Victory Capital Management Inc. Sells 53,429 Shares of International Paper (NYSE:IP)

Victory Capital Management Inc. lessened its position in International Paper (NYSE:IP) by 8.1% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 607,393 shares of the basic materials company’s stock after selling 53,429 shares during the period. Victory Capital Management Inc.’s holdings in International Paper were worth $32,690,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Sierra Ocean LLC bought a new position in shares of International Paper in the fourth quarter worth approximately $26,000. Centricity Wealth Management LLC bought a new position in shares of International Paper in the fourth quarter worth approximately $26,000. Brooklyn Investment Group bought a new position in shares of International Paper in the third quarter worth approximately $25,000. Legacy Investment Solutions LLC bought a new position in shares of International Paper in the third quarter worth approximately $28,000. Finally, Ashton Thomas Securities LLC bought a new position in shares of International Paper in the third quarter worth approximately $28,000. Institutional investors own 81.95% of the company’s stock.

International Paper Stock Up 1.3 %

Shares of IP stock opened at $52.39 on Monday. International Paper has a 12 month low of $33.16 and a 12 month high of $60.36. The stock has a market cap of $27.56 billion, a P/E ratio of 33.37, a P/E/G ratio of 0.39 and a beta of 1.02. The company has a current ratio of 1.49, a quick ratio of 1.08 and a debt-to-equity ratio of 0.66. The company has a 50 day simple moving average of $55.49 and a two-hundred day simple moving average of $53.30.

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

International Paper Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, February 24th will be paid a $0.4625 dividend. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.53%. International Paper’s dividend payout ratio (DPR) is presently 117.83%.

Wall Street Analyst Weigh In

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

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.