International Paper (NYSE:IP) Shares Up 7.6% – Here’s What Happened

International Paper Company (NYSE:IP) was up 7.6% during mid-day trading on Friday . The stock traded as high as $41.06 and last traded at $40.7820. Approximately 6,000,260 shares were traded during mid-day trading, a decline of 11% from the average daily volume of 6,756,895 shares. The stock had previously closed at $37.91.

Analysts Set New Price Targets

A number of analysts have commented on IP shares. Citigroup lifted their price target on International Paper from $36.00 to $43.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Weiss Ratings cut International Paper from a “sell (d+)” rating to a “sell (d)” rating in a research note on Monday, April 27th. Zacks Research raised International Paper from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. UBS Group dropped their target price on International Paper from $40.00 to $32.00 and set a “neutral” rating on the stock in a research report on Monday, May 4th. Finally, Truist Financial increased their price target on shares of International Paper from $40.00 to $46.00 and gave the stock a “buy” rating in a report on Wednesday, July 15th. Eight analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, International Paper currently has an average rating of “Moderate Buy” and a consensus price target of $44.31.

International Paper Stock Performance

The firm’s fifty day simple moving average is $35.68 and its 200 day simple moving average is $37.99. The company has a market capitalization of $22.35 billion, a PE ratio of -6.64 and a beta of 0.94. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.94.

International Paper (NYSE:IP) last released its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.03). The company had revenue of $5.97 billion for the quarter, compared to analysts’ expectations of $6.02 billion. International Paper had a negative net margin of 13.42% and a negative return on equity of 0.49%. The business’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.17 EPS. On average, research analysts predict that International Paper Company will post 1.39 EPS for the current year.

International Paper Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Friday, August 14th will be issued a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 4.4%. The ex-dividend date of this dividend is Friday, August 14th. International Paper’s dividend payout ratio (DPR) is -29.09%.

Insiders Place Their Bets

In related news, Director Scott Tozier purchased 10,000 shares of International Paper stock in a transaction that occurred on Friday, May 1st. The stock was bought at an average cost of $31.30 per share, for a total transaction of $313,000.00. Following the completion of the transaction, the director owned 10,025 shares in the company, valued at $313,782.50. The trade was a 40,000.00% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.21% of the company’s stock.

Institutional Investors Weigh In On International Paper

A number of hedge funds and other institutional investors have recently made changes to their positions in IP. Tema ETFs LLC lifted its stake in shares of International Paper by 10.4% in the 2nd quarter. Tema ETFs LLC now owns 10,777 shares of the basic materials company’s stock valued at $411,000 after purchasing an additional 1,015 shares during the period. LVM Capital Management Ltd. MI acquired a new stake in International Paper during the second quarter valued at $612,000. Wealth Science Advisors LLC acquired a new stake in International Paper during the second quarter valued at $200,000. GoalVest Advisory LLC increased its holdings in International Paper by 6.9% in the second quarter. GoalVest Advisory LLC now owns 30,044 shares of the basic materials company’s stock valued at $1,145,000 after buying an additional 1,948 shares in the last quarter. Finally, Valeo Financial Advisors LLC increased its holdings in International Paper by 10.9% in the second quarter. Valeo Financial Advisors LLC now owns 16,612 shares of the basic materials company’s stock valued at $633,000 after buying an additional 1,630 shares in the last quarter. Institutional investors and hedge funds own 81.95% of the company’s stock.

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.