Hartford Investment Management Co. Lowers Stock Position in International Paper (NYSE:IP)

Hartford Investment Management Co. cut its stake in shares of International Paper (NYSE:IP) by 1.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 21,962 shares of the basic materials company’s stock after selling 258 shares during the quarter. Hartford Investment Management Co.’s holdings in International Paper were worth $1,073,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in IP. Bank of New York Mellon Corp lifted its holdings in shares of International Paper by 133.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 14,214,754 shares of the basic materials company’s stock worth $613,367,000 after acquiring an additional 8,132,332 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in International Paper by 35.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 21,135,702 shares of the basic materials company’s stock worth $824,716,000 after purchasing an additional 5,492,035 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in shares of International Paper in the 2nd quarter worth about $119,012,000. Samlyn Capital LLC bought a new position in shares of International Paper during the 2nd quarter valued at about $88,966,000. Finally, Diamond Hill Capital Management Inc. purchased a new position in shares of International Paper during the 2nd quarter valued at about $81,187,000. Institutional investors own 81.95% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Royal Bank of Canada increased their price target on shares of International Paper from $52.00 to $56.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Argus raised shares of International Paper from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a report on Wednesday, August 14th. Truist Financial lifted their price target on International Paper from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Seaport Res Ptn upgraded shares of International Paper from a “hold” rating to a “strong-buy” rating in a report on Friday, June 28th. Finally, Wells Fargo & Company increased their price target on shares of International Paper from $43.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, July 25th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.46.

International Paper Stock Performance

Shares of IP stock opened at $48.57 on Friday. The company’s fifty day moving average price is $48.13 and its 200-day moving average price is $44.38. The stock has a market cap of $16.87 billion, a PE ratio of 39.81 and a beta of 1.04. The company has a current ratio of 1.59, a quick ratio of 1.17 and a debt-to-equity ratio of 0.62. International Paper has a 12 month low of $31.76 and a 12 month high of $50.68.

International Paper (NYSE:IP) last announced its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.14. International Paper had a net margin of 2.34% and a return on equity of 7.28%. The business had revenue of $4.73 billion for the quarter, compared to analysts’ expectations of $4.78 billion. During the same quarter in the prior year, the company earned $0.59 earnings per share. The business’s revenue was up 1.1% compared to the same quarter last year. On average, equities analysts expect that International Paper will post 1.53 EPS for the current fiscal year.

International Paper Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 15th will be given a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a yield of 3.81%. The ex-dividend date of this dividend is Friday, November 15th. International Paper’s dividend payout ratio (DPR) is presently 151.64%.

Insider Buying and Selling at International Paper

In other news, Director Kathryn D. Sullivan sold 600 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $46.10, for a total value of $27,660.00. Following the sale, the director now directly owns 41,002 shares of the company’s stock, valued at approximately $1,890,192.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, Director Kathryn D. Sullivan sold 600 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $46.10, for a total value of $27,660.00. Following the transaction, the director now owns 41,002 shares in the company, valued at approximately $1,890,192.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, SVP Joseph R. Saab sold 2,440 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $47.30, for a total transaction of $115,412.00. Following the sale, the senior vice president now owns 18,668 shares in the company, valued at approximately $882,996.40. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,440 shares of company stock worth $934,142. 0.55% of the stock is owned by insiders.

About International Paper

International Paper Company produces and sells renewable fiber-based packaging and pulp products in North America, Latin America, Europe, and North Africa. It operates through two segments, Industrial Packaging and Global Cellulose Fibers. The company offers linerboard, medium, whitetop, recycled linerboard, recycled medium and saturating kraft; and pulp for a range of applications, such as diapers, towel and tissue products, feminine care, incontinence, and other personal care products, as well as specialty pulps for use in textiles, construction materials, paints, coatings, and others.