International Paper Company (NYSE:IP) Shares Sold by Manning & Napier Advisors LLC

Manning & Napier Advisors LLC reduced its stake in shares of International Paper Company (NYSE:IP - Free Report) by 55.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 23,333 shares of the basic materials company's stock after selling 28,842 shares during the quarter. Manning & Napier Advisors LLC's holdings in International Paper were worth $1,245,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the company. Picton Mahoney Asset Management grew its position in International Paper by 67.0% during the fourth quarter. Picton Mahoney Asset Management now owns 536 shares of the basic materials company's stock worth $29,000 after buying an additional 215 shares in the last quarter. Venturi Wealth Management LLC boosted its stake in International Paper by 90.2% in the fourth quarter. Venturi Wealth Management LLC now owns 622 shares of the basic materials company's stock valued at $33,000 after acquiring an additional 295 shares during the last quarter. Bernard Wealth Management Corp. acquired a new position in International Paper in the fourth quarter valued at about $37,000. Transce3nd LLC acquired a new position in International Paper in the 4th quarter worth $38,000. Finally, Grove Bank & Trust lifted its position in shares of 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 purchasing an additional 623 shares in the last quarter. Hedge funds and other institutional investors own 81.95% of the company's stock.

Insider Activity at International Paper

In other news, CAO Holly G. Goughnour sold 7,500 shares of the company'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 completion of the transaction, the chief accounting officer now directly owns 31,525 shares of the company's stock, valued at $1,413,896.25. This represents a 19.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. 0.35% of the stock is owned by company insiders.

Analyst Ratings Changes

IP has been the topic of a number of recent analyst reports. Wall Street Zen downgraded International Paper from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. UBS Group began 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. Truist Financial set a $59.00 target price on shares of International Paper in a research report on Wednesday, May 28th. JPMorgan Chase & Co. initiated coverage on International Paper in a report on Thursday, March 20th. They issued an "overweight" rating and a $59.00 target price for the company. Finally, Wells Fargo & Company reissued an "underweight" rating and set a $40.00 target price (down from $45.00) on shares of International Paper in a report on Friday, May 9th. Three analysts have rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $54.54.

International Paper Stock Up 1.1%

International Paper stock traded up $0.53 during mid-day trading on Tuesday, hitting $46.62. The company had a trading volume of 2,668,666 shares, compared to its average volume of 7,150,701. The company has a current ratio of 1.33, a quick ratio of 0.96 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $24.61 billion, a PE ratio of 39.85, a price-to-earnings-growth ratio of 0.42 and a beta of 1.04. International Paper Company has a 12 month low of $41.50 and a 12 month high of $60.36. The stock's 50 day moving average price is $47.02 and its two-hundred day moving average price is $51.51.

International Paper (NYSE:IP - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The basic materials company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.12). International Paper had a return on equity of 4.05% and a net margin of 1.99%. The company had revenue of $5.90 billion during the quarter, compared to the consensus estimate of $6.38 billion. During the same period last year, the business earned $0.17 EPS. The firm's quarterly revenue was up 27.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that International Paper Company will post 2.77 earnings per share for the current fiscal year.

International Paper Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 23rd were issued a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date of this dividend was Friday, May 23rd. International Paper's payout ratio is presently 158.12%.

International Paper 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.