Zurcher Kantonalbank Zurich Cantonalbank Purchases 249,804 Shares of International Paper (NYSE:IP)

Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of International Paper (NYSE:IP) by 97.4% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 506,153 shares of the basic materials company’s stock after purchasing an additional 249,804 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in International Paper were worth $18,297,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Pathstone Family Office LLC purchased a new position in International Paper during the third quarter valued at $1,164,000. StrategIQ Financial Group LLC purchased a new position in International Paper during the fourth quarter valued at $2,271,000. Metis Global Partners LLC grew its stake in International Paper by 6.7% during the third quarter. Metis Global Partners LLC now owns 21,824 shares of the basic materials company’s stock valued at $774,000 after acquiring an additional 1,376 shares in the last quarter. SteelPeak Wealth LLC grew its stake in International Paper by 40.5% during the third quarter. SteelPeak Wealth LLC now owns 20,935 shares of the basic materials company’s stock valued at $743,000 after acquiring an additional 6,033 shares in the last quarter. Finally, Assenagon Asset Management S.A. grew its stake in International Paper by 70.1% during the fourth quarter. Assenagon Asset Management S.A. now owns 207,329 shares of the basic materials company’s stock valued at $7,495,000 after acquiring an additional 85,429 shares in the last quarter. 81.95% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, SVP James P. Jr. Royalty sold 5,800 shares of International Paper stock in a transaction dated Wednesday, February 28th. The shares were 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 directly owns 69,488 shares of the company’s stock, valued at approximately $2,414,708. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In the last ninety days, insiders sold 8,800 shares of company stock valued at $310,438. Company insiders own 0.55% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Citigroup raised shares of International Paper from a “neutral” rating to a “buy” rating and raised their target price for the company from $36.00 to $46.00 in a research note on Wednesday, March 20th. Argus cut shares of International Paper from a “buy” rating to a “hold” rating in a research note on Monday, February 26th. Wells Fargo & Company dropped their price objective on shares of International Paper from $39.00 to $35.00 and set an “equal weight” rating for the company in a research note on Friday, February 2nd. Bank of America raised shares of International Paper from an “underperform” rating to a “buy” rating and lifted their price objective for the stock from $37.00 to $42.00 in a research note on Monday, March 4th. Finally, Truist Financial reissued a “buy” rating and issued a $40.00 price objective on shares of International Paper in a research note on Wednesday. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $37.13.

International Paper Price Performance

IP stock opened at $35.26 on Friday. 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. The company has a 50-day moving average price of $36.73 and a 200 day moving average price of $35.83. The stock has a market cap of $12.25 billion, a PE ratio of 43.00 and a beta of 0.99.

International Paper (NYSE:IP) last released its quarterly earnings results on Thursday, February 1st. The basic materials company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.07. International Paper had a net margin of 1.52% and a return on equity of 8.87%. The firm had revenue of $4.60 billion during the quarter, compared to analysts’ expectations of $4.67 billion. During the same period in the previous year, the company earned $0.87 EPS. The firm’s revenue for the quarter was down 10.4% compared to the same quarter last year. Equities research analysts anticipate that International Paper will post 1.88 earnings per share for the current year.

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.