International Paper (NYSE:IP) Stake Lowered by Ascent Group LLC

by · The Cerbat Gem

Ascent Group LLC reduced its stake in shares of International Paper (NYSE:IP – Free Report) by 2.0% during the 3rd quarter, HoldingsChannel reports. The fund owned 51,783 shares of the basic materials company’s stock after selling 1,039 shares during the period. Ascent Group LLC’s holdings in International Paper were worth $2,530,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of IP. First Horizon Advisors Inc. boosted its holdings in International Paper by 5.7% in the third quarter. First Horizon Advisors Inc. now owns 3,282 shares of the basic materials company’s stock worth $160,000 after purchasing an additional 177 shares in the last quarter. Empirical Finance LLC boosted its holdings in International Paper by 1.9% in the third quarter. Empirical Finance LLC now owns 12,270 shares of the basic materials company’s stock worth $599,000 after purchasing an additional 224 shares in the last quarter. Massmutual Trust Co. FSB ADV boosted its holdings in International Paper by 20.7% in the third quarter. Massmutual Trust Co. FSB ADV now owns 1,396 shares of the basic materials company’s stock worth $68,000 after purchasing an additional 239 shares in the last quarter. Retirement Systems of Alabama boosted its holdings in International Paper by 0.3% in the second quarter. Retirement Systems of Alabama now owns 76,616 shares of the basic materials company’s stock worth $3,306,000 after purchasing an additional 246 shares in the last quarter. Finally, Altrius Capital Management Inc boosted its holdings in International Paper by 0.3% in the second quarter. Altrius Capital Management Inc now owns 112,487 shares of the basic materials company’s stock worth $4,854,000 after purchasing an additional 296 shares in the last quarter. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, SVP Joseph R. Saab sold 2,440 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $47.30, for a total value of $115,412.00. Following the completion of the transaction, the senior vice president now owns 18,668 shares of the company’s stock, valued at $882,996.40. This represents a 11.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kathryn D. Sullivan sold 600 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $49.48, for a total transaction of $29,688.00. Following the completion of the transaction, the director now directly owns 39,802 shares of the company’s stock, valued at $1,969,402.96. This trade represents a 1.49 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 11,040 shares of company stock valued at $540,104. Insiders own 0.55% of the company’s stock.

International Paper Stock Down 0.6 %

Shares of IP opened at $58.46 on Tuesday. The company has a 50-day simple moving average of $52.59 and a 200-day simple moving average of $48.21. The firm has a market capitalization of $20.31 billion, a P/E ratio of 49.96 and a beta of 1.02. 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 has a 52 week low of $32.70 and a 52 week high of $60.36.

International Paper (NYSE:IP – Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The basic materials company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.24 by $0.20. The business had revenue of $4.69 billion during the quarter, compared to analyst estimates of $4.70 billion. International Paper had a net margin of 2.25% and a return on equity of 6.49%. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.64 earnings per share. On average, equities research analysts expect that International Paper will post 1.22 earnings per share for the current year.

International Paper Announces Dividend

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

Wall Street Analysts Forecast Growth

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

Get Our Latest Analysis on IP

International Paper Profile

(Free Report)

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.

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