Hartford Investment Management Co. Boosts Holdings in International Paper Company (NYSE:IP)

Key Points

• Hartford Investment Management Co. increased its holdings in International Paper Company by 49.2% during Q1, bringing its total investment to approximately $1.72 million with 32,149 shares owned.
• In related news, company insiders, including CAO Holly G. Goughnour, divested a total of 7,500 shares in May, indicating a 19.22% decrease in their position.
• Analysts have set varying price targets for International Paper, with a consensus average price of $55.65, reflecting a mix of buy, hold, and sell ratings from different investment firms.

Hartford Investment Management Co. grew its holdings in International Paper Company (NYSE:IP - Free Report) by 49.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 32,149 shares of the basic materials company's stock after buying an additional 10,604 shares during the period. Hartford Investment Management Co.'s holdings in International Paper were worth $1,715,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Greenleaf Trust raised its position in shares of International Paper by 2.5% in the first quarter. Greenleaf Trust now owns 9,244 shares of the basic materials company's stock valued at $493,000 after buying an additional 224 shares during the last quarter. Sequoia Financial Advisors LLC raised its position in shares of International Paper by 2.6% in the first quarter. Sequoia Financial Advisors LLC now owns 8,994 shares of the basic materials company's stock valued at $480,000 after buying an additional 231 shares during the last quarter. Csenge Advisory Group increased its position in International Paper by 1.5% during the first quarter. Csenge Advisory Group now owns 16,252 shares of the basic materials company's stock worth $867,000 after purchasing an additional 234 shares during the last quarter. Capital Investment Advisors LLC increased its position in International Paper by 6.0% during the first quarter. Capital Investment Advisors LLC now owns 4,176 shares of the basic materials company's stock worth $223,000 after purchasing an additional 235 shares during the last quarter. Finally, Wimmer Associates 1 LLC increased its position in International Paper by 3.8% during the fourth quarter. Wimmer Associates 1 LLC now owns 7,450 shares of the basic materials company's stock worth $401,000 after purchasing an additional 270 shares during the last quarter. 81.95% of the stock is currently owned by institutional investors and hedge funds.

International Paper Trading Down 0.8%

IP stock traded down $0.39 during mid-day trading on Tuesday, hitting $45.67. 293,701 shares of the company were exchanged, compared to its average volume of 6,663,031. The company has a quick ratio of 0.96, a current ratio of 1.33 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $24.11 billion, a P/E ratio of -456.70, a PEG ratio of 0.52 and a beta of 1.04. The business has a fifty day simple moving average of $49.19 and a 200-day simple moving average of $50.67. International Paper Company has a 12-month low of $43.27 and a 12-month high of $60.36.

International Paper (NYSE:IP - Get Free Report) last posted its quarterly earnings data on Thursday, July 31st. The basic materials company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.18). International Paper had a negative net margin of 0.12% and a positive return on equity of 2.63%. The business had revenue of $6.77 billion during the quarter, compared to analysts' expectations of $6.64 billion. During the same period in the previous year, the business posted $0.55 EPS. The company's revenue for the quarter was up 42.9% compared to the same quarter last year. On average, equities research analysts predict that International Paper Company will post 2.77 earnings per share for the current fiscal year.

International Paper Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Friday, August 15th will be paid a $0.4625 dividend. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.85 annualized dividend and a dividend yield of 4.1%. International Paper's dividend payout ratio (DPR) is presently -1,850.00%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Truist Financial set a $59.00 price objective on shares of International Paper in a research report on Wednesday, May 28th. Wall Street Zen upgraded shares of International Paper from a "sell" rating to a "hold" rating in a research report on Friday, June 27th. UBS Group assumed coverage on shares of International Paper in a research report on Wednesday, June 4th. They set a "buy" rating and a $60.00 price objective for the company. Wells Fargo & Company restated an "underweight" rating and set a $43.00 price objective (up from $40.00) on shares of International Paper in a research report on Thursday, July 10th. Finally, JPMorgan Chase & Co. cut shares of International Paper from an "overweight" rating to a "neutral" rating and cut their price objective for the stock from $55.00 to $54.00 in a research report on Tuesday. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat, International Paper presently has a consensus rating of "Hold" and a consensus price target of $55.03.

International Paper Company Profile

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.