International Paper (NYSE:IP) Shares Gap Up – Here’s What Happened

International Paper (NYSE:IP)’s share price gapped up before the market opened on Thursday . The stock had previously closed at $50.63, but opened at $51.94. International Paper shares last traded at $51.45, with a volume of 402,497 shares.

Analyst Ratings Changes

A number of analysts recently commented on the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $64.00 price target on shares of International Paper in a research report on Friday, January 31st. Citigroup initiated coverage on shares of International Paper in a research note on Wednesday, March 5th. They issued a “buy” rating and a $60.00 target price on the stock. Truist Financial reaffirmed 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. Bank of America assumed coverage on International Paper in a research note on Thursday, February 13th. They issued a “neutral” rating on the stock. Finally, BNP Paribas lowered shares of International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 price target for the company. in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, International Paper presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.86.

International Paper Stock Performance

The firm’s 50 day simple moving average is $55.26 and its 200-day simple moving average is $53.30. The company has a market cap of $26.19 billion, a price-to-earnings ratio of 31.70, a PEG ratio of 0.39 and a beta of 1.02. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.08 and a current ratio of 1.49.

International Paper (NYSE:IP) last issued its earnings results on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share for the quarter, missing the consensus estimate 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, sell-side analysts predict that International Paper will post 2.77 EPS for the current year.

International Paper Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, February 24th will be issued a $0.4625 dividend. The ex-dividend date is Monday, February 24th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.72%. International Paper’s dividend payout ratio (DPR) is presently 117.83%.

Hedge Funds Weigh In On International Paper

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Principal Financial Group Inc. lifted its stake in International Paper by 2.6% during the third quarter. Principal Financial Group Inc. now owns 417,851 shares of the basic materials company’s stock valued at $20,412,000 after buying an additional 10,632 shares in the last quarter. Verdence Capital Advisors LLC purchased a new stake in shares of International Paper during the 3rd quarter worth about $217,000. Assetmark Inc. lifted its holdings in shares of International Paper by 38.8% during the 3rd quarter. Assetmark Inc. now owns 1,184 shares of the basic materials company’s stock valued at $58,000 after buying an additional 331 shares during the last quarter. Atria Investments Inc increased its holdings in International Paper by 58.7% in the third quarter. Atria Investments Inc now owns 20,192 shares of the basic materials company’s stock worth $986,000 after buying an additional 7,465 shares during the last quarter. Finally, Ashton Thomas Securities LLC bought a new position in International Paper during the third quarter valued at approximately $28,000. 81.95% of the stock is owned by institutional investors and hedge funds.

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.