Freestone Grove Partners LP Acquires New Position in International Paper Company $IP

Key Points

• Freestone Grove Partners acquired 941,069 shares of International Paper worth approximately $35.9 million, representing a 0.18% stake. Institutional investors collectively own 81.95% of the company.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $48.75, despite mixed ratings ranging from “buy” to “sell.”
• International Paper reported quarterly EPS of $0.04, beating estimates, but revenue fell 11.3% year over year to $6 billion. The company also declared a quarterly dividend of $0.4625 per share, implying a 4.5% annualized yield.

Freestone Grove Partners LP bought a new position in shares of International Paper Company (NYSE:IP - Free Report) during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor bought 941,069 shares of the basic materials company's stock, valued at approximately $35,855,000. Freestone Grove Partners LP owned 0.18% of International Paper as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. McIlrath & Eck LLC boosted its holdings in International Paper by 452.6% in the fourth quarter. McIlrath & Eck LLC now owns 641 shares of the basic materials company's stock valued at $25,000 after purchasing an additional 525 shares during the period. MV Capital Management Inc. purchased a new stake in International Paper during the 4th quarter worth about $25,000. Aberdeen Wealth Management LLC purchased a new stake in International Paper during the 2nd quarter worth about $27,000. DV Equities LLC acquired a new stake in International Paper in the 4th quarter valued at about $29,000. Finally, Ascentis Independent Advisors acquired a new stake in International Paper in the 1st quarter valued at about $28,000. Hedge funds and other institutional investors own 81.95% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on IP shares. Bank of America downgraded International Paper from a "buy" rating to a "neutral" rating and set a $41.00 price objective for the company. in a research report on Tuesday, July 14th. Truist Financial reaffirmed a "buy" rating and issued a $49.00 target price (up from $46.00) on shares of International Paper in a report on Friday, July 31st. Citigroup lifted their price target on shares of International Paper from $43.00 to $48.00 and gave the stock a "buy" rating in a research note on Friday, July 31st. UBS Group increased their price objective on shares of International Paper from $40.00 to $47.00 and gave the company a "neutral" rating in a research report on Friday, July 31st. Finally, Wall Street Zen lowered shares of International Paper from a "hold" rating to a "sell" rating in a report on Tuesday. Nine research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $48.75.

Insider Transactions at International Paper

In related news, VP William Thomas Hamic sold 24,500 shares of the company's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $41.20, for a total value of $1,009,400.00. Following the completion of the sale, the vice president directly owned 106,952 shares of the company's stock, valued at $4,406,422.40. This represents a 18.64% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Holly G. Goughnour sold 3,500 shares of the firm's stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $41.96, for a total value of $146,860.00. Following the transaction, the chief accounting officer owned 34,248 shares in the company, valued at $1,437,046.08. This represents a 9.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is currently owned by insiders.

International Paper Trading Up 0.8%

NYSE:IP opened at $41.31 on Thursday. International Paper Company has a 1 year low of $29.26 and a 1 year high of $50.25. The stock has a market cap of $21.88 billion, a P/E ratio of -6.34 and a beta of 0.94. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.10. The stock has a 50-day simple moving average of $39.51 and a 200-day simple moving average of $37.85.

International Paper (NYSE:IP - Get Free Report) last issued its earnings results on Thursday, July 30th. The basic materials company reported $0.04 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.08. International Paper had a negative return on equity of 1.09% and a negative net margin of 14.20%.The business had revenue of $6 billion for the quarter, compared to analyst estimates of $6.19 billion. During the same quarter last year, the company earned $0.20 EPS. The business's quarterly revenue was down 11.3% on a year-over-year basis. As a group, analysts anticipate that International Paper Company will post 1.34 earnings per share for the current fiscal year.

International Paper Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, August 14th will be issued a dividend of $0.4625 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.85 annualized dividend and a dividend yield of 4.5%. International Paper's dividend payout ratio (DPR) is presently -28.37%.

International Paper 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.

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