International Paper (NYSE:IP) Shares Sold by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC lowered its holdings in International Paper (NYSE:IP) by 1.8% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 186,345 shares of the basic materials company’s stock after selling 3,396 shares during the period. Chevy Chase Trust Holdings LLC owned about 0.05% of International Paper worth $9,103,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in IP. Clearline Capital LP raised its position in shares of International Paper by 161.1% during the third quarter. Clearline Capital LP now owns 276,008 shares of the basic materials company’s stock worth $13,483,000 after purchasing an additional 170,291 shares during the period. Atom Investors LP acquired a new stake in International Paper during the 3rd quarter worth about $1,991,000. Erste Asset Management GmbH acquired a new position in shares of International Paper in the third quarter worth about $6,699,000. Edgestream Partners L.P. increased its position in shares of International Paper by 114.4% in the third quarter. Edgestream Partners L.P. now owns 121,064 shares of the basic materials company’s stock worth $5,914,000 after acquiring an additional 64,605 shares in the last quarter. Finally, NCM Capital Management LLC acquired a new stake in shares of International Paper during the third quarter valued at approximately $225,000. 81.95% of the stock is currently owned by institutional investors.

International Paper Stock Performance

Shares of IP opened at $56.71 on Friday. The firm has a market cap of $19.70 billion, a price-to-earnings ratio of 48.47 and a beta of 1.02. The company’s fifty day moving average is $53.14 and its 200-day moving average is $48.46. The company has a quick ratio of 1.11, a current ratio of 1.53 and a debt-to-equity ratio of 0.62. International Paper has a 12 month low of $32.70 and a 12 month high of $60.36.

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

International Paper Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.4625 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.85 annualized dividend and a yield of 3.26%. International Paper’s dividend payout ratio (DPR) is presently 158.12%.

Insider Activity

In other news, Director Kathryn D. Sullivan sold 600 shares of International Paper stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $58.39, for a total value of $35,034.00. Following the transaction, the director now directly owns 37,145 shares in the company, valued at approximately $2,168,896.55. The trade was a 1.59 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Joseph R. Saab sold 2,440 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $47.30, for a total value of $115,412.00. Following the sale, the senior vice president now owns 18,668 shares of the company’s stock, valued at approximately $882,996.40. The trade was a 11.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 6,040 shares of company stock valued at $304,004 over the last 90 days. 0.55% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research firms recently commented on IP. Royal Bank of Canada raised 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 reissued a “buy” rating and set a $61.00 price target (up from $57.00) on shares of International Paper in a research report on Friday, November 1st. Argus upgraded International Paper from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a research report on Wednesday, August 14th. Finally, BNP Paribas lowered shares of International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 price target for the company. in a research report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, International Paper has an average rating of “Moderate Buy” and a consensus price target of $51.54.

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.