International Paper (NYSE:IP) Sees Large Increase in Short Interest

International Paper (NYSE:IP) was the target of a large increase in short interest during the month of August. As of August 15th, there was short interest totalling 38,710,000 shares, an increase of 16.4% from the July 31st total of 33,250,000 shares. Based on an average daily trading volume, of 5,850,000 shares, the days-to-cover ratio is currently 6.6 days. Approximately 11.4% of the company’s shares are sold short.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Royal Bank of Canada raised their price target on shares of International Paper from $52.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Stifel Nicolaus assumed coverage on shares of International Paper in a research note on Tuesday, July 9th. They issued a “hold” rating and a $48.70 price objective for the company. Argus upgraded shares of International Paper from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a research note on Wednesday, August 14th. Seaport Res Ptn upgraded shares of International Paper from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 28th. Finally, Truist Financial lifted their price objective on shares of International Paper from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $50.21.

International Paper Stock Up 0.6 %

IP traded up $0.31 during mid-day trading on Monday, reaching $48.42. 4,194,100 shares of the stock were exchanged, compared to its average volume of 5,575,114. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.17 and a current ratio of 1.59. The stock has a market capitalization of $16.82 billion, a PE ratio of 98.82 and a beta of 1.06. The company has a 50 day moving average price of $45.69 and a two-hundred day moving average price of $41.39. International Paper has a 1 year low of $31.76 and a 1 year high of $49.24.

International Paper (NYSE:IP) last posted its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.14. The firm had revenue of $4.73 billion for the quarter, compared to the consensus estimate of $4.78 billion. International Paper had a net margin of 2.34% and a return on equity of 7.28%. The business’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.59 EPS. As a group, research analysts anticipate that International Paper will post 1.55 EPS for the current year.

International Paper Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Thursday, August 15th will be issued a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.82%. The ex-dividend date of this dividend is Thursday, August 15th. International Paper’s dividend payout ratio (DPR) is currently 377.55%.

Insider Activity at International Paper

In related news, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $42.77, for a total value of $25,662.00. Following the completion of the transaction, the director now owns 42,802 shares in the company, valued at approximately $1,830,641.54. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other International Paper news, SVP Clay R. Ellis sold 9,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $48.83, for a total transaction of $439,470.00. Following the completion of the transaction, the senior vice president now owns 49,832 shares in the company, valued at approximately $2,433,296.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The stock was sold at an average price of $42.77, for a total transaction of $25,662.00. Following the transaction, the director now owns 42,802 shares of the company’s stock, valued at approximately $1,830,641.54. The disclosure for this sale can be found here. Insiders sold a total of 12,000 shares of company stock worth $573,822 in the last quarter. 0.55% of the stock is owned by insiders.

Hedge Funds Weigh In On International Paper

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Bank of New York Mellon Corp increased its position in shares of International Paper by 133.7% during the second quarter. Bank of New York Mellon Corp now owns 14,214,754 shares of the basic materials company’s stock valued at $613,367,000 after buying an additional 8,132,332 shares during the period. Price T Rowe Associates Inc. MD increased its position in shares of International Paper by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 21,135,702 shares of the basic materials company’s stock valued at $824,716,000 after buying an additional 5,492,035 shares during the period. Franklin Resources Inc. increased its position in shares of International Paper by 61.5% during the fourth quarter. Franklin Resources Inc. now owns 13,030,839 shares of the basic materials company’s stock valued at $471,065,000 after buying an additional 4,960,005 shares during the period. Massachusetts Financial Services Co. MA purchased a new position in shares of International Paper during the second quarter worth about $119,012,000. Finally, Norges Bank purchased a new position in shares of International Paper during the fourth quarter worth about $94,913,000. 81.95% of the stock is owned by hedge funds and other institutional investors.

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.