Ritholtz Wealth Management Cuts Stock Position in International Paper Company (NYSE:IP)

Ritholtz Wealth Management cut its holdings in shares of International Paper Company (NYSE:IP) by 12.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,141 shares of the basic materials company’s stock after selling 569 shares during the period. Ritholtz Wealth Management’s holdings in International Paper were worth $221,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Centricity Wealth Management LLC purchased a new stake in International Paper during the fourth quarter worth about $26,000. Picton Mahoney Asset Management increased its stake in International Paper by 67.0% during the fourth 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 stake in shares of International Paper by 90.2% during the fourth quarter. Venturi Wealth Management LLC now owns 622 shares of the basic materials company’s stock worth $33,000 after buying an additional 295 shares during the period. Bernard Wealth Management Corp. purchased a new stake in shares of International Paper during the fourth quarter worth approximately $37,000. Finally, Transce3nd LLC purchased a new stake in shares of International Paper during the fourth quarter worth approximately $38,000. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

International Paper Price Performance

IP stock opened at $45.93 on Friday. The company has a market capitalization of $24.25 billion, a P/E ratio of 39.26, a PEG ratio of 0.42 and a beta of 1.04. International Paper Company has a twelve month low of $41.50 and a twelve month high of $60.36. The business has a 50 day simple moving average of $47.05 and a 200-day simple moving average of $51.67. The company has a current ratio of 1.33, a quick ratio of 0.96 and a debt-to-equity ratio of 0.51.

International Paper (NYSE:IP) last posted its quarterly earnings data 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 during the quarter, compared to analyst estimates of $6.38 billion. International Paper had a net margin of 1.99% and a return on equity of 4.05%. International Paper’s revenue was up 27.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.17 earnings per share. As a group, equities analysts anticipate that International Paper Company will post 2.77 EPS for the current year.

International Paper Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 23rd were issued a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 4.03%. The ex-dividend date of this dividend was Friday, May 23rd. International Paper’s payout ratio is currently 158.12%.

Insider Activity

In related news, CAO Holly G. Goughnour sold 7,500 shares of the 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 sale, the chief accounting officer now directly owns 31,525 shares of the company’s stock, valued at $1,413,896.25. This trade represents a 19.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.35% of the company’s stock.

Analyst Upgrades and Downgrades

IP has been the topic of a number of recent research reports. Wall Street Zen lowered shares of International Paper from a “hold” rating to a “sell” rating in a research note on Monday, May 5th. Truist Financial set a $59.00 target price on shares of International Paper in a research note on Wednesday, May 28th. Wells Fargo & Company restated an “underweight” rating and set a $40.00 target price (down from $45.00) on shares of International Paper in a research note on Friday, May 9th. JPMorgan Chase & Co. initiated coverage on shares of International Paper in a research note on Thursday, March 20th. They set an “overweight” rating and a $59.00 target price on the stock. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $64.00 target price on shares of International Paper in a research note on Wednesday, March 26th. Three equities research 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 company. According to MarketBeat, International Paper has an average rating of “Hold” and a consensus price target of $54.54.

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.