International Paper (NYSE:IP) Reaches New 52-Week High Following Strong Earnings

International Paper (NYSE:IP)’s share price reached a new 52-week high during trading on Thursday following a better than expected earnings announcement. The company traded as high as $54.49 and last traded at $54.23, with a volume of 945926 shares. The stock had previously closed at $49.03.

The basic materials company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.20. The firm had revenue of $4.69 billion during the quarter, compared to analysts’ expectations of $4.70 billion. International Paper had a return on equity of 7.28% and a net margin of 2.34%. The firm’s revenue was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.64 earnings per share.

International Paper Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 15th will be paid a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 3.33%. The ex-dividend date of this dividend is Friday, November 15th. International Paper’s payout ratio is 151.64%.

Analyst Ratings Changes

Several research firms recently weighed in on IP. Stifel Nicolaus began coverage on International Paper in a research note on Tuesday, July 9th. They set a “hold” rating and a $48.70 target price for the company. Truist Financial boosted their price objective on International Paper from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Argus upgraded International Paper from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a research note on Wednesday, August 14th. Wells Fargo & Company boosted their price objective on International Paper from $43.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, July 25th. Finally, Royal Bank of Canada boosted their price objective on International Paper from $52.00 to $56.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $50.46.

Insider Buying and Selling

In related news, Director Kathryn D. Sullivan sold 600 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $46.10, for a total transaction of $27,660.00. Following the transaction, the director now owns 41,002 shares of the company’s stock, valued at $1,890,192.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other International Paper news, VP Holly G. Goughnour sold 5,000 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $47.22, for a total value of $236,100.00. Following the sale, the vice president now owns 16,788 shares of the company’s stock, valued at approximately $792,729.36. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kathryn D. Sullivan sold 600 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $46.10, for a total value of $27,660.00. Following the completion of the sale, the director now directly owns 41,002 shares in the company, valued at $1,890,192.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,840 shares of company stock valued at $906,386 over the last quarter. Company insiders own 0.55% of the company’s stock.

Institutional Trading of International Paper

Several large investors have recently bought and sold shares of IP. Norden Group LLC acquired a new stake in International Paper in the first quarter valued at $292,000. Mission Wealth Management LP lifted its position in shares of International Paper by 7.0% in the first quarter. Mission Wealth Management LP now owns 22,818 shares of the basic materials company’s stock valued at $890,000 after acquiring an additional 1,501 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in shares of International Paper by 20.0% in the first quarter. Janney Montgomery Scott LLC now owns 105,061 shares of the basic materials company’s stock valued at $4,100,000 after acquiring an additional 17,516 shares in the last quarter. Greenwood Capital Associates LLC purchased a new stake in shares of International Paper in the first quarter valued at $1,107,000. Finally, Tokio Marine Asset Management Co. Ltd. lifted its position in shares of International Paper by 3.9% in the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 19,880 shares of the basic materials company’s stock valued at $776,000 after acquiring an additional 749 shares in the last quarter. Institutional investors and hedge funds own 81.95% of the company’s stock.

International Paper Price Performance

The company has a debt-to-equity ratio of 0.62, a current ratio of 1.59 and a quick ratio of 1.17. The company has a 50-day moving average price of $48.20 and a 200-day moving average price of $44.72. The firm has a market capitalization of $19.32 billion, a PE ratio of 45.59 and a beta of 1.04.

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.