International Paper (NYSE:IP) Shares Sold by Ascent Group LLC

Ascent Group LLC cut its stake in International Paper (NYSE:IP) by 2.0% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 51,783 shares of the basic materials company’s stock after selling 1,039 shares during the quarter. Ascent Group LLC’s holdings in International Paper were worth $2,530,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. FMR LLC raised its position in International Paper by 88.4% in the third quarter. FMR LLC now owns 17,839,237 shares of the basic materials company’s stock valued at $871,447,000 after purchasing an additional 8,370,273 shares during the period. Bank of New York Mellon Corp raised its position in International Paper by 133.7% in the second quarter. Bank of New York Mellon Corp now owns 14,214,754 shares of the basic materials company’s stock valued at $613,367,000 after purchasing an additional 8,132,332 shares during the period. Diamond Hill Capital Management Inc. raised its position in International Paper by 125.1% in the third quarter. Diamond Hill Capital Management Inc. now owns 4,235,846 shares of the basic materials company’s stock valued at $206,921,000 after purchasing an additional 2,354,341 shares during the period. Charles Schwab Investment Management Inc. raised its position in International Paper by 0.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,579,679 shares of the basic materials company’s stock valued at $174,867,000 after purchasing an additional 9,774 shares during the period. Finally, Massachusetts Financial Services Co. MA increased its position in shares of International Paper by 19.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,295,926 shares of the basic materials company’s stock worth $161,006,000 after acquiring an additional 537,825 shares during the last quarter. 81.95% of the stock is owned by hedge funds and other institutional investors.

International Paper Stock Down 0.6 %

NYSE:IP opened at $58.46 on Tuesday. The company has a market capitalization of $20.31 billion, a price-to-earnings ratio of 49.96 and a beta of 1.02. International Paper has a one year low of $32.70 and a one year high of $60.36. The stock has a 50-day simple moving average of $52.59 and a 200 day simple moving average of $48.21. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.11 and a current ratio of 1.53.

International Paper (NYSE:IP) last posted its quarterly earnings results on Thursday, October 31st. The basic materials company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.20. The business had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $4.70 billion. International Paper had a return on equity of 6.49% and a net margin of 2.25%. The company’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period last year, the firm earned $0.64 earnings per share. Sell-side analysts predict that International Paper will post 1.22 EPS for the current fiscal year.

International Paper Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 15th will be issued a dividend of $0.4625 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.85 annualized dividend and a yield of 3.16%. International Paper’s payout ratio is 158.12%.

Insider Buying and Selling

In other International Paper news, SVP Joseph R. Saab sold 2,440 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $47.30, for a total transaction of $115,412.00. Following the sale, the senior vice president now directly owns 18,668 shares of the company’s stock, valued at $882,996.40. The trade was a 11.56 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Holly G. Goughnour sold 5,000 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $47.22, for a total transaction of $236,100.00. Following the sale, the vice president now directly owns 16,788 shares in the company, valued at approximately $792,729.36. This trade represents a 22.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 11,040 shares of company stock valued at $540,104 over the last quarter. Corporate insiders own 0.55% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on the company. Truist Financial reaffirmed a “buy” rating and set a $61.00 target price (up from $57.00) on shares of International Paper in a research report on Friday, November 1st. Argus raised International Paper from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a research report on Wednesday, August 14th. Royal Bank of Canada lifted their target price on International Paper from $56.00 to $64.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, BNP Paribas lowered International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 target price on the stock. in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, International Paper has a consensus rating of “Moderate Buy” and a consensus target price of $51.54.

International Paper Company Profile

International Paper Company produces and sells renewable fiber-based packaging and pulp products in North America, Latin America, Europe, and North Africa. It operates through two segments, Industrial Packaging and Global Cellulose Fibers. The company offers linerboard, medium, whitetop, recycled linerboard, recycled medium and saturating kraft; and pulp for a range of applications, such as diapers, towel and tissue products, feminine care, incontinence, and other personal care products, as well as specialty pulps for use in textiles, construction materials, paints, coatings, and others.