SG Americas Securities LLC Sells 553,249 Shares of International Paper Company $IP

Key Points

• SG Americas Securities LLC cut its International Paper stake by 34.8% in the first quarter, selling 553,249 shares and leaving it with 1,037,440 shares valued at about $37.0 million.
• Insider activity included Director Scott Tozier buying 10,000 shares at $31.30 each, a purchase worth $313,000 and boosting his direct holdings to 10,025 shares.
• International Paper’s latest earnings missed expectations, with Q1 EPS of $0.15 versus $0.18 expected and revenue of $5.97 billion versus $6.02 billion expected; the stock also carries a consensus analyst rating of Moderate Buy with a target price of $43.73.

SG Americas Securities LLC decreased its position in International Paper Company (NYSE:IP - Free Report) by 34.8% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,037,440 shares of the basic materials company's stock after selling 553,249 shares during the quarter. SG Americas Securities LLC owned 0.20% of International Paper worth $37,037,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. McIlrath & Eck LLC grew its position in International Paper by 452.6% in the fourth quarter. McIlrath & Eck LLC now owns 641 shares of the basic materials company's stock worth $25,000 after acquiring an additional 525 shares in the last quarter. MV Capital Management Inc. purchased a new stake in International Paper during the fourth quarter valued at approximately $25,000. DV Equities LLC purchased a new stake in International Paper during the fourth quarter valued at approximately $29,000. Sound Income Strategies LLC lifted its stake in shares of International Paper by 94.0% in the 4th quarter. Sound Income Strategies LLC now owns 710 shares of the basic materials company's stock valued at $31,000 after purchasing an additional 344 shares during the last quarter. Finally, Summit Securities Group LLC lifted its stake in shares of International Paper by 115.4% in the 4th quarter. Summit Securities Group LLC now owns 784 shares of the basic materials company's stock valued at $31,000 after purchasing an additional 5,875 shares during the last quarter. 81.95% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other International Paper news, Director Scott Tozier acquired 10,000 shares of International Paper stock in a transaction that occurred on Friday, May 1st. The stock was bought at an average price of $31.30 per share, with a total value of $313,000.00. Following the completion of the purchase, the director directly owned 10,025 shares of the company's stock, valued at approximately $313,782.50. This represents a 40,000.00% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.21% of the stock is owned by company insiders.

Analysts Set New Price Targets

IP has been the topic of several recent research reports. Zacks Research lowered International Paper from a "hold" rating to a "strong sell" rating in a report on Thursday, April 23rd. Truist Financial dropped their price objective on shares of International Paper from $48.00 to $44.00 and set a "buy" rating for the company in a research note on Wednesday, April 15th. Citigroup cut their price objective on shares of International Paper from $44.00 to $36.00 and set a "buy" rating on the stock in a research report on Friday, May 1st. Weiss Ratings downgraded shares of International Paper from a "sell (d+)" rating to a "sell (d)" rating in a research note on Monday, April 27th. Finally, UBS Group lowered their target price on shares of International Paper from $40.00 to $32.00 and set a "neutral" rating for the company in a report on Monday, May 4th. Nine investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $43.73.

International Paper Stock Down 0.5%

Shares of International Paper stock opened at $36.72 on Wednesday. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.94. International Paper Company has a 1 year low of $29.26 and a 1 year high of $56.13. The firm's 50-day moving average is $33.73 and its two-hundred day moving average is $38.16. The stock has a market cap of $19.44 billion, a price-to-earnings ratio of -5.77 and a beta of 0.96.

International Paper (NYSE:IP - Get Free Report) last posted its earnings results on Thursday, April 30th. The basic materials company reported $0.15 EPS for the quarter, missing analysts' consensus estimates of $0.18 by ($0.03). International Paper had a negative net margin of 13.42% and a negative return on equity of 0.49%. The business had revenue of $5.97 billion for the quarter, compared to analysts' expectations of $6.02 billion. During the same period last year, the business posted $0.17 EPS. The company's revenue for the quarter was up 13.4% on a year-over-year basis. As a group, research analysts expect that International Paper Company will post 1.38 earnings per share for the current fiscal year.

International Paper Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Investors of record on Friday, May 22nd were issued a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 5.0%. The ex-dividend date of this dividend was Friday, May 22nd. International Paper's dividend payout ratio (DPR) is presently -29.09%.

About International Paper

International Paper is a global producer of renewable fiber-based products, focused primarily on pulp, paper, and packaging. The company manufactures containerboard and corrugated packaging used for shipping and retail display, as well as a range of specialty papers and pulp products that serve industrial, consumer goods, and e-commerce customers. Its product portfolio is oriented toward large-scale packaging solutions, tissue and paper grades, and raw pulp for a variety of manufacturing uses.

Founded in 1898, International Paper is headquartered in Memphis, Tennessee, and is one of the largest and longest-established companies in the forest products sector.

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