Russell Investments Group Ltd. Sells 48,461 Shares of International Paper (NYSE:IP)

Russell Investments Group Ltd. trimmed its stake in International Paper (NYSE:IP) by 7.7% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 577,306 shares of the basic materials company’s stock after selling 48,461 shares during the period. Russell Investments Group Ltd.’s holdings in International Paper were worth $20,871,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of IP. Exchange Traded Concepts LLC raised its stake in shares of International Paper by 421.1% in the third quarter. Exchange Traded Concepts LLC now owns 9,963 shares of the basic materials company’s stock valued at $353,000 after acquiring an additional 8,051 shares during the last quarter. Commonwealth Equity Services LLC grew its holdings in shares of International Paper by 21.1% during the third quarter. Commonwealth Equity Services LLC now owns 305,665 shares of the basic materials company’s stock worth $10,842,000 after purchasing an additional 53,196 shares during the last quarter. SVB Wealth LLC acquired a new stake in shares of International Paper in the third quarter valued at $207,000. Cambridge Investment Research Advisors Inc. raised its holdings in shares of International Paper by 1.4% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 94,796 shares of the basic materials company’s stock valued at $3,362,000 after buying an additional 1,289 shares during the last quarter. Finally, Pinnacle Associates Ltd. lifted its position in International Paper by 8.4% during the 3rd quarter. Pinnacle Associates Ltd. now owns 6,991 shares of the basic materials company’s stock worth $248,000 after buying an additional 541 shares in the last quarter. 81.95% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have weighed in on IP. StockNews.com cut shares of International Paper from a “buy” rating to a “hold” rating in a research report on Sunday, January 14th. Wells Fargo & Company lowered 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 report on Friday, February 2nd. Argus cut shares of International Paper from a “buy” rating to a “hold” rating in a research report on Monday, February 26th. Truist Financial restated a “buy” rating and issued a $40.00 price objective on shares of International Paper in a research report on Wednesday, April 17th. Finally, Citigroup upgraded shares of International Paper from a “neutral” rating to a “buy” rating and raised their price objective for the company from $36.00 to $46.00 in a research report on Wednesday, March 20th. Five equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $38.57.

International Paper Stock Up 1.5 %

Shares of NYSE:IP opened at $35.81 on Friday. International Paper has a one year low of $29.00 and a one year high of $41.28. The company has a 50 day moving average of $36.65 and a 200-day moving average of $35.81. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.68 and a quick ratio of 1.22. The stock has a market cap of $12.44 billion, a price-to-earnings ratio of 73.08 and a beta of 1.01.

International Paper (NYSE:IP) last issued its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.06). International Paper had a return on equity of 7.45% and a net margin of 0.93%. The business had revenue of $4.62 billion for the quarter, compared to analyst estimates of $4.56 billion. During the same quarter in the prior year, the firm earned $0.53 EPS. The firm’s quarterly revenue was down 8.0% compared to the same quarter last year. On average, sell-side analysts forecast that International Paper will post 1.88 earnings per share for the current year.

Insider Activity at International Paper

In related news, SVP James P. Jr. Royalty sold 5,800 shares of the business’s stock in a transaction that occurred on 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 owns 69,488 shares in the company, valued at $2,414,708. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last 90 days, insiders sold 9,400 shares of company stock worth $331,402. 0.55% of the stock is currently owned by company insiders.

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.