International Paper (NYSE:IP) Shares Up 5.7% Following Insider Buying Activity

Shares of International Paper Company (NYSE:IP) were up 5.7% during trading on Friday following insider buying activity. The company traded as high as $38.29 and last traded at $37.6960. Approximately 3,394,564 shares were traded during mid-day trading, a decline of 52% from the average daily volume of 7,080,628 shares. The stock had previously closed at $35.65.

Specifically, Director Anders Gustafsson acquired 13,217 shares of the stock in a transaction that occurred on Thursday, March 12th. The shares were acquired at an average cost of $37.83 per share, with a total value of $499,999.11. Following the transaction, the director owned 26,092 shares of the company’s stock, valued at $987,060.36. The trade was a 102.66% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Anders Gustafsson purchased 12,875 shares of the stock in a transaction dated Wednesday, March 11th. The shares were acquired at an average cost of $38.84 per share, for a total transaction of $500,065.00. Following the completion of the acquisition, the director owned 12,875 shares of the company’s stock, valued at approximately $500,065. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on IP shares. JPMorgan Chase & Co. lifted their price target 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. Truist Financial set a $48.00 target price on shares of International Paper in a report on Thursday, February 26th. Jefferies Financial Group lifted their target price on shares of International Paper from $47.00 to $48.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Weiss Ratings reiterated a “sell (d+)” rating on shares of International Paper in a research note on Monday, December 29th. Finally, UBS Group cut International Paper from a “buy” rating to a “neutral” rating and lowered their price target for the company from $51.00 to $44.00 in a report on Monday, February 2nd. Eight research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $48.25.

International Paper Price Performance

The firm has a 50 day moving average price of $43.17 and a 200 day moving average price of $42.89. The company has a quick ratio of 1.02, a current ratio of 1.28 and a debt-to-equity ratio of 0.60. The stock has a market cap of $19.75 billion, a P/E ratio of -5.56 and a beta of 1.09.

International Paper (NYSE:IP) last announced 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). The company had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.90 billion. International Paper had a negative net margin of 14.12% and a negative return on equity of 0.35%. The company’s revenue was up 53.1% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.02) earnings per share. On average, analysts forecast that International Paper Company will post 2.77 EPS for the current fiscal year.

Hedge Funds Weigh In On International Paper

Hedge funds have recently modified their holdings of the company. Corient Private Wealth LLC increased its stake in shares of International Paper by 15.7% in the fourth quarter. Corient Private Wealth LLC now owns 69,766 shares of the basic materials company’s stock worth $2,756,000 after purchasing an additional 9,490 shares in the last quarter. Hsbc Holdings PLC lifted its stake in shares of International Paper by 2.6% during the 4th quarter. Hsbc Holdings PLC now owns 906,269 shares of the basic materials company’s stock valued at $35,743,000 after buying an additional 22,984 shares in the last quarter. SHP Wealth Management purchased a new position in shares of International Paper during the 4th quarter valued at $38,000. Clearwave Capital LLC bought a new position in International Paper in the 4th quarter worth $364,000. Finally, Pacer Advisors Inc. boosted its holdings in International Paper by 5.8% in the 4th quarter. Pacer Advisors Inc. now owns 44,613 shares of the basic materials company’s stock worth $1,757,000 after buying an additional 2,462 shares during the period. 81.95% of the stock is currently owned by institutional investors.

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.