Resolute Capital Asset Partners LLC Acquires New Position in International Paper Company $IP

Key Points

• Resolute Capital Asset Partners LLC has acquired a new stake in International Paper Company, purchasing 55,000 shares valued at approximately $2.93 million, making this stock its 22nd largest holding.
• International Paper reported $0.20 earnings per share for the last quarter, missing consensus estimates by $0.18, while revenues increased by 42.9% year-over-year, totaling $6.77 billion.
• The company announced a quarterly dividend of $0.4625 per share to be paid on September 16th, representing an annualized yield of 3.8%.

Resolute Capital Asset Partners LLC acquired a new stake in shares of International Paper Company (NYSE:IP - Free Report) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 55,000 shares of the basic materials company's stock, valued at approximately $2,934,000. International Paper makes up about 1.7% of Resolute Capital Asset Partners LLC's holdings, making the stock its 22nd largest holding.

Other large investors have also bought and sold shares of the company. Zions Bancorporation National Association UT purchased a new position in International Paper in the 1st quarter worth approximately $34,000. Bernard Wealth Management Corp. purchased a new position in International Paper in the 4th quarter worth approximately $37,000. Citizens National Bank Trust Department purchased a new position in International Paper in the 1st quarter worth approximately $37,000. Grove Bank & Trust increased its stake in International Paper by 472.0% in the 1st quarter. Grove Bank & Trust now owns 755 shares of the basic materials company's stock worth $40,000 after purchasing an additional 623 shares during the period. Finally, Toth Financial Advisory Corp purchased a new position in International Paper in the 1st quarter worth approximately $42,000. 81.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on IP. Wells Fargo & Company reiterated an "underweight" rating and issued a $43.00 price objective (up from $40.00) on shares of International Paper in a research report on Thursday, July 10th. Truist Financial set a $59.00 price objective on International Paper in a research report on Wednesday, May 28th. JPMorgan Chase & Co. lowered 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, August 5th. Wall Street Zen upgraded International Paper from a "sell" rating to a "hold" rating in a research report on Friday, June 27th. Finally, Zacks Research lowered International Paper from a "hold" rating to a "strong sell" rating in a research report on Monday, August 18th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $55.46.

International Paper Trading Up 1.9%

NYSE IP opened at $48.94 on Friday. The company has a quick ratio of 0.96, a current ratio of 1.33 and a debt-to-equity ratio of 0.52. International Paper Company has a twelve month low of $43.27 and a twelve month high of $60.36. The firm has a market capitalization of $25.84 billion, a PE ratio of -489.40, a P/E/G ratio of 0.61 and a beta of 1.04. The stock's 50 day moving average is $49.21 and its 200 day moving average is $49.80.

International Paper (NYSE:IP - Get Free Report) last released 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). International Paper had a negative net margin of 0.12% and a positive return on equity of 2.63%. The firm had revenue of $6.77 billion for the quarter, compared to the consensus estimate of $6.64 billion. During the same quarter in the prior year, the firm earned $0.55 earnings per share. The company's revenue for the quarter was up 42.9% compared to the same quarter last year. Research analysts forecast that International Paper Company will post 2.77 earnings per share for the current fiscal year.

International Paper Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Friday, August 15th will be paid a dividend of $0.4625 per share. The ex-dividend date is Friday, August 15th. This represents a $1.85 dividend on an annualized basis and a yield of 3.8%. International Paper's payout ratio is presently -1,850.00%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.