Bowen Hanes & Co. Inc. Has $1.04 Million Holdings in International Paper (NYSE:IP)

Bowen Hanes & Co. Inc. trimmed its position in shares of International Paper (NYSE:IP) by 10.4% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,370 shares of the basic materials company’s stock after selling 2,260 shares during the period. Bowen Hanes & Co. Inc.’s holdings in International Paper were worth $1,042,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in IP. Sierra Ocean LLC bought a new position in International Paper during the fourth quarter worth $26,000. Centricity Wealth Management LLC bought a new stake in shares of International Paper in the fourth quarter valued at about $26,000. Brooklyn Investment Group bought a new stake in International Paper during the third quarter worth about $25,000. Legacy Investment Solutions LLC bought a new stake in International Paper during the third quarter worth about $28,000. Finally, Ashton Thomas Securities LLC bought a new stake in International Paper during the third quarter worth about $28,000. 81.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

IP has been the subject of several recent analyst reports. Bank of America started coverage on shares of International Paper in a research report on Thursday, February 13th. They set a “neutral” rating for the company. BNP Paribas downgraded International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 target price for the company. in a research note on Wednesday, November 13th. Truist Financial reissued a “buy” rating and set a $64.00 target price (down previously from $65.00) on shares of International Paper in a research note on Friday, January 31st. Citigroup started coverage on International Paper in a research note on Wednesday, March 5th. They set a “buy” rating and a $60.00 target price for the company. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $64.00 target price on shares of International Paper in a research note on Friday, January 31st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, International Paper has an average rating of “Moderate Buy” and a consensus target price of $54.86.

International Paper Stock Performance

Shares of IP stock opened at $50.60 on Thursday. The business’s 50 day simple moving average is $55.26 and its 200 day simple moving average is $53.30. International Paper has a one year low of $33.16 and a one year high of $60.36. The stock has a market capitalization of $26.62 billion, a PE ratio of 32.23, a PEG ratio of 0.39 and a beta of 1.02. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.49 and a quick ratio of 1.08.

International Paper (NYSE:IP) last posted its quarterly earnings results on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). International Paper had a return on equity of 4.75% and a net margin of 2.99%. As a group, research analysts forecast that International Paper will post 2.77 earnings per share for the current year.

International Paper Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, February 24th will be given a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a yield of 3.66%. The ex-dividend date is Monday, February 24th. International Paper’s payout ratio is currently 117.83%.

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.