International Paper (NYSE:IP) Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. reduced its holdings in International Paper (NYSE:IP) by 2.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 242,209 shares of the basic materials company’s stock after selling 5,371 shares during the quarter. PNC Financial Services Group Inc.’s holdings in International Paper were worth $8,756,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in IP. Franklin Resources Inc. grew its position in International Paper by 61.5% during the fourth quarter. Franklin Resources Inc. now owns 13,030,839 shares of the basic materials company’s stock valued at $471,065,000 after acquiring an additional 4,960,005 shares during the period. Norges Bank purchased a new stake in International Paper during the fourth quarter valued at about $94,913,000. Acadian Asset Management LLC grew its position in International Paper by 208.0% during the third quarter. Acadian Asset Management LLC now owns 1,610,933 shares of the basic materials company’s stock valued at $57,129,000 after acquiring an additional 1,087,933 shares during the period. AQR Capital Management LLC boosted its position in shares of International Paper by 35.6% in the third quarter. AQR Capital Management LLC now owns 2,961,232 shares of the basic materials company’s stock worth $105,035,000 after buying an additional 777,273 shares during the period. Finally, Atlas FRM LLC boosted its position in shares of International Paper by 30.0% in the third quarter. Atlas FRM LLC now owns 2,600,000 shares of the basic materials company’s stock worth $92,222,000 after buying an additional 600,000 shares during the period. Hedge funds and other institutional investors own 81.95% of the company’s stock.

International Paper Trading Up 1.9 %

Shares of IP opened at $46.25 on Wednesday. The company has a market capitalization of $16.06 billion, a P/E ratio of 94.39 and a beta of 1.06. International Paper has a one year low of $30.23 and a one year high of $46.40. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.22 and a current ratio of 1.68. The stock has a 50-day moving average price of $40.28 and a 200 day moving average price of $37.89.

International Paper (NYSE:IP) last issued its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.17 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.06). International Paper had a net margin of 0.93% and a return on equity of 7.45%. The business had revenue of $4.62 billion during the quarter, compared to analysts’ expectations of $4.56 billion. During the same period in the prior year, the company posted $0.53 EPS. The company’s revenue for the quarter was down 8.0% on a year-over-year basis. Sell-side analysts forecast that International Paper will post 1.84 EPS for the current fiscal year.

International Paper Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 24th. Shareholders of record on Friday, May 24th will be paid a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 4.00%. The ex-dividend date of this dividend is Thursday, May 23rd. International Paper’s payout ratio is currently 377.55%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Argus downgraded International Paper from a “buy” rating to a “hold” rating in a research report on Monday, February 26th. Wells Fargo & Company upped their target price on International Paper from $37.00 to $41.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 30th. Truist Financial upped their target price on International Paper from $40.00 to $52.00 and gave the stock a “buy” rating in a research report on Thursday, May 30th. Jefferies Financial Group raised International Paper from a “hold” rating to a “buy” rating and upped their target price for the stock from $38.00 to $57.00 in a research report on Thursday, May 23rd. Finally, Citigroup raised International Paper from a “neutral” rating to a “buy” rating and upped their target price for the stock from $36.00 to $46.00 in a research report on Wednesday, March 20th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, International Paper has a consensus rating of “Moderate Buy” and an average price target of $44.71.

Insider Buying and Selling at International Paper

In other International Paper news, Director Kathryn D. Sullivan sold 600 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $45.11, for a total transaction of $27,066.00. Following the sale, the director now owns 43,402 shares in the company, valued at $1,957,864.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders have sold 3,600 shares of company stock worth $144,744 over the last quarter. 0.55% of the stock is owned by corporate 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.