Legacy Capital Group California Inc. Has $497,000 Stock Holdings in International Paper (NYSE:IP)

Legacy Capital Group California Inc. decreased its position in shares of International Paper (NYSE:IP) by 6.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,181 shares of the basic materials company’s stock after selling 658 shares during the quarter. Legacy Capital Group California Inc.’s holdings in International Paper were worth $497,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently made changes to their positions in IP. Price T Rowe Associates Inc. MD grew its stake in shares of International Paper by 35.1% in 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. Bank of New York Mellon Corp increased its stake in shares of International Paper by 133.7% in the second quarter. Bank of New York Mellon Corp now owns 14,214,754 shares of the basic materials company’s stock valued at $613,367,000 after buying an additional 8,132,332 shares during the period. Massachusetts Financial Services Co. MA bought a new position in shares of International Paper during the second quarter worth about $119,012,000. Samlyn Capital LLC acquired a new position in shares of International Paper in the second quarter worth approximately $88,966,000. Finally, Diamond Hill Capital Management Inc. bought a new stake in International Paper in the second quarter valued at approximately $81,187,000. 81.95% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on IP. Seaport Res Ptn upgraded shares of International Paper from a “hold” rating to a “strong-buy” rating in a research report on Friday, June 28th. Stifel Nicolaus assumed coverage on shares of International Paper in a report on Tuesday, July 9th. They issued a “hold” rating and a $48.70 target price on the stock. Wells Fargo & Company upped 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. Argus raised International Paper from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a research report on Wednesday, August 14th. Finally, Truist Financial raised their target price on International Paper from $55.00 to $57.00 and gave the stock a “buy” rating in a research note on Tuesday, October 15th. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.46.

International Paper Stock Down 0.1 %

Shares of NYSE:IP opened at $48.57 on Friday. The firm has a market cap of $16.87 billion, a P/E ratio of 39.81 and a beta of 1.04. International Paper has a 52-week low of $31.76 and a 52-week high of $50.68. The business’s 50 day simple moving average is $48.13 and its two-hundred day simple moving average is $44.38. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.17 and a current ratio of 1.59.

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

International Paper Announces Dividend

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

Insider Transactions at International Paper

In related news, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $48.08, for a total value of $28,848.00. Following the transaction, the director now owns 38,945 shares of the company’s stock, valued at approximately $1,872,475.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Clay R. Ellis sold 9,000 shares of the firm’s stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $48.83, for a total transaction of $439,470.00. Following the transaction, the senior vice president now directly owns 49,832 shares of the company’s stock, valued at $2,433,296.56. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Kathryn D. Sullivan sold 600 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $48.08, for a total transaction of $28,848.00. Following the transaction, the director now owns 38,945 shares in the company, valued at approximately $1,872,475.60. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,440 shares of company stock valued at $934,142 over the last three months. Corporate insiders own 0.55% of the company’s stock.

International Paper Profile

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.