International Paper Company $IP Shares Sold by Eventide Asset Management LLC

Eventide Asset Management LLC cut its stake in shares of International Paper Company (NYSE:IP) by 22.2% in the 2nd quarter, HoldingsChannel.com reports. The fund owned 677,353 shares of the basic materials company’s stock after selling 193,082 shares during the quarter. Eventide Asset Management LLC’s holdings in International Paper were worth $32,062,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of International Paper during the second quarter valued at $281,735,000. Price T Rowe Associates Inc. MD raised its holdings in International Paper by 8.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 51,798,017 shares of the basic materials company’s stock worth $2,763,426,000 after buying an additional 4,201,422 shares during the period. T. Rowe Price Investment Management Inc. raised its holdings in International Paper by 230.0% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,965,192 shares of the basic materials company’s stock worth $211,543,000 after buying an additional 2,763,634 shares during the period. Goldman Sachs Group Inc. lifted its stake in International Paper by 78.9% during the first quarter. Goldman Sachs Group Inc. now owns 4,860,535 shares of the basic materials company’s stock valued at $259,310,000 after buying an additional 2,143,027 shares in the last quarter. Finally, M&G PLC boosted its holdings in shares of International Paper by 165.9% in the second quarter. M&G PLC now owns 3,220,070 shares of the basic materials company’s stock worth $150,553,000 after buying an additional 2,009,123 shares during the period. 81.95% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at International Paper

In other news, SVP Joseph R. Saab sold 9,000 shares of the firm’s stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $45.53, for a total transaction of $409,770.00. Following the completion of the sale, the senior vice president directly owned 27,673 shares of the company’s stock, valued at $1,259,951.69. This trade represents a 24.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 0.35% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on IP shares. Truist Financial cut their price target on shares of International Paper from $55.00 to $53.00 and set a “buy” rating on the stock in a report on Monday, October 13th. BNP Paribas Exane upgraded shares of International Paper from an “underperform” rating to an “outperform” rating and set a $44.00 price objective on the stock in a research report on Monday, November 24th. Citigroup reduced their target price on International Paper from $55.00 to $46.00 and set a “buy” rating for the company in a report on Monday, November 3rd. Bank of America raised International Paper from a “neutral” rating to a “buy” rating and raised their target price for the stock from $55.00 to $57.00 in a research report on Thursday, August 28th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of International Paper in a report on Monday. Nine investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat.com, International Paper has an average rating of “Hold” and an average target price of $50.44.

International Paper Stock Down 1.2%

International Paper stock opened at $38.57 on Friday. International Paper Company has a twelve month low of $35.56 and a twelve month high of $60.15. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.04 and a current ratio of 1.31. The firm has a market cap of $20.37 billion, a PE ratio of -14.78, a P/E/G ratio of 1.23 and a beta of 1.09. The firm’s 50 day moving average price is $41.24 and its two-hundred day moving average price is $45.85.

International Paper (NYSE:IP) last posted its quarterly earnings results on Thursday, October 30th. The basic materials company reported ($0.43) EPS for the quarter, missing the consensus estimate of $0.53 by ($0.96). International Paper had a negative net margin of 5.45% and a negative return on equity of 0.16%. The company had revenue of $6.22 billion for the quarter, compared to analysts’ expectations of $6.76 billion. During the same quarter in the prior year, the firm earned $0.33 earnings per share. The company’s revenue was up 56.4% on a year-over-year basis. On average, research analysts predict that International Paper Company will post 2.77 EPS for the current fiscal year.

International Paper Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 16th. Shareholders of record on Friday, November 14th will be given a $0.4625 dividend. This represents a $1.85 annualized dividend and a yield of 4.8%. International Paper’s payout ratio is currently -70.88%.

International Paper Profile

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.