International Paper (NYSE:IP) Upgraded to Buy at Bank of America

Key Points

• Bank of America upgraded International Paper (NYSE:IP) from a "neutral" to a "buy" rating, setting a target price of $57.00, indicating a potential upside of 17.74% from its current price.
• International Paper's stock price performance reflects a recent quarterly earnings miss, reporting $0.20 EPS compared to the expected $0.38, despite a 42.9% year-over-year revenue increase.
• Approximately 81.95% of International Paper's shares are held by hedge funds and institutional investors, showcasing strong institutional interest in the company.

International Paper (NYSE:IP - Get Free Report) was upgraded by Bank of America from a "neutral" rating to a "buy" rating in a research note issued to investors on Thursday, Marketbeat reports. The brokerage currently has a $57.00 price objective on the basic materials company's stock, up from their previous price objective of $55.00. Bank of America's target price points to a potential upside of 14.64% from the company's current price.

IP has been the topic of a number of other reports. UBS Group began coverage on International Paper in a research report on Wednesday, June 4th. They set a "buy" rating and a $60.00 target price on the stock. Wells Fargo & Company reiterated an "underweight" rating and set a $43.00 price target (up previously from $40.00) on shares of International Paper in a report on Thursday, July 10th. JPMorgan Chase & Co. downgraded International Paper from an "overweight" rating to a "neutral" rating and decreased their price target for the stock from $55.00 to $54.00 in a report on Tuesday, August 5th. Wall Street Zen upgraded International Paper from a "sell" rating to a "hold" rating in a report on Friday, June 27th. Finally, Truist Financial set a $59.00 price target on International Paper in a report on Wednesday, May 28th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat.com, International Paper currently has an average rating of "Hold" and an average price target of $55.65.

International Paper Stock Up 1.6%

Shares of NYSE:IP traded up $0.76 during trading on Thursday, reaching $49.72. 3,450,459 shares of the stock were exchanged, compared to its average volume of 3,858,911. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.33 and a quick ratio of 0.96. International Paper has a 1-year low of $43.27 and a 1-year high of $60.36. The stock has a fifty day moving average of $49.50 and a two-hundred day moving average of $49.51. The firm has a market cap of $26.25 billion, a price-to-earnings ratio of -497.20, a price-to-earnings-growth ratio of 0.56 and a beta of 1.05.

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

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Rise Advisors LLC grew its stake in International Paper by 281.3% in the 1st quarter. Rise Advisors LLC now owns 469 shares of the basic materials company's stock valued at $25,000 after purchasing an additional 346 shares during the period. Zions Bancorporation National Association UT bought a new position in International Paper in the 1st quarter valued at $34,000. AlphaQuest LLC grew its stake in International Paper by 63,400.0% in the 2nd quarter. AlphaQuest LLC now owns 635 shares of the basic materials company's stock valued at $30,000 after purchasing an additional 634 shares during the period. Bernard Wealth Management Corp. bought a new position in International Paper in the 4th quarter valued at $37,000. Finally, Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of International Paper during the 2nd quarter worth $33,000. Institutional investors own 81.95% of the company's stock.

International Paper Company 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.