International Paper (NYSE:IP) Upgraded at Bank of America

Bank of America upgraded shares of International Paper (NYSE:IPFree Report) from a neutral rating to a buy rating in a research report released on Friday, Marketbeat reports. The brokerage currently has $46.00 price objective on the basic materials company’s stock.

Several other research firms have also recently weighed in on IP. Seaport Research Partners restated a “buy” rating and issued a $46.00 price objective on shares of International Paper in a research report on Wednesday, August 12th. Zacks Research upgraded International Paper from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. UBS Group lifted their target price on International Paper from $40.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, July 31st. Citigroup boosted their target price on International Paper from $43.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Finally, JPMorgan Chase & Co. raised International Paper from a “neutral” rating to an “overweight” rating and upped their price target for the company from $51.00 to $61.00 in a research note on Tuesday, July 28th. Ten equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, International Paper presently has an average rating of “Moderate Buy” and an average price target of $49.13.

Read Our Latest Research Report on IP

International Paper Trading Up 0.2%

Shares of International Paper stock opened at $34.41 on Friday. International Paper has a 52-week low of $29.26 and a 52-week high of $50.25. The firm has a market capitalization of $18.22 billion, a PE ratio of -5.28, a price-to-earnings-growth ratio of 4.32 and a beta of 0.93. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.10 and a quick ratio of 0.84. The company’s fifty day moving average price is $39.21 and its two-hundred day moving average price is $36.91.

International Paper (NYSE:IPGet Free Report) last issued its 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 business had revenue of $6 billion during the quarter, compared to analysts’ expectations of $6.19 billion. During the same period in the prior year, the firm posted $0.20 EPS. International Paper’s quarterly revenue was down 11.3% compared to the same quarter last year. On average, analysts expect that International Paper will post 1.33 EPS for the current year.

International Paper Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Friday, August 14th will be issued a dividend of $0.4625 per share. The ex-dividend date is Friday, August 14th. This represents a $1.85 annualized dividend and a yield of 5.4%. International Paper’s dividend payout ratio is presently -28.37%.

Insider Activity

In other news, VP William Hamic sold 24,500 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $41.20, for a total value of $1,009,400.00. Following the completion of the sale, the vice president owned 106,952 shares of the company’s stock, valued at approximately $4,406,422.40. This represents a 18.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Holly G. Goughnour sold 3,500 shares of International Paper stock in a transaction dated Tuesday, August 4th. The shares were 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 directly owned 34,248 shares of the company’s stock, valued at approximately $1,437,046.08. This trade represents a 9.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.21% of the company’s stock.

Institutional Investors Weigh In On International Paper

A number of hedge funds and other institutional investors have recently modified their holdings of the company. MV Capital Management Inc. acquired a new position in International Paper in the fourth quarter valued at about $25,000. Aberdeen Wealth Management LLC acquired a new stake in shares of International Paper during the 2nd quarter worth approximately $27,000. Ascentis Independent Advisors bought a new position in International Paper in the first quarter valued at approximately $28,000. DV Equities LLC bought a new position in International Paper in the fourth quarter valued at approximately $29,000. Finally, Delta Asset Management LLC TN acquired a new position in International Paper during the second quarter valued at approximately $31,000. Institutional investors and hedge funds own 81.95% of the company’s stock.

International Paper Company Profile

(Get Free Report)

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.

Further Reading

Analyst Recommendations for International Paper (NYSE:IP)

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