Panagora Asset Management Inc. Decreases Stock Position in International Paper (NYSE:IP)

Panagora Asset Management Inc. reduced its position in International Paper (NYSE:IP) by 51.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 29,824 shares of the basic materials company’s stock after selling 32,045 shares during the period. Panagora Asset Management Inc.’s holdings in International Paper were worth $1,075,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Desjardins Global Asset Management Inc. raised its holdings in International Paper by 45.5% in the 1st quarter. Desjardins Global Asset Management Inc. now owns 675 shares of the basic materials company’s stock worth $31,000 after acquiring an additional 211 shares during the last quarter. Delta Asset Management LLC TN bought a new stake in International Paper in the 4th quarter worth approximately $27,000. Resurgent Financial Advisors LLC bought a new stake in International Paper in the 4th quarter worth approximately $27,000. Massmutual Trust Co. FSB ADV grew its position in International Paper by 98.1% in the 1st quarter. Massmutual Trust Co. FSB ADV now owns 822 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 407 shares during the period. Finally, Jones Financial Companies Lllp bought a new stake in International Paper in the 1st quarter worth approximately $33,000. 80.78% of the stock is currently owned by hedge funds and other institutional investors.

International Paper Trading Down 0.9 %

Shares of International Paper stock opened at $33.58 on Friday. The company has a market capitalization of $11.62 billion, a P/E ratio of 11.54 and a beta of 1.07. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.12 and a current ratio of 1.59. The company has a fifty day moving average of $33.78 and a 200 day moving average of $33.74. International Paper has a fifty-two week low of $29.00 and a fifty-two week high of $42.69.

International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.59 EPS for the quarter, topping the consensus estimate of $0.42 by $0.17. The business had revenue of $4.68 billion for the quarter, compared to analysts’ expectations of $4.90 billion. International Paper had a net margin of 5.14% and a return on equity of 12.22%. The business’s quarterly revenue was down 13.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.24 EPS. On average, sell-side analysts anticipate that International Paper will post 2.21 earnings per share for the current fiscal year.

International Paper Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Tuesday, August 15th will be paid a $0.4625 dividend. This represents a $1.85 annualized dividend and a yield of 5.51%. The ex-dividend date is Monday, August 14th. International Paper’s payout ratio is currently 63.57%.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Citigroup lifted their target price on shares of International Paper from $30.00 to $38.00 and gave the stock a “neutral” rating in a research report on Monday, July 31st. Bank of America downgraded shares of International Paper from a “neutral” rating to an “underperform” rating and cut their price objective for the company from $35.00 to $33.00 in a research report on Monday, July 10th. Truist Financial cut their price objective on shares of International Paper from $38.00 to $29.00 and set a “hold” rating for the company in a research report on Tuesday, July 18th. StockNews.com began coverage on shares of International Paper in a research report on Friday, August 18th. They set a “buy” rating for the company. Finally, UBS Group cut their price objective on shares of International Paper from $33.00 to $32.00 and set a “neutral” rating for the company in a research report on Wednesday, July 19th. Four analysts have rated the stock with a sell rating, four have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, International Paper has an average rating of “Hold” and a consensus target price of $35.82.

Insiders Place Their Bets

In other International Paper news, SVP Allison B. Magness sold 3,300 shares of the business’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $31.75, for a total value of $104,775.00. Following the sale, the senior vice president now owns 21,055 shares in the company, valued at approximately $668,496.25. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, VP Holly G. Goughnour sold 2,500 shares of the company’s stock in a transaction dated Friday, July 28th. The shares were sold at an average price of $35.70, for a total transaction of $89,250.00. Following the sale, the vice president now directly owns 8,219 shares in the company, valued at approximately $293,418.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Allison B. Magness sold 3,300 shares of the company’s stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $31.75, for a total transaction of $104,775.00. Following the sale, the senior vice president now owns 21,055 shares in the company, valued at $668,496.25. The disclosure for this sale can be found here. Corporate insiders own 0.51% of the company’s stock.

International Paper Profile

International Paper Company produces renewable fiber-based packaging and pulp products in North America, Latin America, Europe, and North Africa. It operates through Industrial Packaging and Global Cellulose Fibers segment. The company's Industrial Packaging segment manufactures containerboards, including linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft.