International Paper (NYSE:IP) Upgraded to “Buy” at Bank of America

International Paper (NYSE:IP) was upgraded by investment analysts at Bank of America from a “neutral” rating to a “buy” rating in a report issued on Friday, Briefing.com reports. The brokerage currently has a $46.00 price objective on the basic materials company’s stock. Bank of America‘s price objective points to a potential upside of 34.31% from the company’s previous close.

A number of other analysts have also recently commented on IP. Seaport Research Partners restated a “buy” rating and issued a $46.00 price objective on shares of International Paper in a research report on Wednesday, August 12th. Wall Street Zen cut shares of International Paper from a “hold” rating to a “sell” rating in a research note on Tuesday, August 25th. JPMorgan Chase & Co. raised shares of International Paper from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $51.00 to $61.00 in a report on Tuesday, July 28th. Royal Bank Of Canada upped their price objective on shares of International Paper from $48.00 to $52.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Finally, Loop Capital set a $61.00 price objective on shares of International Paper in a report on Tuesday, July 28th. Ten research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, International Paper presently has a consensus rating of “Moderate Buy” and an average price target of $49.13.

International Paper Trading Down 1.1%

IP stock opened at $34.25 on Friday. The company’s 50-day simple moving average is $39.30 and its 200-day simple moving average is $36.98. 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 has a 52-week low of $29.26 and a 52-week high of $50.25. The firm has a market cap of $18.14 billion, a P/E ratio of -5.25, a PEG ratio of 4.31 and a beta of 0.93.

International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.08. The firm had revenue of $6 billion during the quarter, compared to analyst estimates 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 business earned $0.20 EPS. As a group, equities analysts forecast that International Paper will post 1.34 EPS for the current fiscal year.

Insider Buying and Selling at International Paper

In other news, VP William Hamic sold 24,500 shares of International Paper stock in a transaction on Friday, August 7th. The stock was sold at an average price of $41.20, for a total transaction of $1,009,400.00. Following the transaction, the vice president owned 106,952 shares in the company, valued at $4,406,422.40. The trade was a 18.64% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Holly G. Goughnour sold 3,500 shares of the business’s stock in a transaction dated 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 approximately $1,437,046.08. The trade was a 9.27% decrease in their position. The SEC filing for this sale provides additional information. 0.21% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On International Paper

Hedge funds and other institutional investors have recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of International Paper during the 2nd quarter worth approximately $1,940,896,000. California State Teachers Retirement System lifted its holdings in International Paper by 3,696.7% in the second quarter. California State Teachers Retirement System now owns 22,244,418 shares of the basic materials company’s stock valued at $847,512,000 after acquiring an additional 21,658,528 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in International Paper in the second quarter valued at approximately $689,498,000. Capital International Investors grew its position in International Paper by 29.4% in the fourth quarter. Capital International Investors now owns 63,413,335 shares of the basic materials company’s stock worth $2,498,013,000 after acquiring an additional 14,422,616 shares during the period. Finally, Atlas FRM LLC purchased a new position in International Paper in the second quarter worth approximately $374,904,000. 81.95% of the stock is currently owned by institutional investors and hedge funds.

About International Paper

International Paper Company (NYSE: IP) is a global producer of sustainable packaging and paper-based products. The company manufactures containerboard, corrugated packaging, and other fiber-based packaging solutions used to transport and protect goods across a range of industries. Its offerings also include absorbent pulp and cellulose fibers used in products such as diapers, hygiene items, and other consumer and industrial applications.

Founded in 1898, International Paper has grown through the development and operation of paper mills, packaging facilities, and related manufacturing assets.