PNC Financial Services Group Inc. Has $9.56 Million Stake in International Paper (NYSE:IP)

PNC Financial Services Group Inc. lowered its stake in International Paper (NYSE:IP) by 12.3% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 195,780 shares of the basic materials company’s stock after selling 27,467 shares during the period. PNC Financial Services Group Inc. owned approximately 0.06% of International Paper worth $9,564,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in IP. Price T Rowe Associates Inc. MD raised its holdings in International Paper by 35.1% in the 1st 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 acquiring an additional 5,492,035 shares during the period. 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 worth $613,367,000 after purchasing an additional 8,132,332 shares during the period. Diamond Hill Capital Management Inc. lifted its position in shares of International Paper by 125.1% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 4,235,846 shares of the basic materials company’s stock worth $206,921,000 after purchasing an additional 2,354,341 shares during the last quarter. Massachusetts Financial Services Co. MA bought a new stake in International Paper during the 2nd quarter valued at approximately $119,012,000. Finally, Samlyn Capital LLC bought a new position in International Paper in the 2nd quarter worth approximately $88,966,000. Institutional investors and hedge funds own 81.95% of the company’s stock.

Insider Buying and Selling at International Paper

In other International Paper news, Director Kathryn D. Sullivan sold 600 shares of the business’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $56.19, for a total value of $33,714.00. Following the transaction, the director now owns 37,745 shares of the company’s stock, valued at approximately $2,120,891.55. The trade was a 1.56 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Clay R. Ellis sold 9,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $48.83, for a total value of $439,470.00. Following the completion of the sale, the senior vice president now owns 49,832 shares of the company’s stock, valued at approximately $2,433,296.56. This trade represents a 15.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 19,440 shares of company stock worth $944,540 over the last ninety days. Corporate insiders own 0.55% of the company’s stock.

International Paper Trading Up 0.2 %

IP stock opened at $59.31 on Friday. International Paper has a 1-year low of $32.51 and a 1-year high of $60.22. The company has a current ratio of 1.53, a quick ratio of 1.11 and a debt-to-equity ratio of 0.62. The business’s 50 day moving average is $51.45 and its 200-day moving average is $47.29. The firm has a market cap of $20.60 billion, a P/E ratio of 50.69 and a beta of 1.02.

International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, October 31st. The basic materials company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.24 by $0.20. The firm had revenue of $4.69 billion for the quarter, compared to analysts’ expectations of $4.70 billion. International Paper had a return on equity of 6.49% and a net margin of 2.25%. The business’s revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.64 earnings per share. Equities analysts anticipate that International Paper will post 1.22 earnings per share for the current fiscal year.

International Paper Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 15th will be issued a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 3.12%. The ex-dividend date of this dividend is Friday, November 15th. International Paper’s dividend payout ratio is currently 158.12%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on IP shares. 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. Royal Bank of Canada raised their price target on shares of International Paper from $56.00 to $64.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Truist Financial reiterated a “buy” rating and issued a $61.00 target price (up previously from $57.00) on shares of International Paper in a research note on Friday, November 1st. Finally, BNP Paribas lowered International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 price target on the stock. in a research note on Wednesday, November 13th. One analyst has rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, International Paper has an average rating of “Moderate Buy” and a consensus target price of $51.54.

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.