Wealth Enhancement Advisory Services LLC Sells 1,917 Shares of International Paper (NYSE:IP)

Wealth Enhancement Advisory Services LLC trimmed its holdings in International Paper (NYSE:IP) by 1.3% during the third quarter, Holdings Channel reports. The institutional investor owned 140,227 shares of the basic materials company’s stock after selling 1,917 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in International Paper were worth $6,850,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in IP. Forsta AP Fonden raised its holdings in shares of International Paper by 9.5% in the third quarter. Forsta AP Fonden now owns 86,200 shares of the basic materials company’s stock valued at $4,211,000 after purchasing an additional 7,500 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its holdings in shares of International Paper by 38.5% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 32,437 shares of the basic materials company’s stock valued at $1,591,000 after purchasing an additional 9,016 shares during the last quarter. Lake Street Advisors Group LLC purchased a new stake in shares of International Paper in the third quarter valued at about $228,000. Ballentine Partners LLC purchased a new stake in shares of International Paper in the third quarter valued at about $224,000. Finally, Values First Advisors Inc. purchased a new stake in shares of International Paper in the third quarter valued at about $169,000. 81.95% of the stock is owned by institutional investors.

Insider Activity

In other news, VP Holly G. Goughnour sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $47.22, for a total value of $236,100.00. Following the completion of the transaction, the vice president now directly owns 16,788 shares in the company, valued at approximately $792,729.36. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, VP Holly G. Goughnour sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 6th. The shares were sold at an average price of $47.22, for a total value of $236,100.00. Following the completion of the transaction, the vice president now directly owns 16,788 shares in the company, valued at approximately $792,729.36. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $48.08, for a total transaction of $28,848.00. Following the completion of the transaction, the director now owns 38,945 shares of the company’s stock, valued at $1,872,475.60. 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 ninety days, insiders sold 18,840 shares of company stock worth $906,386. 0.55% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Argus upgraded shares of International Paper from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a report on Wednesday, August 14th. Truist Financial raised their price objective on shares of International Paper from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Stifel Nicolaus started coverage on shares of International Paper in a report on Tuesday, July 9th. They set a “hold” rating and a $48.70 price objective for the company. Royal Bank of Canada raised their price objective on shares of International Paper from $52.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Finally, Wells Fargo & Company raised their price objective on shares of International Paper from $43.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, July 25th. Three research analysts have rated the stock with 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.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.46.

International Paper Price Performance

Shares of NYSE:IP opened at $49.03 on Thursday. The company has a quick ratio of 1.17, a current ratio of 1.59 and a debt-to-equity ratio of 0.62. The firm has a market capitalization of $17.03 billion, a PE ratio of 40.19 and a beta of 1.04. International Paper has a twelve month low of $31.76 and a twelve month high of $50.68. The company has a 50-day moving average price of $48.20 and a two-hundred day moving average price of $44.72.

International Paper Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 15th will be given a dividend of $0.4625 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.85 dividend on an annualized basis and a yield of 3.77%. International Paper’s dividend payout ratio is presently 151.64%.

International Paper 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.