Royal Bank of Canada Lowers Stock Holdings in International Paper (NYSE:IP)

Royal Bank of Canada reduced its position in International Paper (NYSE:IP - Free Report) by 0.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,611,583 shares of the basic materials company's stock after selling 7,038 shares during the period. Royal Bank of Canada owned about 1.33% of International Paper worth $248,196,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in IP. Rafferty Asset Management LLC boosted its holdings in shares of International Paper by 12.5% during the 4th quarter. Rafferty Asset Management LLC now owns 30,157 shares of the basic materials company's stock valued at $1,623,000 after acquiring an additional 3,344 shares during the last quarter. Raiffeisen Bank International AG bought a new stake in International Paper in the 4th quarter worth approximately $72,000. Point72 Hong Kong Ltd purchased a new stake in International Paper during the 4th quarter valued at $1,153,000. ProShare Advisors LLC grew its holdings in shares of International Paper by 47.5% in the fourth quarter. ProShare Advisors LLC now owns 80,071 shares of the basic materials company's stock worth $4,309,000 after acquiring an additional 25,769 shares during the period. Finally, Quantinno Capital Management LP increased its position in International Paper by 19.3% during the fourth quarter. Quantinno Capital Management LP now owns 82,892 shares of the basic materials company's stock valued at $4,461,000 after acquiring an additional 13,406 shares during the last quarter. 81.95% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CAO Holly G. Goughnour sold 7,500 shares of the business's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $44.85, for a total transaction of $336,375.00. Following the transaction, the chief accounting officer now owns 31,525 shares of the company's stock, valued at approximately $1,413,896.25. The trade was a 19.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.35% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on IP. Bank of America assumed coverage on shares of International Paper in a research note on Thursday, February 13th. They issued a "neutral" rating on the stock. StockNews.com downgraded shares of International Paper from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Truist Financial lowered their target price on International Paper from $64.00 to $59.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Wells Fargo & Company reissued an "underweight" rating and set a $40.00 price target (down previously from $45.00) on shares of International Paper in a report on Friday, May 9th. Finally, Citigroup initiated coverage on International Paper in a research note on Wednesday, March 5th. They issued a "buy" rating and a $60.00 price objective on the stock. Three analysts have rated the stock with a sell rating, two have given a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $54.21.

International Paper Price Performance

IP stock traded down $1.34 during mid-day trading on Wednesday, hitting $48.67. The company had a trading volume of 4,803,184 shares, compared to its average volume of 7,958,595. The company has a market capitalization of $25.69 billion, a price-to-earnings ratio of 31.00, a P/E/G ratio of 0.39 and a beta of 1.03. The company has a 50-day moving average price of $48.71 and a 200 day moving average price of $53.36. The company has a quick ratio of 1.08, a current ratio of 1.49 and a debt-to-equity ratio of 0.66. International Paper has a 12-month low of $41.00 and a 12-month high of $60.36.

International Paper (NYSE:IP - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The basic materials company reported $0.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.35 by ($0.12). International Paper had a return on equity of 4.75% and a net margin of 2.99%. The firm had revenue of $5.90 billion during the quarter, compared to the consensus estimate of $6.38 billion. During the same period in the previous year, the firm earned $0.17 EPS. The business's revenue was up 27.8% compared to the same quarter last year. On average, research analysts anticipate that International Paper will post 2.77 earnings per share for the current year.

International Paper Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 13th. Investors of record on Friday, May 23rd will be given a $0.4625 dividend. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $1.85 annualized dividend and a yield of 3.80%. International Paper's dividend payout ratio is currently 158.12%.

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.