Palouse Capital Management Inc. Sells 1,416 Shares of International Paper (NYSE:IP)

Palouse Capital Management Inc. cut its holdings in International Paper (NYSE:IP) by 2.6% in the second quarter, Holdings Channel.com reports. The fund owned 52,474 shares of the basic materials company’s stock after selling 1,416 shares during the quarter. International Paper makes up about 1.5% of Palouse Capital Management Inc.’s investment portfolio, making the stock its 29th largest position. Palouse Capital Management Inc.’s holdings in International Paper were worth $2,264,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Retirement Systems of Alabama lifted its holdings in shares of International Paper by 0.3% during the second quarter. Retirement Systems of Alabama now owns 76,616 shares of the basic materials company’s stock worth $3,306,000 after buying an additional 246 shares during the last quarter. Massmutual Trust Co. FSB ADV increased its stake in International Paper by 27.7% during the second quarter. Massmutual Trust Co. FSB ADV now owns 1,157 shares of the basic materials company’s stock valued at $50,000 after acquiring an additional 251 shares during the period. Czech National Bank raised its holdings in International Paper by 0.5% in the 1st quarter. Czech National Bank now owns 60,897 shares of the basic materials company’s stock valued at $2,376,000 after acquiring an additional 295 shares in the last quarter. Altrius Capital Management Inc grew its holdings in shares of International Paper by 0.3% during the 2nd quarter. Altrius Capital Management Inc now owns 112,487 shares of the basic materials company’s stock worth $4,854,000 after purchasing an additional 296 shares in the last quarter. Finally, Kentucky Retirement Systems raised its stake in shares of International Paper by 1.1% in the fourth quarter. Kentucky Retirement Systems now owns 27,685 shares of the basic materials company’s stock valued at $1,001,000 after purchasing an additional 298 shares in the last quarter. Institutional investors and hedge funds own 81.95% of the company’s stock.

Insider Transactions at International Paper

In related news, Director Kathryn D. Sullivan sold 600 shares of the business’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $49.48, for a total value of $29,688.00. Following the completion of the transaction, the director now directly owns 39,802 shares in the company, valued at approximately $1,969,402.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Kathryn D. Sullivan sold 600 shares of the company’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $49.48, for a total value of $29,688.00. Following the completion of the transaction, the director now directly owns 39,802 shares of the company’s stock, valued at approximately $1,969,402.96. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Clay R. Ellis sold 9,000 shares of International Paper stock in a transaction dated 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 directly owns 49,832 shares in the company, valued at approximately $2,433,296.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 19,440 shares of company stock worth $927,956. 0.55% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Seaport Res Ptn raised shares of International Paper from a “hold” rating to a “strong-buy” rating in a report on Friday, June 28th. Royal Bank of Canada lifted their price objective on International Paper from $52.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Argus upgraded International Paper from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a research report on Wednesday, August 14th. Truist Financial increased their price objective on International Paper from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, July 16th. Finally, Wells Fargo & Company upped their price objective on shares of International Paper from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 25th. Three equities research analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, International Paper has a consensus rating of “Moderate Buy” and an average target price of $50.21.

International Paper Stock Performance

Shares of International Paper stock opened at $49.54 on Thursday. The firm has a market cap of $17.21 billion, a P/E ratio of 101.10 and a beta of 1.04. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.59 and a quick ratio of 1.17. The firm has a 50 day simple moving average of $46.76 and a 200 day simple moving average of $42.54. International Paper has a fifty-two week low of $31.76 and a fifty-two week high of $50.55.

International Paper (NYSE:IP) last posted its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.14. The business 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%. The firm’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.59 earnings per share. Sell-side analysts predict that International Paper will post 1.55 earnings per share for the current fiscal year.

International Paper Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, August 15th were issued a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date of this dividend was Thursday, August 15th. International Paper’s dividend payout ratio is presently 377.55%.

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.