PFG Investments LLC Sells 616 Shares of International Paper (NYSE:IP)

PFG Investments LLC cut its holdings in shares of International Paper (NYSE:IP) by 7.0% during the 4th quarter, HoldingsChannel reports. The fund owned 8,221 shares of the basic materials company’s stock after selling 616 shares during the quarter. PFG Investments LLC’s holdings in International Paper were worth $442,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Mackenzie Financial Corp lifted its position in International Paper by 4.7% in the second quarter. Mackenzie Financial Corp now owns 31,775 shares of the basic materials company’s stock valued at $1,371,000 after purchasing an additional 1,420 shares during the last quarter. Creative Planning raised its holdings in International Paper by 6.1% during the 2nd quarter. Creative Planning now owns 68,425 shares of the basic materials company’s stock valued at $2,953,000 after buying an additional 3,947 shares during the last quarter. Northwestern Mutual Wealth Management Co. boosted its position in International Paper by 4.0% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 38,426 shares of the basic materials company’s stock valued at $1,658,000 after buying an additional 1,490 shares during the period. NewEdge Advisors LLC grew its holdings in International Paper by 1,011.5% in the 2nd quarter. NewEdge Advisors LLC now owns 31,190 shares of the basic materials company’s stock worth $1,346,000 after acquiring an additional 28,384 shares during the last quarter. Finally, Sanctuary Advisors LLC purchased a new position in shares of International Paper in the second quarter valued at about $1,104,000. 81.95% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

IP has been the topic of several recent analyst reports. Truist Financial raised their target price on International Paper from $61.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Royal Bank of Canada lifted their price objective on International Paper from $56.00 to $64.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Finally, BNP Paribas downgraded International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 target price for the company. in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.99.

Insider Buying and Selling

In other news, Director Kathryn D. Sullivan sold 600 shares of the company’s 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 transaction, the director now owns 37,145 shares in the company, valued at approximately $2,168,896.55. This represents a 1.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.55% of the stock is currently owned by company insiders.

International Paper Price Performance

Shares of IP stock opened at $57.15 on Friday. The business’s fifty day moving average is $56.17 and its 200 day moving average is $51.51. The company has a quick ratio of 1.11, a current ratio of 1.53 and a debt-to-equity ratio of 0.62. The stock has a market cap of $19.85 billion, a price-to-earnings ratio of 48.85 and a beta of 1.03. International Paper has a twelve month low of $32.70 and a twelve month high of $60.36.

International Paper (NYSE:IP) last issued its quarterly earnings results on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.05). International Paper had a return on equity of 6.49% and a net margin of 2.25%. Research analysts expect that International Paper will post 1.18 EPS for the current fiscal year.

International Paper Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, February 24th will be given 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 dividend yield of 3.24%. International Paper’s dividend payout ratio is currently 158.12%.

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.