Bank of Nova Scotia Acquires 2,124 Shares of International Paper (NYSE:IP)

Bank of Nova Scotia lifted its stake in International Paper (NYSE:IP) by 4.9% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 45,752 shares of the basic materials company’s stock after buying an additional 2,124 shares during the period. Bank of Nova Scotia’s holdings in International Paper were worth $2,462,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Wellington Management Group LLP purchased a new stake in shares of International Paper during the third quarter worth about $14,192,000. Orion Portfolio Solutions LLC grew its position in shares of International Paper by 4.1% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 22,444 shares of the basic materials company’s stock worth $1,096,000 after buying an additional 888 shares during the last quarter. Barclays PLC increased its stake in shares of International Paper by 4.5% during the third quarter. Barclays PLC now owns 916,599 shares of the basic materials company’s stock valued at $44,774,000 after buying an additional 39,404 shares during the period. Vestcor Inc lifted its stake in International Paper by 35.2% in the third quarter. Vestcor Inc now owns 6,537 shares of the basic materials company’s stock worth $319,000 after acquiring an additional 1,702 shares during the period. Finally, Geode Capital Management LLC boosted its holdings in International Paper by 1.2% in the third quarter. Geode Capital Management LLC now owns 8,368,401 shares of the basic materials company’s stock valued at $407,463,000 after acquiring an additional 99,720 shares in the last quarter. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the stock. Bank of America initiated coverage on shares of International Paper in a research note on Thursday, February 13th. They set a “neutral” rating on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $64.00 target price on shares of International Paper in a research note on Wednesday, March 26th. Truist Financial reiterated a “buy” rating and issued a $64.00 price objective (down previously from $65.00) on shares of International Paper in a report on Friday, January 31st. Citigroup initiated coverage on shares of International Paper in a research report on Wednesday, March 5th. They issued a “buy” rating and a $60.00 target price on the stock. Finally, Wells Fargo & Company cut their price objective on shares of International Paper from $52.00 to $45.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 8th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $55.32.

International Paper Trading Up 1.4 %

NYSE:IP opened at $46.86 on Friday. The stock has a market cap of $24.74 billion, a price-to-earnings ratio of 29.85, a PEG ratio of 0.39 and a beta of 0.99. International Paper has a 52 week low of $33.16 and a 52 week high of $60.36. The company has a quick ratio of 1.08, a current ratio of 1.49 and a debt-to-equity ratio of 0.66. The company’s 50 day moving average price is $52.76 and its 200-day moving average price is $53.68.

International Paper (NYSE:IP) last announced 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 net margin of 2.99% and a return on equity of 4.75%. On average, equities research analysts forecast that International Paper will post 2.77 earnings per share for the current fiscal year.

International Paper Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, February 24th were given a dividend of $0.4625 per share. The ex-dividend date was Monday, February 24th. This represents a $1.85 dividend on an annualized basis and a yield of 3.95%. International Paper’s dividend payout ratio (DPR) is 117.83%.

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.