Geode Capital Management LLC Boosts Stock Position in International Paper Company $IP

Key Points

• Geode Capital Management increased its stake in International Paper by 0.9% in the fourth quarter, bringing its holdings to 13.58 million shares valued at about $532.7 million. Institutional investors overall still own a large majority of the company, at 81.95%.
• International Paper reported Q1 earnings of $0.15 per share, missing analyst estimates, while revenue came in at $5.97 billion, also slightly below expectations. Despite the miss, revenue rose 13.4% year over year.
• The company announced a quarterly dividend of $0.4625 per share, or $1.85 annually, which implies a 5.5% yield. Meanwhile, analysts remain cautiously positive, with a consensus rating of Moderate Buy and a price target of $43.73.

Geode Capital Management LLC boosted its holdings in shares of International Paper Company (NYSE:IP - Free Report) by 0.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,577,185 shares of the basic materials company's stock after acquiring an additional 115,558 shares during the quarter. Geode Capital Management LLC owned 2.57% of International Paper worth $532,744,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. McIlrath & Eck LLC boosted its holdings in International Paper by 452.6% during 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 during the period. Sound Income Strategies LLC boosted its holdings in 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 period. Kelleher Financial Advisors purchased a new position in International Paper during the 3rd quarter valued at $36,000. Laurel Wealth Advisors LLC purchased a new position in International Paper during the 4th quarter valued at $37,000. Finally, Cullen Frost Bankers Inc. boosted its holdings in International Paper by 1,857.9% during the 4th quarter. Cullen Frost Bankers Inc. now owns 1,116 shares of the basic materials company's stock valued at $44,000 after acquiring an additional 1,059 shares during the period. Hedge funds and other institutional investors own 81.95% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. Deutsche Bank Aktiengesellschaft assumed coverage on International Paper in a research report on Wednesday, April 1st. They set a "hold" rating and a $38.00 target price for the company. Truist Financial decreased their target price on International Paper from $48.00 to $44.00 and set a "buy" rating for the company in a research report on Wednesday, April 15th. Citigroup decreased their target price on International Paper from $44.00 to $36.00 and set a "buy" rating for the company in a research report on Friday, May 1st. Wells Fargo & Company raised International Paper from an "equal weight" rating to an "overweight" rating and lifted their target price for the company from $38.00 to $39.00 in a research report on Monday, May 4th. Finally, Seaport Research Partners raised 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. Nine analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $43.73.

International Paper Trading Up 0.5%

Shares of NYSE IP opened at $33.47 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.21 and a debt-to-equity ratio of 0.55. The business has a fifty day simple moving average of $33.91 and a two-hundred day simple moving average of $38.52. The firm has a market cap of $17.73 billion, a PE ratio of -5.26 and a beta of 0.93. International Paper Company has a twelve month low of $29.26 and a twelve month high of $56.13.

International Paper (NYSE:IP - Get Free Report) last issued its earnings results on Thursday, April 30th. The basic materials company reported $0.15 earnings per share for the quarter, missing analysts' consensus estimates of $0.18 by ($0.03). The firm had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $6.02 billion. International Paper had a negative net margin of 13.42% and a negative return on equity of 0.49%. The company's revenue for the quarter was up 13.4% on a year-over-year basis. During the same period last year, the firm earned $0.17 earnings per share. Analysts expect that International Paper Company will post 1.38 earnings per share for the current fiscal year.

International Paper Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Stockholders of record on Friday, May 22nd will be given a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 5.5%. The ex-dividend date of this dividend is Friday, May 22nd. International Paper's payout ratio is presently -29.09%.

Insider Buying and Selling at International Paper

In related news, Director Anders Gustafsson purchased 13,217 shares of International Paper stock in a transaction dated Thursday, March 12th. The stock was purchased at an average cost of $37.83 per share, with a total value of $499,999.11. Following the transaction, the director owned 26,092 shares in the company, valued at approximately $987,060.36. The trade was a 102.66% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Scott Tozier purchased 10,000 shares of International Paper stock in a transaction dated Friday, May 1st. The stock was bought at an average cost of $31.30 per share, with a total value of $313,000.00. Following the completion of the transaction, the director owned 10,025 shares in the company, valued at approximately $313,782.50. This represents a 40,000.00% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last three months, insiders bought 36,092 shares of company stock valued at $1,313,064. Corporate insiders own 0.21% of the company's stock.

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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