Pitcairn Co. Takes $3.17 Million Position in International Paper (NYSE:IP)

Pitcairn Co. acquired a new stake in International Paper (NYSE:IP) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 64,899 shares of the basic materials company’s stock, valued at approximately $3,170,000.

A number of other institutional investors have also modified their holdings of IP. CANADA LIFE ASSURANCE Co grew its stake in shares of International Paper by 2.6% in the first quarter. CANADA LIFE ASSURANCE Co now owns 273,600 shares of the basic materials company’s stock valued at $10,674,000 after buying an additional 6,959 shares in the last quarter. CreativeOne Wealth LLC purchased a new position in International Paper in the first quarter valued at $431,000. Gabelli Funds LLC purchased a new position in International Paper in the first quarter valued at $215,000. Quadrature Capital Ltd boosted its holdings in International Paper by 51.1% in the first quarter. Quadrature Capital Ltd now owns 32,659 shares of the basic materials company’s stock valued at $1,274,000 after purchasing an additional 11,049 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its holdings in International Paper by 35.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 21,135,702 shares of the basic materials company’s stock valued at $824,716,000 after purchasing an additional 5,492,035 shares during the period. 81.95% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, Director Kathryn D. Sullivan sold 600 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $56.19, for a total transaction of $33,714.00. Following the sale, the director now owns 37,745 shares of the company’s stock, valued at $2,120,891.55. The trade was a 1.56 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Clay R. Ellis sold 9,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $48.83, for a total value of $439,470.00. Following the sale, the senior vice president now directly owns 49,832 shares in the company, valued at $2,433,296.56. This trade represents a 15.30 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 19,440 shares of company stock worth $944,540. Company insiders own 0.55% of the company’s stock.

International Paper Stock Up 0.2 %

International Paper stock opened at $59.31 on Friday. International Paper has a fifty-two week low of $32.51 and a fifty-two week high of $60.22. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.11 and a current ratio of 1.53. The company has a market capitalization of $20.60 billion, a P/E ratio of 50.69 and a beta of 1.02. The stock has a 50-day simple moving average of $51.45 and a 200-day simple moving average of $47.29.

International Paper (NYSE:IP) last issued its quarterly earnings results on Thursday, October 31st. The basic materials company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.20. The firm had revenue of $4.69 billion for the quarter, compared to analysts’ expectations of $4.70 billion. International Paper had a return on equity of 6.49% and a net margin of 2.25%. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.64 EPS. Equities research analysts expect that International Paper will post 1.22 earnings per share for the current year.

International Paper Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 15th will be given a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 3.12%. The ex-dividend date of this dividend is Friday, November 15th. International Paper’s payout ratio is 158.12%.

Analyst Ratings Changes

IP has been the subject of a number of recent research reports. Royal Bank of Canada lifted their target price on International Paper from $56.00 to $64.00 and gave the company an “outperform” rating in a report on Friday, November 1st. BNP Paribas lowered International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 target price for the company. in a report on Wednesday, November 13th. Truist Financial reiterated a “buy” rating and issued a $61.00 target price (up from $57.00) on shares of International Paper in a report on Friday, November 1st. Finally, Argus upgraded International Paper from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a report on Wednesday, August 14th. One analyst has rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $51.54.

International Paper Company 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.