Kovitz Investment Group Partners LLC Increases Stake in International Paper Company $IP

Key Points

• Kovitz Investment Group Partners LLC significantly increased its stake in International Paper Company by 232.3%, acquiring 82,706 additional shares, leading to a total of 118,315 shares valued at approximately $6.31 million.
• International Paper's quarterly earnings report showed $0.20 earnings per share, missing the consensus estimate by $0.18, despite revenue increasing 42.9% year-over-year.
• The company declared a quarterly dividend of $0.4625 per share, reflecting an annualized yield of 4.0%, with the ex-dividend date set for August 15th.

Kovitz Investment Group Partners LLC increased its holdings in shares of International Paper Company (NYSE:IP - Free Report) by 232.3% in the first quarter, according to its most recent filing with the SEC. The fund owned 118,315 shares of the basic materials company's stock after acquiring an additional 82,706 shares during the period. Kovitz Investment Group Partners LLC's holdings in International Paper were worth $6,312,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Zions Bancorporation National Association UT bought a new stake in shares of International Paper during the first quarter worth $34,000. Bernard Wealth Management Corp. purchased a new position in International Paper in the 4th quarter worth about $37,000. Citizens National Bank Trust Department purchased a new position in International Paper in the 1st quarter worth about $37,000. Transce3nd LLC bought a new stake in International Paper during the 4th quarter valued at about $38,000. Finally, Grove Bank & Trust lifted its stake in International Paper by 472.0% in the first quarter. Grove Bank & Trust now owns 755 shares of the basic materials company's stock worth $40,000 after acquiring an additional 623 shares during the period. 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 issued reports on the stock. Wall Street Zen raised shares of International Paper from a "sell" rating to a "hold" rating in a report on Friday, June 27th. UBS Group began coverage on shares of International Paper in a report on Wednesday, June 4th. They issued a "buy" rating and a $60.00 price target on the stock. Wells Fargo & Company reaffirmed an "underweight" rating and issued a $43.00 price objective (up previously from $40.00) on shares of International Paper in a research report on Thursday, July 10th. Zacks Research cut shares of International Paper from a "hold" rating to a "strong sell" rating in a research report on Monday. Finally, Truist Financial set a $59.00 target price on shares of International Paper in a research note on Wednesday, May 28th. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $55.46.

International Paper Stock Performance

NYSE IP traded up $0.91 during trading hours on Thursday, reaching $47.92. The stock had a trading volume of 3,482,729 shares, compared to its average volume of 6,467,066. International Paper Company has a 52-week low of $43.27 and a 52-week high of $60.36. The stock has a fifty day moving average of $49.13 and a 200 day moving average of $49.88. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.96 and a current ratio of 1.33. The stock has a market cap of $25.30 billion, a P/E ratio of -479.20, a price-to-earnings-growth ratio of 0.61 and a beta of 1.04.

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

International Paper Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Friday, August 15th will be issued a $0.4625 dividend. This represents a $1.85 annualized dividend and a yield of 3.9%. The ex-dividend date of this dividend is Friday, August 15th. International Paper's dividend payout ratio is presently -1,850.00%.

About International Paper

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.