Comerica Bank Cuts Position in International Paper (NYSE:IP)

Comerica Bank trimmed its holdings in International Paper (NYSE:IP - Free Report) by 5.6% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 117,315 shares of the basic materials company's stock after selling 6,919 shares during the period. Comerica Bank's holdings in International Paper were worth $6,314,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in IP. Sierra Ocean LLC acquired a new stake in International Paper in the 4th quarter valued at about $26,000. Centricity Wealth Management LLC acquired a new position in International Paper during the fourth quarter worth about $26,000. Picton Mahoney Asset Management raised its stake in International Paper by 67.0% during the 4th quarter. Picton Mahoney Asset Management now owns 536 shares of the basic materials company's stock valued at $29,000 after purchasing an additional 215 shares during the period. Versant Capital Management Inc grew its position in International Paper by 313.3% in the fourth quarter. Versant Capital Management Inc now owns 591 shares of the basic materials company's stock worth $32,000 after acquiring an additional 448 shares in the last quarter. Finally, Venturi Wealth Management LLC lifted its holdings in shares of International Paper by 90.2% during the fourth quarter. Venturi Wealth Management LLC now owns 622 shares of the basic materials company's stock worth $33,000 after buying an additional 295 shares during the last quarter. 81.95% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CAO Holly G. Goughnour sold 7,500 shares of the business's stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $44.85, for a total transaction of $336,375.00. Following the completion of the sale, the chief accounting officer now directly owns 31,525 shares in the company, valued at approximately $1,413,896.25. The trade was a 19.22 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.35% of the company's stock.

International Paper Stock Performance

Shares of NYSE:IP traded down $0.62 during trading on Wednesday, reaching $43.83. The stock had a trading volume of 4,343,671 shares, compared to its average volume of 8,260,124. The firm has a market capitalization of $23.14 billion, a price-to-earnings ratio of 27.92, a P/E/G ratio of 0.39 and a beta of 1.03. The company has a quick ratio of 1.08, a current ratio of 1.49 and a debt-to-equity ratio of 0.66. The stock has a fifty day simple moving average of $49.27 and a two-hundred day simple moving average of $53.41. International Paper has a 52 week low of $38.10 and a 52 week high of $60.36.

International Paper (NYSE:IP - Get Free Report) last issued its quarterly earnings data on Wednesday, April 30th. The basic materials company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.12). International Paper had a return on equity of 4.75% and a net margin of 2.99%. The company had revenue of $5.90 billion for the quarter, compared to the consensus estimate of $6.38 billion. During the same period in the prior year, the company earned $0.17 EPS. The firm's revenue was up 27.8% on a year-over-year basis. As a group, analysts anticipate that International Paper will post 2.77 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. StockNews.com cut International Paper from a "hold" rating to a "sell" rating in a research note on Monday. JPMorgan Chase & Co. assumed coverage on International Paper in a research note on Thursday, March 20th. They set an "overweight" rating and a $59.00 price target for the company. Truist Financial cut their price target on shares of International Paper from $64.00 to $59.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Royal Bank of Canada reaffirmed an "outperform" rating and set a $64.00 target price on shares of International Paper in a report on Wednesday, March 26th. Finally, Bank of America started coverage on International Paper in a research report on Thursday, February 13th. They set a "neutral" rating for the company. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $54.77.

About International Paper

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.