Freestone Grove Partners LP Makes New $88.44 Million Investment in International Paper (NYSE:IP)

Freestone Grove Partners LP purchased a new stake in International Paper (NYSE:IP - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 1,643,314 shares of the basic materials company's stock, valued at approximately $88,443,000. International Paper accounts for about 1.1% of Freestone Grove Partners LP's holdings, making the stock its 8th biggest holding. Freestone Grove Partners LP owned about 0.47% of International Paper at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of the business. Capital Research Global Investors grew its holdings in shares of International Paper by 68.8% in the 4th quarter. Capital Research Global Investors now owns 29,904,546 shares of the basic materials company's stock worth $1,609,462,000 after acquiring an additional 12,191,361 shares during the period. FMR LLC lifted its stake in shares of International Paper by 48.9% during the fourth quarter. FMR LLC now owns 26,559,812 shares of the basic materials company's stock valued at $1,429,449,000 after buying an additional 8,720,575 shares during the period. Norges Bank purchased a new stake in International Paper in the 4th quarter worth approximately $109,201,000. Slate Path Capital LP acquired a new position in International Paper in the 4th quarter valued at $102,796,000. Finally, Artemis Investment Management LLP lifted its position in International Paper by 147.2% during the fourth quarter. Artemis Investment Management LLP now owns 2,019,806 shares of the basic materials company's stock worth $108,706,000 after buying an additional 1,202,632 shares during the period. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

International Paper Stock Performance

Shares of IP traded down $0.10 during mid-day trading on Tuesday, reaching $44.17. 1,713,258 shares of the company's stock traded hands, compared to its average volume of 8,259,339. International Paper has a 12 month low of $36.88 and a 12 month high of $60.36. The stock has a market capitalization of $23.32 billion, a P/E ratio of 28.13, a price-to-earnings-growth ratio of 0.39 and a beta of 1.03. The business's 50-day moving average price is $49.76 and its 200-day moving average price is $53.54. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.08 and a current ratio of 1.49.

International Paper (NYSE:IP - Get Free Report) last released its quarterly earnings results on Wednesday, April 30th. The basic materials company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.12). International Paper had a return on equity of 4.75% and a net margin of 2.99%. The business 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 company posted $0.17 EPS. The company's revenue for the quarter was up 27.8% compared to the same quarter last year. Equities analysts predict that International Paper will post 2.77 earnings per share for the current year.

Insider Transactions at International Paper

In other news, CAO Holly G. Goughnour sold 7,500 shares of International Paper stock in a transaction 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 directly owns 31,525 shares in the company, valued at approximately $1,413,896.25. This trade represents a 19.22 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.35% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently commented on IP shares. Bank of America began coverage on shares of International Paper in a research report on Thursday, February 13th. They set a "neutral" rating for the company. Wells Fargo & Company decreased their price target on International Paper from $52.00 to $45.00 and set an "equal weight" rating for the company in a report on Tuesday, April 8th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $64.00 price target on shares of International Paper in a research note on Wednesday, March 26th. StockNews.com lowered International Paper from a "hold" rating to a "sell" rating in a research report on Monday. Finally, Truist Financial reduced their price target on shares of International Paper from $64.00 to $59.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Two analysts have rated the stock with a sell rating, three have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $54.77.

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.