a separate platform in Europe, projecting industry growth of 1% to 2% this year. These are some of the recent developments shaping International Paper's future.
InvestingPro Insights
International Paper's recent dividend announcement aligns with its long-standing commitment to shareholder returns. According to InvestingPro data, the company boasts an impressive dividend yield of 3.84%, which is particularly attractive in the current market environment. Moreover, an InvestingPro Tip reveals that International Paper has maintained dividend payments for 54 consecutive years, underscoring its reliability as an income-generating stock.
The company's financial health appears robust, with a market capitalization of $16.73 billion and revenues of $18.57 billion over the last twelve months as of Q2 2024. While the revenue growth has seen a slight decline of 8.25% over this period, the quarterly revenue growth of 1.11% in Q2 2024 suggests a potential turnaround.
Another InvestingPro Tip indicates that International Paper's stock has experienced a large price uptick over the last six months, with a total return of 32.52% during this period. This positive momentum is further reflected in the stock trading near its 52-week high, at 94.91% of that peak.
For investors seeking more comprehensive analysis, InvestingPro offers additional tips and insights that could prove valuable in assessing International Paper's future prospects and market position.
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