Bank of Nova Scotia Trims Position in International Paper Company (NYSE:IP)

Bank of Nova Scotia lowered its position in International Paper Company (NYSE:IP - Free Report) by 37.3% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 28,707 shares of the basic materials company's stock after selling 17,045 shares during the quarter. Bank of Nova Scotia's holdings in International Paper were worth $1,532,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Aster Capital Management DIFC Ltd purchased a new stake in International Paper in the fourth quarter valued at $60,000. Cerity Partners LLC raised its holdings in International Paper by 8.2% in the 4th quarter. Cerity Partners LLC now owns 41,175 shares of the basic materials company's stock valued at $2,139,000 after buying an additional 3,125 shares during the period. Renaissance Technologies LLC raised its holdings in International Paper by 98.8% in the 4th quarter. Renaissance Technologies LLC now owns 910,700 shares of the basic materials company's stock valued at $49,014,000 after buying an additional 452,500 shares during the period. Raymond James Financial Inc. acquired a new position in International Paper in the fourth quarter valued at about $21,307,000. Finally, DRW Securities LLC purchased a new position in International Paper during the fourth quarter worth about $201,000. 81.95% of the stock is currently owned by institutional investors and hedge funds.

International Paper Price Performance

International Paper stock opened at $48.15 on Friday. The company has a quick ratio of 0.96, a current ratio of 1.33 and a debt-to-equity ratio of 0.52. International Paper Company has a 52-week low of $43.27 and a 52-week high of $60.36. The firm has a market cap of $25.42 billion, a PE ratio of -481.50, a price-to-earnings-growth ratio of 0.54 and a beta of 1.04. The company's 50 day moving average is $49.11 and its two-hundred day moving average is $50.55.

International Paper (NYSE:IP - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The basic materials company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.18). The company had revenue of $6.77 billion during the quarter, compared to analyst estimates of $6.64 billion. International Paper had a negative net margin of 0.12% and a positive return on equity of 2.63%. The firm's revenue was up 42.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.55 earnings per share. On average, research analysts expect that International Paper Company will post 2.77 EPS for the current fiscal year.

International Paper Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Friday, August 15th will be given a dividend of $0.4625 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.8%. International Paper's payout ratio is currently -1,850.00%.

Analyst Ratings Changes

A number of brokerages have weighed in on IP. Wells Fargo & Company reiterated an "underweight" rating and set a $43.00 price target (up from $40.00) on shares of International Paper in a research report on Thursday, July 10th. Wall Street Zen upgraded shares of International Paper from a "sell" rating to a "hold" rating in a report on Friday, June 27th. Truist Financial set a $59.00 target price on International Paper in a research report on Wednesday, May 28th. UBS Group started coverage on International Paper in a research report on Wednesday, June 4th. They set a "buy" rating and a $60.00 price target for the company. Finally, JPMorgan Chase & Co. cut International Paper from an "overweight" rating to a "neutral" rating and dropped their price objective for the company from $55.00 to $54.00 in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, International Paper presently has an average rating of "Hold" and an average price target of $55.03.

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.

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