Victory Capital Management Inc. Increases Stake in International Paper (NYSE:IP)

Victory Capital Management Inc. increased its holdings in International Paper (NYSE:IP) by 24.3% in the fourth quarter, Holdings Channel reports. The fund owned 585,228 shares of the basic materials company’s stock after purchasing an additional 114,462 shares during the quarter. Victory Capital Management Inc.’s holdings in International Paper were worth $21,156,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Pathstone Family Office LLC bought a new stake in International Paper during the third quarter valued at about $1,164,000. StrategIQ Financial Group LLC purchased a new stake in shares of International Paper during the fourth quarter valued at about $2,271,000. Metis Global Partners LLC boosted its holdings in shares of International Paper by 6.7% in the 3rd quarter. Metis Global Partners LLC now owns 21,824 shares of the basic materials company’s stock valued at $774,000 after buying an additional 1,376 shares in the last quarter. SteelPeak Wealth LLC grew its position in shares of International Paper by 40.5% in the 3rd quarter. SteelPeak Wealth LLC now owns 20,935 shares of the basic materials company’s stock worth $743,000 after buying an additional 6,033 shares during the last quarter. Finally, Mackenzie Financial Corp raised its stake in shares of International Paper by 263.1% during the 4th quarter. Mackenzie Financial Corp now owns 114,824 shares of the basic materials company’s stock worth $4,151,000 after acquiring an additional 83,203 shares in the last quarter. 81.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

IP has been the topic of several analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $43.00 price target on shares of International Paper in a report on Friday, February 2nd. Wells Fargo & Company decreased their price target on International Paper from $39.00 to $35.00 and set an “equal weight” rating for the company in a research note on Friday, February 2nd. StockNews.com lowered International Paper from a “buy” rating to a “hold” rating in a research note on Sunday, January 14th. Argus lowered shares of International Paper from a “buy” rating to a “hold” rating in a research report on Monday, February 26th. Finally, Bank of America raised shares of International Paper from an “underperform” rating to a “buy” rating and boosted their target price for the stock from $37.00 to $42.00 in a research report on Monday, March 4th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $38.57.

Insider Transactions at International Paper

In related news, SVP James P. Jr. Royalty sold 5,800 shares of International Paper stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $34.75, for a total value of $201,550.00. Following the completion of the transaction, the senior vice president now owns 69,488 shares in the company, valued at approximately $2,414,708. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders have sold a total of 9,400 shares of company stock valued at $331,402 in the last ninety days. 0.55% of the stock is currently owned by corporate insiders.

International Paper Stock Up 1.4 %

Shares of IP stock opened at $39.84 on Friday. The company has a current ratio of 1.68, a quick ratio of 1.22 and a debt-to-equity ratio of 0.66. International Paper has a twelve month low of $29.00 and a twelve month high of $41.30. The stock has a 50 day moving average of $37.02 and a 200 day moving average of $35.93. The stock has a market cap of $13.84 billion, a P/E ratio of 81.31 and a beta of 1.01.

International Paper (NYSE:IP) last posted its earnings results on Thursday, April 25th. The basic materials company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.06). International Paper had a net margin of 0.93% and a return on equity of 7.45%. The firm had revenue of $4.62 billion during the quarter, compared to analyst estimates of $4.56 billion. The business’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.53 earnings per share. As a group, sell-side analysts expect that International Paper will post 1.88 EPS for the current year.

About International Paper

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.