Voya Investment Management LLC Trims Stock Position in International Paper (NYSE:IP)

Voya Investment Management LLC lessened its stake in International Paper (NYSE:IP - Free Report) by 28.8% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 146,370 shares of the basic materials company's stock after selling 59,317 shares during the period. Voya Investment Management LLC's holdings in International Paper were worth $7,878,000 at the end of the most recent quarter.

Several other hedge funds have also made changes to their positions in the business. Sierra Ocean LLC acquired a new position in shares of International Paper during the 4th quarter worth approximately $26,000. Centricity Wealth Management LLC bought a new stake in International Paper in the fourth quarter valued at about $26,000. Picton Mahoney Asset Management lifted its position 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 buying an additional 215 shares during the last quarter. Versant Capital Management Inc grew its stake in International Paper by 313.3% during the 4th quarter. Versant Capital Management Inc now owns 591 shares of the basic materials company's stock worth $32,000 after buying an additional 448 shares during the last quarter. Finally, Venturi Wealth Management LLC boosted its position in International Paper by 90.2% during the 4th quarter. Venturi Wealth Management LLC now owns 622 shares of the basic materials company's stock worth $33,000 after acquiring an additional 295 shares during the period. Institutional investors and hedge funds own 81.95% of the company's stock.

Analysts Set New Price Targets

IP has been the subject of several research analyst reports. JPMorgan Chase & Co. began coverage on International Paper in a research note on Thursday, March 20th. They issued an "overweight" rating and a $59.00 price objective for the company. Bank of America started coverage on International Paper in a research report on Thursday, February 13th. They issued a "neutral" rating for the company. Wells Fargo & Company lowered their price target on International Paper from $52.00 to $45.00 and set an "equal weight" rating for the company in a research note on Tuesday, April 8th. Truist Financial reduced their price target on International Paper from $64.00 to $59.00 and set a "buy" rating for the company in a research report on Tuesday, April 22nd. Finally, StockNews.com downgraded International Paper from a "buy" rating to a "hold" rating in a report on Friday, March 28th. One analyst has rated the stock with a sell rating, four have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, International Paper presently has a consensus rating of "Moderate Buy" and an average price target of $54.77.

International Paper Price Performance

International Paper stock traded up $1.94 during mid-day trading on Friday, hitting $45.83. The stock had a trading volume of 3,782,095 shares, compared to its average volume of 8,360,531. The firm has a market capitalization of $24.19 billion, a P/E ratio of 29.19, a P/E/G ratio of 0.39 and a beta of 0.99. The firm's 50 day moving average is $49.99 and its 200 day moving average is $53.47. International Paper has a one year low of $35.76 and a one year high of $60.36. The company has a current ratio of 1.49, a quick ratio of 1.08 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 the consensus estimate of $6.38 billion. International Paper had a return on equity of 4.75% and a net margin of 2.99%. The firm's revenue for the quarter was up 27.8% compared to the same quarter last year. During the same quarter last year, the business posted $0.17 earnings per share. On average, sell-side analysts forecast that International Paper will post 2.77 earnings per share for the current fiscal year.

International Paper 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.