International Paper (NYSE:IP) Shares Sold by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC lessened its stake in shares of International Paper (NYSE:IP) by 1.3% in the 4th quarter, Holdings Channel.com reports. The firm owned 189,029 shares of the basic materials company’s stock after selling 2,489 shares during the quarter. Commonwealth Equity Services LLC’s holdings in International Paper were worth $10,174,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently bought and sold shares of the company. Pacer Advisors Inc. lifted its holdings in shares of International Paper by 28.7% in the 4th quarter. Pacer Advisors Inc. now owns 33,330 shares of the basic materials company’s stock valued at $1,794,000 after buying an additional 7,424 shares during the period. Lord Abbett & CO. LLC acquired a new position in International Paper during the third quarter worth $24,327,000. Wedmont Private Capital purchased a new position in shares of International Paper in the fourth quarter valued at $376,000. Everence Capital Management Inc. acquired a new position in shares of International Paper during the 4th quarter worth $828,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in International Paper by 1.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 878,221 shares of the basic materials company’s stock valued at $46,686,000 after acquiring an additional 15,904 shares in the last quarter. 81.95% of the stock is owned by institutional investors and hedge funds.

International Paper Stock Up 1.3 %

IP opened at $52.70 on Thursday. International Paper has a 1 year low of $33.16 and a 1 year high of $60.36. The firm has a 50 day moving average price of $55.07 and a 200 day moving average price of $53.41. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.08 and a current ratio of 1.49. The company has a market cap of $27.73 billion, a PE ratio of 33.57, a price-to-earnings-growth ratio of 0.39 and a beta of 1.02.

International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share 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%. Sell-side analysts expect that International Paper will post 2.77 earnings per share for the current year.

International Paper Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, February 24th were issued a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date of this dividend was Monday, February 24th. International Paper’s payout ratio is 117.83%.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on IP. Bank of America initiated coverage on International Paper in a research note on Thursday, February 13th. They issued a “neutral” rating on the stock. Citigroup initiated coverage on shares of International Paper in a report on Wednesday, March 5th. They set a “buy” rating and a $60.00 price target for the company. Truist Financial restated a “buy” rating and set a $64.00 price objective (down previously from $65.00) on shares of International Paper in a report on Friday, January 31st. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $64.00 price target on shares of International Paper in a report on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, International Paper currently has a consensus rating of “Moderate Buy” and an average target price 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.