Argus reiterated their buy rating on shares of International Paper (NYSE:IP – Free Report) in a research note issued to investors on Thursday,Benzinga reports. They currently have a $45.00 price objective on the basic materials company’s stock.
IP has been the topic of a number of other research reports. Truist Financial restated a “buy” rating and set a $49.00 price target (up from $46.00) on shares of International Paper in a research report on Friday, July 31st. JPMorgan Chase & Co. increased their price target on shares of International Paper from $61.00 to $62.00 and gave the company an “overweight” rating in a research report on Wednesday. Loop Capital set a $61.00 price objective on International Paper in a research report on Tuesday, July 28th. Seaport Research Partners reiterated a “buy” rating and set a $46.00 price target on shares of International Paper in a research report on Wednesday, August 12th. Finally, Wall Street Zen raised International Paper from a “sell” rating to a “hold” rating in a research report on Saturday, September 19th. Ten investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, International Paper currently has an average rating of “Moderate Buy” and a consensus target price of $48.82.
Read Our Latest Analysis on International Paper
International Paper Price Performance
International Paper (NYSE:IP – Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.04 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $6 billion during the quarter, compared to the consensus estimate of $6.19 billion. During the same quarter in the prior year, the company earned $0.20 EPS. The business’s revenue for the quarter was down 11.3% on a year-over-year basis. As a group, analysts forecast that International Paper will post 1.31 EPS for the current fiscal year.
International Paper Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Tuesday, September 15th. Investors of record on Friday, August 14th were issued a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 5.3%. The ex-dividend date was Friday, August 14th. International Paper’s dividend payout ratio is presently -28.37%.
Insider Activity
In other International Paper news, CAO Holly G. Goughnour sold 3,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $41.96, for a total transaction of $146,860.00. Following the completion of the transaction, the chief accounting officer owned 34,248 shares in the company, valued at $1,437,046.08. The trade was a 9.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP William Hamic sold 24,500 shares of the company’s stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $41.20, for a total transaction of $1,009,400.00. Following the completion of the transaction, the vice president owned 106,952 shares in the company, valued at approximately $4,406,422.40. The trade was a 18.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is owned by company insiders.
Hedge Funds Weigh In On International Paper
A number of hedge funds and other institutional investors have recently modified their holdings of IP. BlackRock Inc. purchased a new stake in International Paper during the second quarter worth $1,940,896,000. Bank of New York Mellon Corp bought a new stake in International Paper during the 2nd quarter valued at $689,498,000. Capital International Investors increased its holdings in shares of 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 acquiring an additional 14,422,616 shares during the period. Atlas FRM LLC bought a new position in shares of International Paper in the 2nd quarter worth $374,904,000. Finally, Franklin Resources Inc. raised its position in shares of 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 worth $584,270,000 after acquiring an additional 6,663,986 shares in the last quarter. 81.95% of the stock is currently owned by institutional investors.
About International Paper
International Paper Company (NYSE: IP) is a global producer of sustainable packaging and paper-based products. The company manufactures containerboard, corrugated packaging, and other fiber-based packaging solutions used to transport and protect goods across a range of industries. Its offerings also include absorbent pulp and cellulose fibers used in products such as diapers, hygiene items, and other consumer and industrial applications.
Founded in 1898, International Paper has grown through the development and operation of paper mills, packaging facilities, and related manufacturing assets.
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