OLD National Bancorp IN Sells 5,350 Shares of International Paper (NYSE:IP)

OLD National Bancorp IN cut its position in International Paper (NYSE:IP) by 25.3% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 15,831 shares of the basic materials company’s stock after selling 5,350 shares during the period. OLD National Bancorp IN’s holdings in International Paper were worth $572,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in IP. CWM LLC raised its stake in shares of International Paper by 61.9% in the third quarter. CWM LLC now owns 14,569 shares of the basic materials company’s stock valued at $517,000 after buying an additional 5,569 shares during the period. Exchange Traded Concepts LLC lifted its holdings in International Paper by 421.1% during the 3rd quarter. Exchange Traded Concepts LLC now owns 9,963 shares of the basic materials company’s stock worth $353,000 after purchasing an additional 8,051 shares in the last quarter. Occidental Asset Management LLC lifted its holdings in International Paper by 2.7% during the 3rd quarter. Occidental Asset Management LLC now owns 35,676 shares of the basic materials company’s stock worth $1,265,000 after purchasing an additional 933 shares in the last quarter. Welch Group LLC purchased a new stake in International Paper during the 3rd quarter worth about $206,000. Finally, Czech National Bank lifted its holdings in International Paper by 47.2% during the 3rd quarter. Czech National Bank now owns 60,474 shares of the basic materials company’s stock worth $2,145,000 after purchasing an additional 19,389 shares in the last quarter. 81.95% of the stock is currently owned by institutional investors.

International Paper Stock Up 0.1 %

Shares of NYSE:IP opened at $34.43 on Thursday. The stock has a fifty day simple moving average of $36.71 and a two-hundred day simple moving average of $35.83. The stock has a market capitalization of $11.96 billion, a price-to-earnings ratio of 41.99 and a beta of 0.99. International Paper has a 12-month low of $29.00 and a 12-month high of $41.28. The company has a current ratio of 1.67, a quick ratio of 1.19 and a debt-to-equity ratio of 0.65.

International Paper (NYSE:IP) last announced its quarterly earnings data on Thursday, February 1st. The basic materials company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.07. The business had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.67 billion. International Paper had a return on equity of 8.87% and a net margin of 1.52%. The firm’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.87 earnings per share. On average, research analysts anticipate that International Paper will post 1.91 earnings per share for the current fiscal year.

Insider Buying and Selling at International Paper

In other International Paper news, SVP James P. Jr. Royalty sold 5,800 shares of International Paper stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $34.75, for a total transaction of $201,550.00. Following the completion of the transaction, the senior vice president now owns 69,488 shares in the company, valued at $2,414,708. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last 90 days, insiders sold 8,800 shares of company stock worth $310,438. 0.55% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have weighed in on IP shares. Citigroup raised International Paper from a “neutral” rating to a “buy” rating and raised their price target for the company from $36.00 to $46.00 in a report on Wednesday, March 20th. StockNews.com cut International Paper from a “buy” rating to a “hold” rating in a report on Sunday, January 14th. Argus lowered International Paper from a “buy” rating to a “hold” rating in a research report on Monday, February 26th. Wells Fargo & Company reduced their price objective on International Paper from $39.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Friday, February 2nd. Finally, Bank of America upgraded International Paper from an “underperform” rating to a “buy” rating and increased their price objective for the company from $37.00 to $42.00 in a research report on Monday, March 4th. Five analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $37.13.

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.