International Paper (NYSE:IP – Get Free Report) was upgraded by research analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research report issued on Tuesday,Benzinga reports. The firm currently has a $61.00 price objective on the basic materials company’s stock, up from their previous price objective of $51.00. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 44.11% from the stock’s previous close.
Several other research analysts also recently commented on IP. Loop Capital set a $61.00 price objective on shares of International Paper in a research report on Tuesday. Citigroup raised their target price on International Paper from $36.00 to $43.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Bank of America cut International Paper from a “buy” rating to a “neutral” rating and set a $41.00 price target for the company. in a report on Tuesday, July 14th. Zacks Research upgraded International Paper from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Finally, Weiss Ratings reaffirmed a “sell (d)” rating on shares of International Paper in a research note on Friday. Nine investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $46.36.
Get Our Latest Stock Report on IP
International Paper Trading Up 0.4%
International Paper (NYSE:IP – Get Free Report) last issued its earnings results on Thursday, April 30th. The basic materials company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.03). International Paper had a negative net margin of 13.42% and a negative return on equity of 0.49%. The firm had revenue of $5.97 billion during the quarter, compared to analyst estimates of $6.02 billion. During the same quarter in the previous year, the firm posted $0.17 earnings per share. International Paper’s quarterly revenue was up 13.4% compared to the same quarter last year. On average, analysts forecast that International Paper will post 1.39 earnings per share for the current fiscal year.
Insider Transactions at International Paper
In other news, Director Scott Tozier bought 10,000 shares of the company’s stock in a transaction on Friday, May 1st. The stock was purchased at an average cost of $31.30 per share, for a total transaction of $313,000.00. Following the completion of the transaction, the director owned 10,025 shares of the company’s stock, valued at $313,782.50. This trade represents a 40,000.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. 0.21% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently made changes to their positions in the company. Capital International Investors raised its holdings in International Paper by 29.4% in the 4th quarter. Capital International Investors now owns 63,413,335 shares of the basic materials company’s stock valued at $2,498,013,000 after buying an additional 14,422,616 shares during the last quarter. Franklin Resources Inc. increased its position in International Paper by 81.6% in the 4th quarter. Franklin Resources Inc. now owns 14,832,952 shares of the basic materials company’s stock valued at $584,270,000 after acquiring an additional 6,663,986 shares during the period. Norges Bank acquired a new position in International Paper in the 4th quarter valued at approximately $250,093,000. Bank of New York Mellon Corp raised its stake in shares of International Paper by 66.2% during the first quarter. Bank of New York Mellon Corp now owns 13,601,299 shares of the basic materials company’s stock valued at $485,566,000 after acquiring an additional 5,417,274 shares during the last quarter. Finally, Atlas FRM LLC lifted its holdings in shares of International Paper by 56.2% during the fourth quarter. Atlas FRM LLC now owns 5,000,000 shares of the basic materials company’s stock worth $196,950,000 after purchasing an additional 1,800,000 shares during the period. Institutional investors and hedge funds own 81.95% of the company’s stock.
International Paper Company Profile
International Paper is a global producer of renewable fiber-based products, focused primarily on pulp, paper, and packaging. The company manufactures containerboard and corrugated packaging used for shipping and retail display, as well as a range of specialty papers and pulp products that serve industrial, consumer goods, and e-commerce customers. Its product portfolio is oriented toward large-scale packaging solutions, tissue and paper grades, and raw pulp for a variety of manufacturing uses.
Founded in 1898, International Paper is headquartered in Memphis, Tennessee, and is one of the largest and longest-established companies in the forest products sector.
See Also
- Five stocks we like better than International Paper
- 3 Value ETFs to Consider as Growth Stocks Lag Behind
- Wintrust: A Quiet Regional Bank Posting Loud Results
- AirJoule’s Kubota Deal Is a Major Validation—But the Hard Part Comes Next
- Dividend Stocks May Be the Quiet Rotation Trade Investors Are Missing Now
Receive News & Ratings for International Paper Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for International Paper and related companies with MarketBeat.com's FREE daily email newsletter.
