Oppenheimer & Co. Inc. Cuts Holdings in International Paper (NYSE:IP)

Oppenheimer & Co. Inc. trimmed its holdings in shares of International Paper (NYSE:IP) by 68.0% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 26,406 shares of the basic materials company’s stock after selling 56,089 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in International Paper were worth $1,290,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Massmutual Trust Co. FSB ADV boosted its stake in International Paper by 20.7% in the third quarter. Massmutual Trust Co. FSB ADV now owns 1,396 shares of the basic materials company’s stock valued at $68,000 after acquiring an additional 239 shares in the last quarter. Retirement Systems of Alabama boosted its stake in International Paper by 0.3% in the second quarter. Retirement Systems of Alabama now owns 76,616 shares of the basic materials company’s stock valued at $3,306,000 after acquiring an additional 246 shares in the last quarter. Altrius Capital Management Inc boosted its stake in International Paper by 0.3% in the second quarter. Altrius Capital Management Inc now owns 112,487 shares of the basic materials company’s stock valued at $4,854,000 after acquiring an additional 296 shares in the last quarter. 180 Wealth Advisors LLC boosted its stake in International Paper by 4.2% in the second quarter. 180 Wealth Advisors LLC now owns 8,172 shares of the basic materials company’s stock valued at $351,000 after acquiring an additional 327 shares in the last quarter. Finally, Assetmark Inc. boosted its stake in International Paper by 38.8% in the third quarter. Assetmark Inc. now owns 1,184 shares of the basic materials company’s stock valued at $58,000 after acquiring an additional 331 shares in the last quarter. 81.95% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on IP. BNP Paribas downgraded shares of International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 target price for the company. in a research note on Wednesday, November 13th. Argus upgraded shares of International Paper from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a research note on Wednesday, August 14th. Royal Bank of Canada lifted their price objective on shares of International Paper from $56.00 to $64.00 and gave the stock an “outperform” rating in a research note on Friday, November 1st. Truist Financial reiterated a “buy” rating and set a $61.00 price objective (up from $57.00) on shares of International Paper in a research note on Friday, November 1st. Finally, Wells Fargo & Company lifted their price objective on shares of International Paper from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 25th. One research analyst has rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $51.54.

International Paper Trading Up 0.2 %

NYSE IP opened at $57.70 on Tuesday. The company has a market capitalization of $20.05 billion, a PE ratio of 49.32 and a beta of 1.02. The company has a fifty day moving average of $50.56 and a 200 day moving average of $46.81. International Paper has a 1 year low of $31.76 and a 1 year high of $59.52. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.53 and a quick ratio of 1.11.

International Paper (NYSE:IP) last posted its earnings results on Thursday, October 31st. The basic materials company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.20. The company had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $4.70 billion. International Paper had a net margin of 2.25% and a return on equity of 6.49%. The firm’s quarterly revenue was up 1.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.64 earnings per share. Research analysts forecast that International Paper will post 1.29 earnings per share for the current year.

International Paper Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 15th will be issued a $0.4625 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.85 dividend on an annualized basis and a yield of 3.21%. International Paper’s payout ratio is 158.12%.

Insider Buying and Selling at International Paper

In other news, SVP Joseph R. Saab sold 2,440 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $47.30, for a total transaction of $115,412.00. Following the completion of the sale, the senior vice president now owns 18,668 shares of the company’s stock, valued at $882,996.40. The trade was a 11.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Holly G. Goughnour sold 5,000 shares of the business’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $47.22, for a total transaction of $236,100.00. Following the sale, the vice president now directly owns 16,788 shares of the company’s stock, valued at $792,729.36. This represents a 22.95 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,440 shares of company stock valued at $944,540. Corporate insiders own 0.55% of the company’s stock.

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.