Big Insider Sale at International Paper Company (IP): Thomas Kadien Dumps 35% of His Stake

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International Paper Company (NYSE:IP) insider Thomas Kadien just sold 22,000 shares at a price of $47.79 per share. The total value of this transaction is more than $1 million. Thomas Kadien still owns nearly 40000 shares; this means he dumped more than 35% of his holdings yesterday. This is his first sale transaction in over a year. He is a smart insider though. Three years ago he purchased 1000 shares of Sherwin-Williams Company (NYSE:SHW) at $81.52. The stock trades at $205 today.
International Paper Company (NYSE:IP) returned less than 3% over the past 12 months. It is a safe dividend play (2.9% yield) with a rich valuation. Its PE ratio of 22 is quite high for a low-growth stock. Insiders sold around 300K shares International Paper Company (NYSE:IP) since the beginning of this year. Hedge funds have been losing interest in the stock too. Dan Loeb cut his stake by 25% during the first quarter. Doug Silverman, Larry Foley, and Ian Mukherjee sold their entire stake in International Paper Company (NYSE:IP) during the same period.
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