DNB Asset Management AS Purchases 152,907 Shares of International Paper Company $IP

Key Points

• DNB Asset Management AS increased its International Paper stake by 144.2% in the fourth quarter, buying 152,907 shares and bringing its total holdings to 258,920 shares worth about $10.2 million.
• International Paper reported mixed quarterly results, with EPS of $0.15 missing estimates of $0.18 and revenue of $5.97 billion slightly below expectations, though revenue rose 13.4% year over year.
• The company announced a quarterly dividend of $0.4625 per share, equal to an annualized yield of 6.1%, while analysts currently rate the stock a consensus Moderate Buy with a $43.73 price target.

DNB Asset Management AS boosted its holdings in shares of International Paper Company (NYSE:IP - Free Report) by 144.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 258,920 shares of the basic materials company's stock after buying an additional 152,907 shares during the period. DNB Asset Management AS's holdings in International Paper were worth $10,199,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. McIlrath & Eck LLC raised its holdings in shares of International Paper by 452.6% in the 4th quarter. McIlrath & Eck LLC now owns 641 shares of the basic materials company's stock valued at $25,000 after acquiring an additional 525 shares in the last quarter. Sound Income Strategies LLC boosted its position in shares of International Paper by 94.0% during the 4th quarter. Sound Income Strategies LLC now owns 710 shares of the basic materials company's stock valued at $31,000 after acquiring an additional 344 shares during the last quarter. Kelleher Financial Advisors purchased a new position in shares of International Paper during the third quarter worth about $36,000. Laurel Wealth Advisors LLC bought a new position in shares of International Paper in the fourth quarter worth approximately $37,000. Finally, Atlantic Union Bankshares Corp bought a new position in shares of International Paper in the third quarter worth approximately $49,000. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

International Paper Trading Down 0.2%

Shares of IP opened at $30.21 on Monday. International Paper Company has a fifty-two week low of $29.45 and a fifty-two week high of $56.13. The firm has a market cap of $16.00 billion, a price-to-earnings ratio of -4.75 and a beta of 0.93. The firm has a 50 day moving average price of $35.20 and a 200-day moving average price of $39.06. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.94 and a current ratio of 1.21.

International Paper (NYSE:IP - Get Free Report) last issued its earnings results on Thursday, April 30th. The basic materials company reported $0.15 EPS for the quarter, missing analysts' consensus estimates of $0.18 by ($0.03). The business had revenue of $5.97 billion during the quarter, compared to analysts' expectations of $6.02 billion. International Paper had a negative return on equity of 0.49% and a negative net margin of 13.42%.International Paper's revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.17 EPS. As a group, equities research analysts forecast that International Paper Company will post 1.43 earnings per share for the current year.

International Paper Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 22nd will be issued a $0.4625 dividend. The ex-dividend date is Friday, May 22nd. This represents a $1.85 annualized dividend and a dividend yield of 6.1%. International Paper's payout ratio is currently -29.09%.

Analyst Ratings Changes

Several brokerages have issued reports on IP. Royal Bank Of Canada dropped their target price on shares of International Paper from $48.00 to $45.00 and set an "outperform" rating for the company in a research report on Friday, May 1st. Weiss Ratings cut shares of International Paper from a "sell (d+)" rating to a "sell (d)" rating in a research report on Monday, April 27th. Truist Financial dropped their price objective on shares of International Paper from $48.00 to $44.00 and set a "buy" rating for the company in a report on Wednesday, April 15th. Seaport Research Partners upgraded shares of International Paper from a "neutral" rating to a "buy" rating and set a $39.00 target price for the company in a research report on Friday, May 1st. Finally, Jefferies Financial Group increased their target price on International Paper from $47.00 to $48.00 and gave the company a "buy" rating in a research note on Thursday, January 22nd. Nine research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $43.73.

Insider Transactions at International Paper

In related news, Director Scott Tozier bought 10,000 shares of the stock in a transaction dated Friday, May 1st. The stock was bought at an average price of $31.30 per share, with a total value of $313,000.00. Following the purchase, the director owned 10,025 shares in the company, valued at approximately $313,782.50. The trade was a 40,000.00% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Anders Gustafsson purchased 13,217 shares of the firm's stock in a transaction on Thursday, March 12th. The stock was bought at an average cost of $37.83 per share, for a total transaction of $499,999.11. Following the completion of the purchase, the director directly owned 26,092 shares in the company, valued at approximately $987,060.36. This trade represents a 102.66% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders bought 36,092 shares of company stock valued at $1,313,064. 0.21% of the stock is currently owned by corporate insiders.

International Paper Company Profile

International Paper is a global producer of renewable fiber-based products, focused primarily on pulp, paper, and packaging. The company manufactures containerboard and corrugated packaging used for shipping and retail display, as well as a range of specialty papers and pulp products that serve industrial, consumer goods, and e-commerce customers. Its product portfolio is oriented toward large-scale packaging solutions, tissue and paper grades, and raw pulp for a variety of manufacturing uses.

Founded in 1898, International Paper is headquartered in Memphis, Tennessee, and is one of the largest and longest-established companies in the forest products sector.

Want to see what other hedge funds are holding IP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for International Paper Company (NYSE:IP - Free Report).

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.