5 Best Cheap Dividend Stocks to Buy Now

3. International Paper Company (NYSE:IP)

Share Price as of September 29: $32.71

Another best dividend stock under $35 on our list is International Paper Company (NYSE:IP), which produces fiber-based packaging and pulp. In Q2 2022, the company posted revenue of $5.4 billion, which showed a 13% growth from the same period last year. Its operating cash flow stood at $390 million while its free cash flow for the quarter was $204 million. During the quarter, the company paid $170 million in dividends, which were covered within its FCF.

International Paper Company (NYSE:IP) currently pays a quarterly dividend of $0.4625 per share, with a dividend yield of 5.86%, as of September 29.

In September, Truist carried out broader research on the Packaging and Paper sector and showed concerns regarding the challenging market environment. The firm, however, sees potential for better box shipments in Q4.

At the end of Q2 2022, 27 hedge funds in Insider Monkey’s database owned stakes in International Paper Company (NYSE:IP), the same as in the previous quarter. These stakes have a total value of over $465.3 million. With roughly 5 million shares, Greenhaven Associates was the company’s leading stakeholder in Q2.