Chevy Chase Trust Holdings LLC Sells 3,396 Shares of International Paper (NYSE:IP)

Chevy Chase Trust Holdings LLC lowered its position in International Paper (NYSE:IP) by 1.8% in the third quarter, Holdings Channel.com reports. The fund owned 186,345 shares of the basic materials company’s stock after selling 3,396 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in International Paper were worth $9,103,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors also recently modified their holdings of IP. Clearline Capital LP lifted its position in International Paper by 161.1% in the third quarter. Clearline Capital LP now owns 276,008 shares of the basic materials company’s stock worth $13,483,000 after purchasing an additional 170,291 shares during the period. Atom Investors LP bought a new position in shares of International Paper during the 3rd quarter worth about $1,991,000. Erste Asset Management GmbH bought a new position in shares of International Paper during the 3rd quarter worth about $6,699,000. Edgestream Partners L.P. increased its stake in International Paper by 114.4% in the third quarter. Edgestream Partners L.P. now owns 121,064 shares of the basic materials company’s stock valued at $5,914,000 after acquiring an additional 64,605 shares during the period. Finally, NCM Capital Management LLC acquired a new position in International Paper in the third quarter worth about $225,000. Institutional investors and hedge funds own 81.95% of the company’s stock.

Insider Transactions at International Paper

In other news, Director Kathryn D. Sullivan sold 600 shares of International Paper stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $58.39, for a total transaction of $35,034.00. Following the completion of the sale, the director now owns 37,145 shares in the company, valued at $2,168,896.55. The trade was a 1.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Joseph R. Saab sold 2,440 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $47.30, for a total transaction of $115,412.00. Following the completion of the transaction, the senior vice president now owns 18,668 shares in the company, valued at $882,996.40. This represents a 11.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 6,040 shares of company stock worth $304,004 over the last 90 days. 0.55% of the stock is owned by insiders.

International Paper Stock Down 1.7 %

Shares of NYSE:IP opened at $56.71 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.53 and a debt-to-equity ratio of 0.62. The firm has a market cap of $19.70 billion, a P/E ratio of 48.47 and a beta of 1.02. International Paper has a 12 month low of $32.70 and a 12 month high of $60.36. The company’s 50-day moving average price is $53.14 and its two-hundred day moving average price is $48.46.

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

International Paper Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 15th will be paid a $0.4625 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.85 annualized dividend and a dividend yield of 3.26%. International Paper’s dividend payout ratio (DPR) is currently 158.12%.

Analyst Ratings Changes

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

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.