International Paper (NYSE:IP) Given New $62.00 Price Target at JPMorgan Chase & Co.

Key Points

• JPMorgan raised International Paper’s price target to $62 from $61 and maintained an “overweight” rating, implying 73.47% upside from the reported $35.74 share price.
• Analyst sentiment is broadly positive: 10 analysts rate the stock a Buy, three rate it Hold, and one rates it Sell, producing a “Moderate Buy” consensus and average target of $49.21.
• International Paper beat quarterly EPS expectations with $0.04 versus an estimated loss of $0.04, but revenue fell 11.3% year over year to $6 billion and the company reported a negative net margin.

International Paper (NYSE:IP - Get Free Report) had its target price upped by investment analysts at JPMorgan Chase & Co. from $61.00 to $62.00 in a note issued to investors on Wednesday, Benzinga reports. The firm presently has an "overweight" rating on the basic materials company's stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 73.47% from the stock's current price.

Several other equities research analysts have also weighed in on IP. Citigroup lifted their price objective on International Paper from $43.00 to $48.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Weiss Ratings upgraded shares of International Paper from a "sell (d)" rating to a "sell (d+)" rating in a research note on Friday, August 21st. UBS Group boosted their price target on shares of International Paper from $40.00 to $47.00 and gave the company a "neutral" rating in a research report on Friday, July 31st. Loop Capital set a $61.00 price target on shares of International Paper in a research note on Tuesday, July 28th. Finally, Bank of America raised shares of International Paper from a "neutral" rating to a "buy" rating and set a $46.00 price objective for the company in a report on Friday, September 11th. Ten research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $49.21.

International Paper Trading Up 1.2%

Shares of IP stock opened at $35.74 on Wednesday. The company has a 50 day moving average of $38.84 and a 200-day moving average of $36.50. The company has a quick ratio of 0.84, a current ratio of 1.10 and a debt-to-equity ratio of 0.57. International Paper has a 12-month low of $29.26 and a 12-month high of $50.25. The firm has a market cap of $18.93 billion, a P/E ratio of -5.48, a PEG ratio of 4.44 and a beta of 0.93.

International Paper (NYSE:IP - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.08. International Paper had a negative return on equity of 1.09% and a negative net margin of 14.20%.The business had revenue of $6 billion for the quarter, compared to the consensus estimate of $6.19 billion. During the same quarter in the prior year, the business earned $0.20 earnings per share. International Paper's revenue for the quarter was down 11.3% on a year-over-year basis. Sell-side analysts anticipate that International Paper will post 1.33 earnings per share for the current year.

Insider Buying and Selling

In other news, VP William Hamic sold 24,500 shares of the business's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $41.20, for a total transaction of $1,009,400.00. Following the completion of the transaction, the vice president directly owned 106,952 shares in the company, valued at $4,406,422.40. The trade was a 18.64% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Holly G. Goughnour sold 3,500 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $41.96, for a total value of $146,860.00. Following the completion of the sale, the chief accounting officer owned 34,248 shares in the company, valued at $1,437,046.08. This trade represents a 9.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.21% of the company's stock.

Institutional Trading of International Paper

Several institutional investors and hedge funds have recently modified their holdings of IP. Capital International Investors increased its position in shares of International Paper by 29.4% in the fourth quarter. Capital International Investors now owns 63,413,335 shares of the basic materials company's stock worth $2,498,013,000 after purchasing an additional 14,422,616 shares during the last quarter. Capital Research Global Investors grew its stake in International Paper by 0.4% in the 4th quarter. Capital Research Global Investors now owns 54,535,444 shares of the basic materials company's stock worth $2,148,154,000 after buying an additional 204,654 shares in the last quarter. BlackRock Inc. purchased a new position in International Paper in the 2nd quarter worth approximately $1,940,896,000. State Street Corp increased its holdings in shares of International Paper by 7.1% in the 2nd quarter. State Street Corp now owns 32,999,909 shares of the basic materials company's stock worth $1,257,297,000 after buying an additional 2,189,597 shares during the last quarter. Finally, Bank of New York Mellon Corp purchased a new stake in shares of International Paper during the 2nd quarter valued at $689,498,000. Hedge funds and other institutional investors own 81.95% of the company's stock.

About International Paper

International Paper Company NYSE: IP is a global producer of sustainable packaging and paper-based products. The company manufactures containerboard, corrugated packaging, and other fiber-based packaging solutions used to transport and protect goods across a range of industries. Its offerings also include absorbent pulp and cellulose fibers used in products such as diapers, hygiene items, and other consumer and industrial applications.

Founded in 1898, International Paper has grown through the development and operation of paper mills, packaging facilities, and related manufacturing assets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.