Lord Abbett & CO. LLC Sells 68,000 Shares of International Paper (NYSE:IP)

Lord Abbett & CO. LLC trimmed its holdings in shares of International Paper (NYSE:IP - Free Report) by 13.7% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 430,000 shares of the basic materials company's stock after selling 68,000 shares during the period. Lord Abbett & CO. LLC owned approximately 0.12% of International Paper worth $23,143,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of the company. Pacer Advisors Inc. grew its position in shares of International Paper by 28.7% during the 4th quarter. Pacer Advisors Inc. now owns 33,330 shares of the basic materials company's stock worth $1,794,000 after purchasing an additional 7,424 shares in the last quarter. Wedmont Private Capital acquired a new position in International Paper in the fourth quarter valued at $376,000. Everence Capital Management Inc. acquired a new position in International Paper in the fourth quarter valued at approximately $828,000. Allspring Global Investments Holdings LLC boosted its holdings in International Paper by 1.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 878,221 shares of the basic materials company's stock worth $46,686,000 after acquiring an additional 15,904 shares in the last quarter. Finally, Merit Financial Group LLC bought a new stake in International Paper during the 4th quarter worth approximately $372,000. Institutional investors and hedge funds own 81.95% of the company's stock.

International Paper Stock Performance

NYSE:IP traded up $1.76 during midday trading on Friday, reaching $45.65. The stock had a trading volume of 1,716,414 shares, compared to its average volume of 8,333,435. The stock has a market cap of $24.10 billion, a P/E ratio of 29.08, a P/E/G ratio of 0.39 and a beta of 0.99. International Paper has a 12-month low of $35.76 and a 12-month high of $60.36. The firm has a fifty day simple moving average of $50.18 and a two-hundred day simple moving average of $53.49. The company has a quick ratio of 1.08, a current ratio of 1.49 and a debt-to-equity ratio of 0.66.

International Paper (NYSE:IP - Get Free Report) last released its earnings results on Wednesday, April 30th. The basic materials company reported $0.23 earnings per share for the quarter, missing the consensus estimate of $0.35 by ($0.12). The business had revenue of $5.90 billion for the quarter, compared to analysts' expectations of $6.38 billion. International Paper had a return on equity of 4.75% and a net margin of 2.99%. The business's quarterly revenue was up 27.8% compared to the same quarter last year. During the same quarter last year, the company posted $0.17 earnings per share. On average, equities analysts expect that International Paper will post 2.77 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have weighed in on IP shares. Wells Fargo & Company decreased their target price on International Paper from $52.00 to $45.00 and set an "equal weight" rating on the stock in a research note on Tuesday, April 8th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $64.00 price objective on shares of International Paper in a research report on Wednesday, March 26th. Truist Financial lowered their price objective on International Paper from $64.00 to $59.00 and set a "buy" rating on the stock in a research report on Tuesday, April 22nd. Bank of America started coverage on shares of International Paper in a research report on Thursday, February 13th. They issued a "neutral" rating on the stock. Finally, JPMorgan Chase & Co. assumed coverage on shares of International Paper in a report on Thursday, March 20th. They set an "overweight" rating and a $59.00 price target on the stock. One investment analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price 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.