Essex Financial Services Inc. Sells 2,104 Shares of International Paper (NYSE:IP)

Essex Financial Services Inc. reduced its stake in International Paper (NYSE:IP) by 32.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,379 shares of the basic materials company’s stock after selling 2,104 shares during the period. Essex Financial Services Inc.’s holdings in International Paper were worth $236,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Exchange Traded Concepts LLC increased its stake in International Paper by 677.5% during the 3rd quarter. Exchange Traded Concepts LLC now owns 1,555 shares of the basic materials company’s stock valued at $76,000 after purchasing an additional 1,355 shares in the last quarter. Creative Planning grew its holdings in shares of International Paper by 6.6% during the third quarter. Creative Planning now owns 72,925 shares of the basic materials company’s stock valued at $3,562,000 after buying an additional 4,500 shares during the last quarter. Vontobel Holding Ltd. increased its position in shares of International Paper by 90.4% during the third quarter. Vontobel Holding Ltd. now owns 10,969 shares of the basic materials company’s stock valued at $536,000 after acquiring an additional 5,207 shares in the last quarter. Bleakley Financial Group LLC raised its holdings in International Paper by 15.6% in the 3rd quarter. Bleakley Financial Group LLC now owns 5,402 shares of the basic materials company’s stock worth $264,000 after acquiring an additional 731 shares during the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd raised its holdings in International Paper by 20.5% in the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 42,355 shares of the basic materials company’s stock worth $2,069,000 after acquiring an additional 7,201 shares during the last quarter. 81.95% of the stock is currently owned by institutional investors.

International Paper Price Performance

NYSE IP opened at $55.59 on Friday. The company has a 50-day moving average price of $55.48 and a 200-day moving average price of $52.17. International Paper has a 52 week low of $33.16 and a 52 week high of $60.36. The company has a quick ratio of 1.08, a current ratio of 1.49 and a debt-to-equity ratio of 0.66. The firm has a market capitalization of $19.31 billion, a P/E ratio of 35.41 and a beta of 1.02.

International Paper (NYSE:IP) last announced its earnings results on Thursday, January 30th. The basic materials company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). International Paper had a net margin of 2.99% and a return on equity of 4.75%. Equities research analysts anticipate that International Paper will post 2.89 earnings per share for the current year.

International Paper Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, February 24th will be issued a $0.4625 dividend. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.85 dividend on an annualized basis and a yield of 3.33%. International Paper’s dividend payout ratio is currently 117.84%.

Analyst Ratings Changes

IP has been the topic of several recent analyst reports. Royal Bank of Canada reiterated an “outperform” rating and set a $64.00 target price on shares of International Paper in a research note on Friday, January 31st. Bank of America started coverage on International Paper in a report on Thursday. They issued a “neutral” rating for the company. Truist Financial restated a “buy” rating and set a $64.00 target price (down previously from $65.00) on shares of International Paper in a research note on Friday, January 31st. Finally, BNP Paribas lowered shares of International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 price target for the company. in a research note on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $51.88.

Insider Activity at International Paper

In related news, Director Kathryn D. Sullivan sold 600 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $58.39, for a total value of $35,034.00. Following the completion of the sale, the director now directly owns 37,145 shares of the company’s stock, valued at approximately $2,168,896.55. This represents a 1.59 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.55% of the stock is owned by company insiders.

International Paper Company 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.