Praxis Investment Management Inc. Buys 6,300 Shares of International Paper Company $IP

Key Points

• Praxis Investment Management Inc. increased its stake in International Paper Company by 45.5%, buying an additional 6,300 shares during the second quarter, bringing their total ownership to 20,160 shares valued at $944,000.
• International Paper reported quarterly earnings of $0.20 per share, which missed analyst expectations of $0.38, despite achieving revenue of $6.77 billion, above estimates of $6.64 billion.
• The company declared a quarterly dividend of $0.4625, set to be paid on December 16, 2023, which equates to an annualized yield of 4.0%.

Praxis Investment Management Inc. grew its stake in shares of International Paper Company (NYSE:IP - Free Report) by 45.5% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 20,160 shares of the basic materials company's stock after acquiring an additional 6,300 shares during the quarter. Praxis Investment Management Inc.'s holdings in International Paper were worth $944,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the business. Gentry Private Wealth LLC raised its holdings in shares of International Paper by 2.1% during the 2nd quarter. Gentry Private Wealth LLC now owns 9,357 shares of the basic materials company's stock worth $438,000 after buying an additional 188 shares in the last quarter. Wright Investors Service Inc. raised its holdings in shares of International Paper by 2.9% during the 2nd quarter. Wright Investors Service Inc. now owns 7,226 shares of the basic materials company's stock worth $338,000 after buying an additional 201 shares in the last quarter. Greenleaf Trust raised its holdings in shares of International Paper by 2.5% during the 1st quarter. Greenleaf Trust now owns 9,244 shares of the basic materials company's stock worth $493,000 after buying an additional 224 shares in the last quarter. Sequoia Financial Advisors LLC raised its holdings in shares of International Paper by 2.6% during the 1st quarter. Sequoia Financial Advisors LLC now owns 8,994 shares of the basic materials company's stock worth $480,000 after buying an additional 231 shares in the last quarter. Finally, Csenge Advisory Group raised its holdings in shares of International Paper by 1.5% during the 1st quarter. Csenge Advisory Group now owns 16,252 shares of the basic materials company's stock worth $867,000 after buying an additional 234 shares in the last quarter. Institutional investors and hedge funds own 81.95% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Jefferies Financial Group lowered their price target on International Paper from $61.00 to $59.00 and set a "buy" rating for the company in a report on Friday, September 26th. UBS Group lowered their price target on International Paper from $60.00 to $55.00 and set a "buy" rating for the company in a report on Monday, October 6th. JPMorgan Chase & Co. cut International Paper from an "overweight" rating to a "neutral" rating and lowered their price target for the stock from $55.00 to $54.00 in a report on Tuesday, August 5th. Weiss Ratings reaffirmed a "hold (c)" rating on shares of International Paper in a report on Tuesday. Finally, Stifel Nicolaus set a $57.80 target price on International Paper and gave the stock a "buy" rating in a report on Friday. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $53.85.

International Paper Price Performance

Shares of IP opened at $46.69 on Friday. International Paper Company has a 12-month low of $43.27 and a 12-month high of $60.36. The business has a 50-day simple moving average of $47.14 and a two-hundred day simple moving average of $47.87. 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 stock has a market cap of $24.65 billion, a PE ratio of -466.90, a PEG ratio of 0.57 and a beta of 1.10.

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

International Paper Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 16th. Shareholders of record on Friday, November 14th will be issued a $0.4625 dividend. This represents a $1.85 annualized dividend and a yield of 4.0%. International Paper's payout ratio is currently -1,850.00%.

Insider Transactions at International Paper

In other International Paper news, SVP Joseph R. Saab sold 9,000 shares of the stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $45.53, for a total value of $409,770.00. Following the transaction, the senior vice president owned 27,673 shares in the company, valued at approximately $1,259,951.69. This represents a 24.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.35% of the company's stock.

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.

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