Cresset Asset Management LLC Sells 47,152 Shares of International Paper (NYSE:IP)

Cresset Asset Management LLC decreased its position in International Paper (NYSE:IP - Free Report) by 75.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 15,019 shares of the basic materials company's stock after selling 47,152 shares during the period. Cresset Asset Management LLC's holdings in International Paper were worth $808,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in IP. Sierra Ocean LLC purchased a new stake in shares of International Paper in the fourth quarter worth $26,000. Centricity Wealth Management LLC bought a new position in shares of International Paper during the fourth quarter valued at about $26,000. Picton Mahoney Asset Management increased its stake in International Paper by 67.0% in the 4th quarter. Picton Mahoney Asset Management now owns 536 shares of the basic materials company's stock worth $29,000 after purchasing an additional 215 shares during the period. Venturi Wealth Management LLC raised its holdings in International Paper by 90.2% during the 4th quarter. Venturi Wealth Management LLC now owns 622 shares of the basic materials company's stock valued at $33,000 after buying an additional 295 shares during the last quarter. Finally, City State Bank boosted its holdings in shares of International Paper by 107.7% during the fourth quarter. City State Bank now owns 675 shares of the basic materials company's stock worth $36,000 after purchasing an additional 350 shares during the period. 81.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

IP has been the subject of several research analyst reports. StockNews.com cut International Paper from a "hold" rating to a "sell" rating in a report on Monday, May 5th. Royal Bank of Canada reiterated an "outperform" rating and issued a $64.00 price target on shares of International Paper in a research note on Wednesday, March 26th. JPMorgan Chase & Co. began coverage on International Paper in a research note on Thursday, March 20th. They issued an "overweight" rating and a $59.00 price target for the company. Truist Financial cut their target price on shares of International Paper from $64.00 to $59.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Finally, Bank of America began coverage on shares of International Paper in a research report on Thursday, February 13th. They set a "neutral" rating for the company. Three research analysts have rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $54.21.

Insider Transactions at International Paper

In other International Paper news, CAO Holly G. Goughnour sold 7,500 shares of the company's stock in a transaction on Monday, May 5th. The stock was sold at an average price of $44.85, for a total value of $336,375.00. Following the transaction, the chief accounting officer now owns 31,525 shares of the company's stock, valued at $1,413,896.25. This represents a 19.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.35% of the company's stock.

International Paper Stock Performance

NYSE:IP opened at $47.84 on Tuesday. The firm has a market capitalization of $25.25 billion, a PE ratio of 30.47, a PEG ratio of 0.39 and a beta of 1.03. The stock's fifty day moving average is $48.83 and its 200 day moving average is $53.44. International Paper has a fifty-two week low of $38.54 and a fifty-two week high of $60.36. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.08 and a current ratio of 1.49.

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

International Paper 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.

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