Elevation Point Wealth Partners LLC Takes Position in International Paper Company $IP

Elevation Point Wealth Partners LLC acquired a new stake in shares of International Paper Company (NYSE:IP) during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 38,940 shares of the basic materials company’s stock, valued at approximately $1,484,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in International Paper by 0.5% during the fourth quarter. Vanguard Group Inc. now owns 64,357,913 shares of the basic materials company’s stock valued at $2,535,058,000 after buying an additional 310,834 shares in the last quarter. Capital International Investors raised its holdings in shares of International Paper by 29.4% in the 4th quarter. Capital International Investors now owns 63,413,335 shares of the basic materials company’s stock worth $2,498,013,000 after purchasing an additional 14,422,616 shares in the last quarter. Capital Research Global Investors lifted its stake in International Paper by 0.4% during the fourth quarter. Capital Research Global Investors now owns 54,535,444 shares of the basic materials company’s stock valued at $2,148,154,000 after purchasing an additional 204,654 shares during the last quarter. BlackRock Inc. acquired a new stake in International Paper during the second quarter valued at approximately $1,940,896,000. Finally, State Street Corp boosted its holdings in International Paper by 1.3% during the fourth quarter. State Street Corp now owns 30,009,733 shares of the basic materials company’s stock worth $1,182,083,000 after buying an additional 397,673 shares in the last quarter. 81.95% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on IP shares. Wells Fargo & Company increased their price objective on International Paper from $42.00 to $46.00 and gave the company an “overweight” rating in a research report on Friday, July 31st. Bank of America cut International Paper from a “buy” rating to a “neutral” rating and set a $41.00 target price on the stock. in a report on Tuesday, July 14th. Weiss Ratings raised International Paper from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday. Seaport Research Partners reaffirmed a “buy” rating and set a $46.00 target price on shares of International Paper in a report on Wednesday, August 12th. Finally, JPMorgan Chase & Co. raised International Paper from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $51.00 to $61.00 in a research note on Tuesday, July 28th. Nine research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $48.75.

Insider Activity

In related news, VP William Thomas Hamic sold 24,500 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $41.20, for a total transaction of $1,009,400.00. Following the completion of the sale, the vice president directly owned 106,952 shares in the company, valued at approximately $4,406,422.40. This trade represents a 18.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Holly G. Goughnour sold 3,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $41.96, for a total transaction of $146,860.00. Following the transaction, the chief accounting officer directly owned 34,248 shares in the company, valued at $1,437,046.08. The trade was a 9.27% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.21% of the company’s stock.

International Paper Price Performance

IP opened at $41.53 on Monday. The firm has a market capitalization of $21.99 billion, a P/E ratio of -6.37 and a beta of 0.94. The stock has a fifty day moving average of $39.21 and a 200-day moving average of $37.90. The company has a quick ratio of 0.84, a current ratio of 1.10 and a debt-to-equity ratio of 0.57. International Paper Company has a 12-month low of $29.26 and a 12-month high of $50.25.

International Paper (NYSE:IP) last issued its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.04 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.08. The business had revenue of $6 billion for the quarter, compared to the consensus estimate of $6.19 billion. International Paper had a negative return on equity of 1.09% and a negative net margin of 14.20%.International Paper’s revenue for the quarter was down 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.20 earnings per share. Equities analysts forecast that International Paper Company will post 1.34 EPS for the current fiscal year.

International Paper Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, August 14th will be paid a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Friday, August 14th. International Paper’s payout ratio is -28.37%.

About International Paper

International Paper is a global producer of renewable fiber-based products, focused primarily on pulp, paper, and packaging. The company manufactures containerboard and corrugated packaging used for shipping and retail display, as well as a range of specialty papers and pulp products that serve industrial, consumer goods, and e-commerce customers. Its product portfolio is oriented toward large-scale packaging solutions, tissue and paper grades, and raw pulp for a variety of manufacturing uses.

Founded in 1898, International Paper is headquartered in Memphis, Tennessee, and is one of the largest and longest-established companies in the forest products sector.