Contravisory Investment Management Inc. Invests $821,000 in International Paper (NYSE:IP)

Contravisory Investment Management Inc. purchased a new position in shares of International Paper (NYSE:IP - Free Report) in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 15,388 shares of the basic materials company's stock, valued at approximately $821,000.

Several other institutional investors and hedge funds have also modified their holdings of the business. SPC Financial Inc. lifted its holdings in shares of International Paper by 1.4% in the fourth quarter. SPC Financial Inc. now owns 14,100 shares of the basic materials company's stock worth $759,000 after acquiring an additional 200 shares during the last quarter. Inspire Advisors LLC increased its position in International Paper by 1.7% during the 4th quarter. Inspire Advisors LLC now owns 12,358 shares of the basic materials company's stock worth $665,000 after purchasing an additional 204 shares in the last quarter. Kestra Private Wealth Services LLC lifted its stake in International Paper by 1.4% in the 4th quarter. Kestra Private Wealth Services LLC now owns 15,244 shares of the basic materials company's stock valued at $820,000 after purchasing an additional 212 shares during the last quarter. Picton Mahoney Asset Management boosted its position in International Paper by 67.0% in the fourth quarter. Picton Mahoney Asset Management now owns 536 shares of the basic materials company's stock valued at $29,000 after buying an additional 215 shares in the last quarter. Finally, Summit Financial LLC grew its stake in shares of International Paper by 4.3% during the fourth quarter. Summit Financial LLC now owns 5,437 shares of the basic materials company's stock worth $293,000 after buying an additional 224 shares during the last quarter. 81.95% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the company. Truist Financial set a $59.00 price target on International Paper in a research note on Wednesday, May 28th. JPMorgan Chase & Co. began coverage on shares of International Paper in a research report on Thursday, March 20th. They issued an "overweight" rating and a $59.00 price target on the stock. Royal Bank of Canada reiterated an "outperform" rating and set a $64.00 price objective on shares of International Paper in a research report on Wednesday, March 26th. Wells Fargo & Company restated an "underweight" rating and issued a $40.00 target price (down previously from $45.00) on shares of International Paper in a report on Friday, May 9th. Finally, UBS Group initiated coverage on International Paper in a report on Wednesday. They set a "buy" rating and a $60.00 price target for the company. Three analysts have rated the stock with a sell rating, two have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, International Paper currently has an average rating of "Hold" and a consensus target price of $54.54.

International Paper Stock Down 0.4%

Shares of IP traded down $0.19 during trading hours on Thursday, hitting $47.10. The stock had a trading volume of 4,506,710 shares, compared to its average volume of 7,585,466. The firm has a 50 day simple moving average of $47.56 and a 200-day simple moving average of $52.66. International Paper has a 1-year low of $41.50 and a 1-year high of $60.36. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.49 and a quick ratio of 1.08. The firm has a market capitalization of $24.86 billion, a P/E ratio of 30.00, a price-to-earnings-growth ratio of 0.39 and a beta of 1.04.

International Paper (NYSE:IP - Get Free Report) last issued its quarterly earnings data 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 company had revenue of $5.90 billion for the quarter, compared to the consensus estimate of $6.38 billion. International Paper had a return on equity of 4.75% and a net margin of 2.99%. The business'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. Sell-side analysts predict that International Paper will post 2.77 EPS for the current fiscal year.

International Paper Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 23rd will be given a dividend of $0.4625 per share. The ex-dividend date is Friday, May 23rd. This represents a $1.85 annualized dividend and a dividend yield of 3.93%. International Paper's dividend payout ratio is currently 158.12%.

Insider Activity

In other news, CAO Holly G. Goughnour sold 7,500 shares of the 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 transaction, the chief accounting officer now directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.55% of the stock is currently owned by corporate insiders.

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.