Carret Asset Management LLC acquired a new stake in shares of International Paper Company (NYSE:IP – Free Report) during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 18,893 shares of the basic materials company’s stock, valued at approximately $627,000.
Several other institutional investors also recently bought and sold shares of the business. BlackRock Inc. bought a new position in International Paper in the second quarter worth approximately $1,940,896,000. Bank of New York Mellon Corp bought a new position in shares of International Paper in the 2nd quarter worth $689,498,000. Atlas FRM LLC purchased a new stake in shares of International Paper during the 2nd quarter worth $374,904,000. Hill City Capital LP purchased a new stake in shares of International Paper during the 2nd quarter worth $194,310,000. Finally, Bank of America Corp DE purchased a new stake in shares of International Paper during the 2nd quarter worth $142,802,000. 81.95% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of equities research analysts recently weighed in on the company. Royal Bank Of Canada raised their price objective on International Paper from $48.00 to $52.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Citigroup decreased their price target on shares of International Paper from $47.00 to $41.00 and set a “buy” rating for the company in a research report on Friday, October 30th. Zacks Research upgraded shares of International Paper from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Truist Financial reaffirmed a “buy” rating and issued a $39.00 price objective (down from $41.00) on shares of International Paper in a research report on Thursday, October 29th. Finally, Loop Capital set a $61.00 price objective on shares of International Paper in a research note on Tuesday, July 28th. Ten research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $45.44.
Read Our Latest Stock Report on IP
International Paper Stock Up 2.5%
International Paper stock opened at $35.41 on Tuesday. International Paper Company has a 1-year low of $29.26 and a 1-year high of $50.25. The business has a fifty day moving average price of $34.31 and a 200-day moving average price of $37.21. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.01 and a quick ratio of 0.77. The stock has a market capitalization of $18.75 billion, a price-to-earnings ratio of 74.27, a PEG ratio of 5.27 and a beta of 0.97.
International Paper (NYSE:IP – Get Free Report) last announced its earnings results on Wednesday, October 28th. The basic materials company reported $0.37 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.29 by $0.08. International Paper had a positive return on equity of 1.77% and a negative net margin of 14.32%. The company had revenue of $6.20 billion for the quarter, compared to analyst estimates of $6.28 billion. During the same period in the prior year, the company posted ($0.43) EPS. The firm’s quarterly revenue was down .4% compared to the same quarter last year. Equities research analysts forecast that International Paper Company will post 1.14 EPS for the current fiscal year.
International Paper Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Monday, November 16th will be issued a dividend of $0.4625 per share. The ex-dividend date is Monday, November 16th. This represents a $1.85 annualized dividend and a dividend yield of 5.2%. International Paper’s dividend payout ratio is -28.20%.
International Paper Profile
International Paper is a global producer of fiber-based packaging and pulp products. Its packaging offerings include containerboard and corrugated packaging used to protect and transport goods, while its pulp products serve a range of consumer and industrial applications.
The company traces its origins to 1898, when several U.S. paper manufacturers combined to form International Paper. Over time, it has evolved through acquisitions and changes to its business, with a focus on renewable, fiber-based materials and packaging solutions.
International Paper serves customers across multiple regions, including North America and Europe.
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