Envestnet Portfolio Solutions Inc. cut its stake in shares of International Paper Company (NYSE:IP - Free Report) by 40.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,608 shares of the basic materials company's stock after selling 7,946 shares during the period. Envestnet Portfolio Solutions Inc.'s holdings in International Paper were worth $619,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD grew its stake in International Paper by 0.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,596,595 shares of the basic materials company's stock worth $2,561,651,000 after purchasing an additional 368,648 shares in the last quarter. Vanguard Group Inc. grew its stake in International Paper by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 41,195,085 shares of the basic materials company's stock worth $2,217,119,000 after purchasing an additional 340,383 shares in the last quarter. Capital Research Global Investors grew its stake in International Paper by 68.8% in the fourth quarter. Capital Research Global Investors now owns 29,904,546 shares of the basic materials company's stock worth $1,609,462,000 after purchasing an additional 12,191,361 shares in the last quarter. FMR LLC grew its stake in International Paper by 48.9% in the fourth quarter. FMR LLC now owns 26,559,812 shares of the basic materials company's stock worth $1,429,449,000 after purchasing an additional 8,720,575 shares in the last quarter. Finally, Geode Capital Management LLC grew its stake in International Paper by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 8,393,217 shares of the basic materials company's stock worth $450,586,000 after purchasing an additional 24,816 shares in the last quarter. 81.95% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several research analysts recently issued reports on the company. UBS Group assumed coverage on International Paper in a research note on Wednesday, June 4th. They issued a "buy" rating and a $60.00 price objective on the stock. Truist Financial set a $59.00 price objective on International Paper in a research note on Wednesday, May 28th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $64.00 target price on shares of International Paper in a research report on Wednesday, March 26th. Wall Street Zen cut International Paper from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Finally, Wells Fargo & Company reaffirmed an "underweight" rating and set a $40.00 target price (down previously from $45.00) on shares of International Paper in a research report on Friday, May 9th. Three analysts have rated the stock with a sell rating, two have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $54.54.
Read Our Latest Research Report on IP
International Paper Stock Performance
Shares of IP opened at $46.61 on Friday. International Paper Company has a 12 month low of $41.50 and a 12 month high of $60.36. The stock has a fifty day moving average price of $47.03 and a 200-day moving average price of $51.38. The company has a current ratio of 1.33, a quick ratio of 0.96 and a debt-to-equity ratio of 0.51. The firm has a market cap of $24.61 billion, a PE ratio of 39.84, a P/E/G ratio of 0.42 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 the consensus estimate of $0.35 by ($0.12). International Paper had a net margin of 1.99% and a return on equity of 4.05%. The business had revenue of $5.90 billion for the quarter, compared to analysts' expectations of $6.38 billion. During the same quarter in the prior year, the company posted $0.17 EPS. The business's revenue for the quarter was up 27.8% on a year-over-year basis. Equities research analysts predict that International Paper Company will post 2.77 earnings per share for the current fiscal year.
International Paper Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 23rd were issued a dividend of $0.4625 per share. The ex-dividend date was Friday, May 23rd. This represents a $1.85 annualized dividend and a dividend yield of 3.97%. International Paper's dividend payout ratio is presently 158.12%.
Insider Buying and Selling
In related news, CAO Holly G. Goughnour sold 7,500 shares of the firm'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 completion of the transaction, the chief accounting officer now owns 31,525 shares in the company, valued at $1,413,896.25. This trade represents a 19.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.35% of the stock is currently owned by company insiders.
About International Paper
(
Free Report)
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.
Further Reading
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).
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