Assenagon Asset Management S.A. Boosts Holdings in International Paper Company $IP

Assenagon Asset Management S.A. boosted its holdings in International Paper Company (NYSE:IP) by 764.4% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 212,999 shares of the basic materials company’s stock after purchasing an additional 188,357 shares during the quarter. Assenagon Asset Management S.A.’s holdings in International Paper were worth $8,390,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of IP. Migdal Insurance & Financial Holdings Ltd. bought a new position in shares of International Paper during the second quarter worth $33,000. Elevation Point Wealth Partners LLC bought a new stake in International Paper in the 2nd quarter valued at $35,000. Kelleher Financial Advisors purchased a new stake in International Paper in the 3rd quarter worth $36,000. CYBER HORNET ETFs LLC purchased a new stake in International Paper in the 2nd quarter worth $43,000. Finally, City Holding Co. bought a new position in shares of International Paper during the 3rd quarter valued at about $46,000. Institutional investors own 81.95% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on IP. Weiss Ratings restated a “sell (d+)” rating on shares of International Paper in a research report on Monday, December 29th. Citigroup increased their price target on International Paper from $46.00 to $47.00 and gave the company a “buy” rating in a research note on Friday, January 30th. JPMorgan Chase & Co. raised their price target on International Paper from $45.00 to $48.00 and gave the company a “neutral” rating in a report on Friday, January 30th. UBS Group downgraded International Paper from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $51.00 to $44.00 in a research note on Monday, February 2nd. Finally, Wells Fargo & Company decreased their price objective on International Paper from $40.00 to $38.00 and set an “equal weight” rating on the stock in a report on Friday, March 20th. Eight research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $48.06.

Insider Buying and Selling at International Paper

In related news, Director Anders Gustafsson purchased 13,217 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The shares were bought at an average price of $37.83 per share, for a total transaction of $499,999.11. Following the acquisition, the director owned 26,092 shares of the company’s stock, valued at approximately $987,060.36. This represents a 102.66% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Andrew K. Silvernail purchased 50,000 shares of the stock in a transaction that occurred on Friday, January 30th. The stock was bought at an average price of $39.98 per share, with a total value of $1,999,000.00. Following the completion of the transaction, the chief executive officer owned 50,000 shares of the company’s stock, valued at $1,999,000. The trade was a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders have purchased a total of 76,092 shares of company stock worth $2,999,064 in the last 90 days. 0.35% of the stock is currently owned by insiders.

International Paper Trading Down 1.9%

IP opened at $35.46 on Friday. The stock has a 50-day moving average of $41.91 and a 200 day moving average of $41.96. The company has a current ratio of 1.28, a quick ratio of 1.02 and a debt-to-equity ratio of 0.60. International Paper Company has a 12 month low of $33.57 and a 12 month high of $56.13. The firm has a market cap of $18.78 billion, a P/E ratio of -5.29 and a beta of 1.09.

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). The company had revenue of $6.01 billion for the quarter, compared to analysts’ expectations 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 for the quarter was up 53.1% on a year-over-year basis. During the same quarter last year, the company earned ($0.02) earnings per share. As a group, research analysts forecast that International Paper Company will post 2.77 EPS for the current year.

About International Paper

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.