Eastern Bank Purchases Shares of 825 International Paper (NYSE:IP)

Eastern Bank purchased a new stake in International Paper (NYSE:IP) during the third quarter, Holdings Channel reports. The firm purchased 825 shares of the basic materials company’s stock, valued at approximately $40,000.

A number of other large investors have also recently bought and sold shares of IP. Bank of New York Mellon Corp boosted its stake in 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 in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in International Paper by 35.1% in the first 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 purchasing an additional 5,492,035 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new position in International Paper in the second quarter worth $119,012,000. Samlyn Capital LLC acquired a new position in International Paper in the second quarter worth $88,966,000. Finally, Diamond Hill Capital Management Inc. acquired a new position in International Paper in the second quarter worth $81,187,000. 81.95% of the stock is currently owned by institutional investors.

Insider Buying and Selling at International Paper

In other International Paper news, Director Kathryn D. Sullivan sold 600 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $49.48, for a total value of $29,688.00. Following the transaction, the director now owns 39,802 shares of the company’s stock, valued at approximately $1,969,402.96. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other International Paper news, Director Kathryn D. Sullivan sold 600 shares of the stock in a transaction dated 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 sale, the director now directly owns 39,802 shares in the company, valued at $1,969,402.96. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Clay R. Ellis sold 9,000 shares of the stock in a transaction dated Wednesday, August 28th. The stock was 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 $2,433,296.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 19,440 shares of company stock valued at $934,142. 0.55% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

IP has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their price objective on International Paper from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 25th. Royal Bank of Canada upped their price target on International Paper from $52.00 to $56.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Argus raised International Paper from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research note on Wednesday, August 14th. Stifel Nicolaus started coverage on International Paper in a research note on Tuesday, July 9th. They set a “hold” rating and a $48.70 price target on the stock. Finally, Truist Financial upped their price target on International Paper from $55.00 to $57.00 and gave the company a “buy” rating in a research note on Tuesday, October 15th. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $50.46.

International Paper Trading Down 0.1 %

NYSE:IP opened at $48.57 on Friday. International Paper has a 1-year low of $31.76 and a 1-year high of $50.68. The business’s 50-day moving average price is $48.16 and its two-hundred day moving average price is $44.45. The company has a current ratio of 1.59, a quick ratio of 1.17 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $16.87 billion, a price-to-earnings ratio of 39.81 and a beta of 1.04.

International Paper (NYSE:IP) last released its earnings results on Wednesday, July 24th. The basic materials company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.41 by $0.14. International Paper had a return on equity of 7.28% and a net margin of 2.34%. The firm had revenue of $4.73 billion for the quarter, compared to analyst estimates of $4.78 billion. During the same quarter in the prior year, the firm posted $0.59 earnings per share. The company’s quarterly revenue was up 1.1% on a year-over-year basis. On average, equities analysts expect that International Paper will post 1.53 earnings per share for the current year.

International Paper Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 15th will be paid a $0.4625 dividend. This represents a $1.85 annualized dividend and a yield of 3.81%. The ex-dividend date of this dividend is Friday, November 15th. International Paper’s payout ratio is 151.64%.

About International Paper

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.