Point72 Asset Management L.P. Trims Stake in International Paper (NYSE:IP)

Point72 Asset Management L.P. reduced its holdings in shares of International Paper (NYSE:IP - Free Report) by 15.6% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,506,214 shares of the basic materials company's stock after selling 464,218 shares during the quarter. Point72 Asset Management L.P. owned 0.72% of International Paper worth $134,884,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Sierra Ocean LLC purchased a new stake in International Paper during the fourth quarter valued at $26,000. Centricity Wealth Management LLC purchased a new stake in shares of International Paper during the 4th quarter valued at about $26,000. Picton Mahoney Asset Management lifted its stake in shares of International Paper by 67.0% in the 4th quarter. Picton Mahoney Asset Management now owns 536 shares of the basic materials company's stock worth $29,000 after purchasing an additional 215 shares during the period. Venturi Wealth Management LLC increased its holdings in International Paper by 90.2% during the fourth quarter. Venturi Wealth Management LLC now owns 622 shares of the basic materials company's stock valued at $33,000 after buying an additional 295 shares during the last quarter. Finally, Bernard Wealth Management Corp. bought a new stake in shares of International Paper during the 4th quarter valued at $37,000. 81.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on IP. StockNews.com downgraded International Paper from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Royal Bank of Canada reiterated an "outperform" rating and set a $64.00 price objective on shares of International Paper in a research note on Wednesday, March 26th. Bank of America started coverage on shares of International Paper in a research note on Thursday, February 13th. They set a "neutral" rating on the stock. Truist Financial lowered their price target on shares of International Paper from $64.00 to $59.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Finally, Citigroup assumed coverage on shares of International Paper in a research note on Wednesday, March 5th. They issued a "buy" rating and a $60.00 price objective for the company. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus target price of $54.21.

Insiders Place Their Bets

In related news, CAO Holly G. Goughnour sold 7,500 shares of the business's 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 completion of the transaction, the chief accounting officer now owns 31,525 shares in the company, valued at $1,413,896.25. The trade was a 19.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.35% of the company's stock.

International Paper Price Performance

Shares of IP traded down $0.19 during midday trading on Tuesday, hitting $50.30. 1,100,596 shares of the company traded hands, compared to its average volume of 7,970,263. The stock has a market cap of $26.55 billion, a price-to-earnings ratio of 32.04, a PEG ratio of 0.39 and a beta of 1.03. The firm has a 50 day moving average of $48.72 and a 200-day moving average of $53.38. 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 has a 52 week low of $41.00 and a 52 week high of $60.36.

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 for the quarter, missing the consensus estimate of $0.35 by ($0.12). The firm had revenue of $5.90 billion for the quarter, compared to analysts' expectations of $6.38 billion. International Paper had a net margin of 2.99% and a return on equity of 4.75%. The business's quarterly revenue was up 27.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.17 EPS. On average, analysts forecast that International Paper will post 2.77 EPS for the current fiscal year.

International Paper Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 23rd will be given a dividend of $0.4625 per share. The ex-dividend date is Friday, May 23rd. This represents a $1.85 annualized dividend and a yield of 3.68%. International Paper's dividend payout ratio (DPR) is currently 158.12%.

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.