International Paper (NYSE:IP) Cut to Strong Sell at Zacks Research

International Paper (NYSE:IP) was downgraded by investment analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Monday,Zacks.com reports.

A number of other research firms also recently commented on IP. Wells Fargo & Company reduced their target price on International Paper from $44.00 to $36.00 and set an “underweight” rating for the company in a report on Friday, October 31st. Jefferies Financial Group reduced their price objective on shares of International Paper from $51.00 to $47.00 and set a “buy” rating for the company in a research note on Wednesday, December 17th. Truist Financial boosted their price objective on shares of International Paper from $47.00 to $50.00 and gave the stock a “buy” rating in a report on Tuesday, January 6th. BNP Paribas raised shares of International Paper from a “strong sell” rating to an “outperform” rating and set a $44.00 target price for the company in a report on Monday, November 24th. Finally, Seaport Res Ptn downgraded shares of International Paper from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Ten research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $48.65.

International Paper Price Performance

Shares of IP opened at $42.56 on Monday. The company has a current ratio of 1.31, a quick ratio of 1.04 and a debt-to-equity ratio of 0.52. The stock’s 50 day moving average is $38.94 and its two-hundred day moving average is $44.76. International Paper has a twelve month low of $35.56 and a twelve month high of $60.15. The firm has a market capitalization of $22.47 billion, a PE ratio of -16.31, a P/E/G ratio of 0.48 and a beta of 1.10.

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 business had revenue of $6.22 billion during the quarter, compared to analyst estimates of $6.76 billion. During the same period in the prior year, the business earned $0.33 earnings per share. The firm’s quarterly revenue was up 56.4% compared to the same quarter last year. Research analysts anticipate that International Paper will post 2.77 earnings per share for the current year.

Insider Activity at International Paper

In other news, SVP Clay R. Ellis sold 18,819 shares of the firm’s stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $36.85, for a total transaction of $693,480.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.55% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On International Paper

A number of institutional investors have recently made changes to their positions in IP. Bank of New York Mellon Corp boosted its stake in shares of International Paper by 9.3% in the second quarter. Bank of New York Mellon Corp now owns 18,737,896 shares of the basic materials company’s stock valued at $877,496,000 after purchasing an additional 1,592,411 shares during the period. Westfield Capital Management Co. LP grew its stake in shares of International Paper by 9.7% during the second quarter. Westfield Capital Management Co. LP now owns 2,323,693 shares of the basic materials company’s stock valued at $108,819,000 after acquiring an additional 205,888 shares in the last quarter. Consolidated Planning Corp acquired a new stake in shares of International Paper during the second quarter valued at about $317,000. Whalen Wealth Management Inc. purchased a new stake in shares of International Paper during the second quarter worth about $604,000. Finally, Norges Bank acquired a new position in shares of International Paper in the second quarter worth about $281,735,000. 81.95% of the stock is owned by institutional investors and hedge funds.

International Paper Company Profile

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.