Citigroup Inc. Sells 764,844 Shares of International Paper Company $IP

Citigroup Inc. cut its holdings in shares of International Paper Company (NYSE:IP) by 55.0% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 626,143 shares of the basic materials company’s stock after selling 764,844 shares during the quarter. Citigroup Inc. owned approximately 0.12% of International Paper worth $29,053,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. AlphaQuest LLC increased its holdings in International Paper by 63,400.0% during the second quarter. AlphaQuest LLC now owns 635 shares of the basic materials company’s stock worth $30,000 after buying an additional 634 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of International Paper during the 2nd quarter valued at approximately $33,000. Elevation Point Wealth Partners LLC purchased a new stake in shares of International Paper during the 2nd quarter worth approximately $35,000. CYBER HORNET ETFs LLC bought a new stake in shares of International Paper in the 2nd quarter worth approximately $43,000. Finally, City Holding Co. purchased a new position in International Paper in the third quarter valued at approximately $46,000. 81.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Stifel Nicolaus lowered their target price on International Paper from $51.80 to $50.70 and set a “buy” rating on the stock in a research note on Monday, February 9th. UBS Group cut International Paper from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $51.00 to $44.00 in a research note on Monday, February 2nd. Zacks Research downgraded shares of International Paper from a “hold” rating to a “strong sell” rating in a report on Monday, January 12th. JPMorgan Chase & Co. lifted their target price on shares of International Paper from $45.00 to $48.00 and gave the stock a “neutral” rating in a research note on Friday, January 30th. Finally, Truist Financial dropped their price target on shares of International Paper from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Friday, January 30th. Eight investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $48.25.

Insider Activity

In related news, CEO Andrew K. Silvernail acquired 50,000 shares of the firm’s stock in a transaction that occurred on Friday, January 30th. The shares were bought at an average cost of $39.98 per share, for a total transaction of $1,999,000.00. Following the completion of the transaction, the chief executive officer owned 50,000 shares in the company, valued at approximately $1,999,000. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.35% of the company’s stock.

International Paper Stock Down 0.8%

Shares of NYSE:IP opened at $43.67 on Thursday. The firm has a fifty day moving average price of $42.95 and a two-hundred day moving average price of $43.49. The company has a market cap of $23.06 billion, a price-to-earnings ratio of -6.51 and a beta of 1.11. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.28 and a quick ratio of 1.02. International Paper Company has a one year low of $35.56 and a one year high of $57.07.

International Paper (NYSE:IP) last issued its quarterly earnings data on Thursday, January 29th. The basic materials company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.36). International Paper had a negative return on equity of 0.35% and a negative net margin of 14.12%.The business had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.90 billion. During the same quarter last year, the business posted ($0.02) EPS. The company’s quarterly revenue was up 53.1% on a year-over-year basis. Analysts anticipate that International Paper Company will post 2.77 EPS for the current fiscal year.

International Paper Company Profile

International Paper is a global producer of renewable fiber-based products, focused primarily on pulp, paper, and packaging. The company manufactures containerboard and corrugated packaging used for shipping and retail display, as well as a range of specialty papers and pulp products that serve industrial, consumer goods, and e-commerce customers. Its product portfolio is oriented toward large-scale packaging solutions, tissue and paper grades, and raw pulp for a variety of manufacturing uses.

Founded in 1898, International Paper is headquartered in Memphis, Tennessee, and is one of the largest and longest-established companies in the forest products sector.