Pictet Asset Management Holding SA Sells 318,956 Shares of International Paper (NYSE:IP)

Pictet Asset Management Holding SA trimmed its holdings in shares of International Paper (NYSE:IP) by 19.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,282,690 shares of the basic materials company’s stock after selling 318,956 shares during the quarter. Pictet Asset Management Holding SA owned 0.37% of International Paper worth $69,034,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in IP. Norges Bank bought a new position in International Paper during the 4th quarter worth approximately $109,201,000. NEOS Investment Management LLC increased its position in shares of International Paper by 31.5% during the fourth quarter. NEOS Investment Management LLC now owns 20,785 shares of the basic materials company’s stock worth $1,119,000 after buying an additional 4,978 shares during the period. UniSuper Management Pty Ltd lifted its holdings in International Paper by 13.6% in the fourth quarter. UniSuper Management Pty Ltd now owns 43,547 shares of the basic materials company’s stock valued at $2,344,000 after buying an additional 5,207 shares during the period. Elo Mutual Pension Insurance Co boosted its position in International Paper by 14.0% during the fourth quarter. Elo Mutual Pension Insurance Co now owns 33,403 shares of the basic materials company’s stock valued at $1,798,000 after acquiring an additional 4,093 shares during the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in International Paper by 11.6% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 564,045 shares of the basic materials company’s stock worth $29,810,000 after acquiring an additional 58,591 shares during the period. 81.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently commented on IP. Citigroup assumed coverage on International Paper in a research report on Wednesday, March 5th. They set a “buy” rating and a $60.00 target price on the stock. JPMorgan Chase & Co. started coverage on International Paper in a report on Thursday, March 20th. They set an “overweight” rating and a $59.00 price target on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $64.00 price objective on shares of International Paper in a research note on Wednesday. Truist Financial reiterated a “buy” rating and set a $64.00 target price (down previously from $65.00) on shares of International Paper in a research report on Friday, January 31st. Finally, Bank of America assumed coverage on shares of International Paper in a report on Thursday, February 13th. They issued a “neutral” rating for the company. One research analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, International Paper has an average rating of “Moderate Buy” and a consensus price target of $55.32.

International Paper Stock Performance

Shares of IP stock opened at $53.23 on Friday. The company has a current ratio of 1.49, a quick ratio of 1.08 and a debt-to-equity ratio of 0.66. The firm has a fifty day simple moving average of $54.86 and a two-hundred day simple moving average of $53.71. International Paper has a 12 month low of $33.16 and a 12 month high of $60.36. The firm has a market capitalization of $28.01 billion, a PE ratio of 33.90, a price-to-earnings-growth ratio of 0.39 and a beta of 1.02.

International Paper (NYSE:IP) last posted its earnings results on Thursday, January 30th. The basic materials company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.05). International Paper had a return on equity of 4.75% and a net margin of 2.99%. Analysts forecast that International Paper will post 2.77 EPS for the current fiscal year.

International Paper Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, February 24th were paid a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 3.48%. The ex-dividend date was Monday, February 24th. International Paper’s dividend payout ratio (DPR) is presently 117.83%.

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.