Patten Group Inc. Has $321,000 Position in International Paper (NYSE:IP)

Patten Group Inc. lowered its stake in International Paper (NYSE:IP) by 12.3% in the third quarter, HoldingsChannel.com reports. The firm owned 6,567 shares of the basic materials company’s stock after selling 921 shares during the quarter. Patten Group Inc.’s holdings in International Paper were worth $321,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Ables Iannone Moore & Associates Inc. acquired a new stake in shares of International Paper in the fourth quarter valued at approximately $37,000. Janney Montgomery Scott LLC increased its holdings in shares of International Paper by 20.0% in the first quarter. Janney Montgomery Scott LLC now owns 105,061 shares of the basic materials company’s stock valued at $4,100,000 after purchasing an additional 17,516 shares in the last quarter. Wellington Management Group LLP increased its holdings in shares of International Paper by 1,896.7% in the fourth quarter. Wellington Management Group LLP now owns 210,215 shares of the basic materials company’s stock valued at $7,599,000 after purchasing an additional 199,687 shares in the last quarter. Los Angeles Capital Management LLC acquired a new stake in shares of International Paper in the first quarter valued at approximately $1,312,000. Finally, Brookstone Capital Management increased its holdings in shares of International Paper by 1,759.4% in the first quarter. Brookstone Capital Management now owns 251,355 shares of the basic materials company’s stock valued at $9,808,000 after purchasing an additional 237,837 shares in the last quarter. Institutional investors and hedge funds own 81.95% of the company’s stock.

International Paper Trading Down 0.2 %

Shares of NYSE IP opened at $47.00 on Friday. The company’s fifty day moving average is $47.61 and its 200-day moving average is $43.76. The stock has a market cap of $16.33 billion, a price-to-earnings ratio of 38.52 and a beta of 1.04. International Paper has a twelve month low of $31.76 and a twelve month high of $50.68. The company has a quick ratio of 1.17, a current ratio of 1.59 and a debt-to-equity ratio of 0.62.

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

Insider Activity at International Paper

In related news, SVP Clay R. Ellis sold 9,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $48.83, for a total value of $439,470.00. Following the sale, the senior vice president now directly owns 49,832 shares of the company’s stock, valued at approximately $2,433,296.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, SVP Clay R. Ellis sold 9,000 shares of the business’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $48.83, for a total value of $439,470.00. Following the sale, the senior vice president now directly owns 49,832 shares of the company’s stock, valued at approximately $2,433,296.56. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Kathryn D. Sullivan sold 600 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $43.68, for a total transaction of $26,208.00. Following the completion of the sale, the director now directly owns 42,202 shares in the company, valued at $1,843,383.36. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 19,440 shares of company stock valued at $931,502. 0.55% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on IP. Seaport Res Ptn raised shares of International Paper from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 28th. Stifel Nicolaus began 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 on the stock. Royal Bank of Canada raised their price objective on shares of International Paper from $52.00 to $56.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Argus raised shares of International Paper from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a research note on Wednesday, August 14th. Finally, Truist Financial raised 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 issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $50.21.

International Paper Company 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.