Cary Street Partners Financial LLC Buys New Shares in International Paper (NYSE:IP)

Cary Street Partners Financial LLC purchased a new position in shares of International Paper (NYSE:IP) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 7,597 shares of the basic materials company’s stock, valued at approximately $409,000.

A number of other large investors also recently modified their holdings of IP. Bastion Asset Management Inc. bought a new position in shares of International Paper in the 4th quarter valued at about $1,060,000. Beryl Capital Management LLC acquired a new stake in shares of International Paper in the fourth quarter valued at approximately $5,547,000. Alyeska Investment Group L.P. boosted its stake in shares of International Paper by 134.8% during the 4th quarter. Alyeska Investment Group L.P. now owns 3,948,752 shares of the basic materials company’s stock worth $212,522,000 after acquiring an additional 2,266,762 shares during the period. Atalanta Sosnoff Capital LLC raised its stake in International Paper by 11.5% in the 4th quarter. Atalanta Sosnoff Capital LLC now owns 5,490 shares of the basic materials company’s stock valued at $295,000 after acquiring an additional 566 shares during the period. Finally, AXA S.A. lifted its holdings in International Paper by 205.9% during the 4th quarter. AXA S.A. now owns 50,342 shares of the basic materials company’s stock valued at $2,709,000 after purchasing an additional 33,886 shares during the last quarter. 81.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages recently commented on IP. Citigroup started coverage on shares of International Paper in a report on Wednesday, March 5th. They set a “buy” rating and a $60.00 target price for the company. JPMorgan Chase & Co. assumed coverage on International Paper in a research note on Thursday, March 20th. They set an “overweight” rating and a $59.00 target price on the stock. StockNews.com lowered International Paper from a “hold” rating to a “sell” rating in a report on Monday, May 5th. Royal Bank of Canada reissued an “outperform” rating and set a $64.00 target price on shares of International Paper in a report on Wednesday, March 26th. Finally, Bank of America started coverage on shares of International Paper in a research note on Thursday, February 13th. They issued a “neutral” rating on the stock. Three analysts have rated the stock with a sell rating, two have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $54.21.

Insiders Place Their Bets

In other International Paper news, CAO Holly G. Goughnour sold 7,500 shares of the company’s stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $44.85, for a total value of $336,375.00. Following the sale, the chief accounting officer now owns 31,525 shares in the company, valued at approximately $1,413,896.25. The trade was a 19.22 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.35% of the company’s stock.

International Paper Stock Down 1.4 %

Shares of IP opened at $44.31 on Friday. The stock has a market capitalization of $23.39 billion, a price-to-earnings ratio of 28.22, a PEG ratio of 0.39 and a beta of 1.03. International Paper has a 52 week low of $38.10 and a 52 week high of $60.36. 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 stock has a fifty day moving average of $48.93 and a 200-day moving average of $53.38.

International Paper (NYSE:IP) last announced its quarterly earnings results on Wednesday, April 30th. The basic materials company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.12). International Paper had a net margin of 2.99% and a return on equity of 4.75%. The firm had revenue of $5.90 billion for the quarter, compared to analyst estimates of $6.38 billion. During the same period in the previous year, the business posted $0.17 earnings per share. The business’s revenue for the quarter was up 27.8% compared to the same quarter last year. As a group, sell-side analysts anticipate that International Paper will post 2.77 earnings per share for the current fiscal year.

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.