Wall Street Zen upgraded shares of International Paper (NYSE:IP – Free Report) from a sell rating to a hold rating in a research report sent to investors on Monday morning.
IP has been the subject of several other reports. Citigroup upped their target price on International Paper from $43.00 to $48.00 and gave the stock a “buy” rating in a research note on Friday, July 31st. Seaport Research Partners reissued a “buy” rating and issued a $46.00 price target on shares of International Paper in a research note on Wednesday, August 12th. JPMorgan Chase & Co. raised shares of International Paper from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $51.00 to $61.00 in a report on Tuesday, July 28th. Bank of America cut shares of International Paper from a “buy” rating to a “neutral” rating and set a $41.00 price objective for the company. in a research report on Tuesday, July 14th. Finally, UBS Group increased their price objective on shares of International Paper from $40.00 to $47.00 and gave the company a “neutral” rating in a report on Friday, July 31st. Nine analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $48.75.
Check Out Our Latest Research Report on IP
International Paper Price Performance
International Paper (NYSE:IP – Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.08. International Paper had a negative return on equity of 1.09% and a negative net margin of 14.20%.The company had revenue of $6 billion for the quarter, compared to the consensus estimate of $6.19 billion. During the same quarter in the prior year, the business posted $0.20 earnings per share. International Paper’s revenue for the quarter was down 11.3% on a year-over-year basis. Sell-side analysts predict that International Paper will post 1.34 earnings per share for the current fiscal year.
International Paper Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, August 14th will be paid a $0.4625 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 4.6%. International Paper’s payout ratio is currently -28.37%.
Insider Activity at International Paper
In related news, CAO Holly G. Goughnour sold 3,500 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $41.96, for a total value of $146,860.00. Following the completion of the transaction, the chief accounting officer directly owned 34,248 shares of the company’s stock, valued at approximately $1,437,046.08. This represents a 9.27% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP William Thomas Hamic sold 24,500 shares of the firm’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $41.20, for a total value of $1,009,400.00. Following the completion of the transaction, the vice president owned 106,952 shares in the company, valued at $4,406,422.40. The trade was a 18.64% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the business. McIlrath & Eck LLC grew its position in shares of International Paper by 452.6% in the fourth quarter. McIlrath & Eck LLC now owns 641 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 525 shares in the last quarter. MV Capital Management Inc. purchased a new position in International Paper during the fourth quarter worth approximately $25,000. Aberdeen Wealth Management LLC purchased a new position in International Paper during the second quarter worth approximately $27,000. DV Equities LLC acquired a new position in International Paper during the fourth quarter worth $29,000. Finally, Ascentis Independent Advisors purchased a new stake in International Paper in the 1st quarter valued at $28,000. 81.95% of the stock is owned by hedge funds and other institutional investors.
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.
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