Allspring Global Investments Holdings LLC trimmed its stake in International Paper (NYSE:IP – Free Report) by 1.2% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 36,609 shares of the basic materials company’s stock after selling 432 shares during the period. Allspring Global Investments Holdings LLC’s holdings in International Paper were worth $1,165,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also recently modified their holdings of IP. MRP Capital Investments LLC purchased a new stake in shares of International Paper in the 1st quarter worth $25,000. Resurgent Financial Advisors LLC bought a new position in International Paper in the 4th quarter worth $27,000. Desjardins Global Asset Management Inc. boosted 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 buying an additional 211 shares during the period. Jones Financial Companies Lllp bought a new position in International Paper in the 1st quarter worth $33,000. Finally, Venturi Wealth Management LLC bought a new position in International Paper in the 1st quarter worth $37,000. 80.78% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several research analysts recently weighed in on the stock. Jefferies Financial Group dropped their target price on shares of International Paper from $33.00 to $32.00 and set a “hold” rating for the company in a report on Wednesday, October 18th. Citigroup increased their price objective on shares of International Paper from $30.00 to $38.00 and gave the company a “neutral” rating in a report on Monday, July 31st. StockNews.com downgraded shares of International Paper from a “buy” rating to a “hold” rating in a report on Monday, October 30th. UBS Group dropped their price objective on shares of International Paper from $33.00 to $32.00 and set a “neutral” rating for the company in a report on Wednesday, July 19th. Finally, Truist Financial raised shares of International Paper from a “hold” rating to a “buy” rating and increased their price objective for the company from $30.00 to $43.00 in a report on Thursday, September 21st. One analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $36.89.
International Paper Stock Performance
International Paper stock opened at $33.85 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.75 and a quick ratio of 1.25. International Paper has a 1-year low of $29.00 and a 1-year high of $41.89. The firm has a market capitalization of $11.71 billion, a P/E ratio of 45.74 and a beta of 1.05. The company’s 50-day moving average is $34.42 and its 200 day moving average is $33.27.
International Paper (NYSE:IP – Get Free Report) last posted its quarterly earnings data on Thursday, October 26th. The basic materials company reported $0.64 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. International Paper had a net margin of 1.31% and a return on equity of 10.79%. The company had revenue of $4.61 billion for the quarter, compared to analyst estimates of $4.81 billion. During the same period in the prior year, the company posted $1.01 EPS. The firm’s revenue for the quarter was down 14.6% on a year-over-year basis. Research analysts forecast that International Paper will post 2.11 EPS for the current year.
International Paper Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Wednesday, November 15th will be given a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 5.47%. The ex-dividend date of this dividend is Tuesday, November 14th. International Paper’s dividend payout ratio (DPR) is presently 250.00%.
International Paper Company 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.
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