Corsair Capital Management L.P. Buys Shares of 10,000 International Paper (NYSE:IP)

Corsair Capital Management L.P. purchased a new position in shares of International Paper (NYSE:IP) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 10,000 shares of the basic materials company’s stock, valued at approximately $488,000.

Other institutional investors and hedge funds have also modified their holdings of the company. FMR LLC increased its stake in International Paper by 88.4% in the third quarter. FMR LLC now owns 17,839,237 shares of the basic materials company’s stock valued at $871,447,000 after purchasing an additional 8,370,273 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in International Paper by 133.7% in 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 purchasing an additional 8,132,332 shares during the period. Diamond Hill Capital Management Inc. grew its stake in shares of International Paper by 125.1% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 4,235,846 shares of the basic materials company’s stock valued at $206,921,000 after buying an additional 2,354,341 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of International Paper by 0.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,579,679 shares of the basic materials company’s stock worth $174,867,000 after buying an additional 9,774 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in International Paper by 19.5% during the third quarter. Massachusetts Financial Services Co. MA now owns 3,295,926 shares of the basic materials company’s stock worth $161,006,000 after acquiring an additional 537,825 shares during the last quarter. Institutional investors and hedge funds own 81.95% of the company’s stock.

Insider Buying and Selling at International Paper

In related news, VP Holly G. Goughnour sold 5,000 shares of International Paper stock in a transaction on Friday, September 6th. The stock was sold at an average price of $47.22, for a total value of $236,100.00. Following the transaction, the vice president now directly owns 16,788 shares in the company, valued at $792,729.36. The trade was a 22.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, SVP Joseph R. Saab sold 2,440 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $47.30, for a total value of $115,412.00. Following the completion of the transaction, the senior vice president now owns 18,668 shares of the company’s stock, valued at $882,996.40. This trade represents a 11.56 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 10,440 shares of company stock valued at $505,070. 0.55% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts have issued reports on IP shares. Royal Bank of Canada boosted their price objective on shares of International Paper from $56.00 to $64.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. BNP Paribas downgraded International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 target price on the stock. in a report on Wednesday, November 13th. Truist Financial restated a “buy” rating and issued a $61.00 price target (up previously from $57.00) on shares of International Paper in a report on Friday, November 1st. Finally, Argus upgraded 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. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.54.

International Paper Price Performance

Shares of NYSE IP opened at $59.00 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.53 and a quick ratio of 1.11. The firm has a market capitalization of $20.50 billion, a PE ratio of 50.51 and a beta of 1.02. International Paper has a 1-year low of $32.70 and a 1-year high of $60.36. The business’s fifty day moving average price is $51.84 and its two-hundred day moving average price is $47.69.

International Paper (NYSE:IP) last released its quarterly earnings data on Thursday, October 31st. The basic materials company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.20. The business had revenue of $4.69 billion for the quarter, compared to analysts’ expectations of $4.70 billion. International Paper had a net margin of 2.25% and a return on equity of 6.49%. The company’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.64 EPS. On average, research analysts expect that International Paper will post 1.22 EPS for the current year.

International Paper Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 15th will be given a $0.4625 dividend. This represents a $1.85 annualized dividend and a yield of 3.14%. The ex-dividend date is Friday, November 15th. International Paper’s dividend payout ratio (DPR) is presently 158.12%.

International Paper 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.