HighTower Advisors LLC Sells 49,196 Shares of International Paper (NYSE:IP)

HighTower Advisors LLC cut its holdings in International Paper (NYSE:IP) by 31.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 105,369 shares of the basic materials company’s stock after selling 49,196 shares during the quarter. HighTower Advisors LLC’s holdings in International Paper were worth $5,671,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Sierra Ocean LLC purchased a new stake in shares of International Paper in the 4th quarter worth approximately $26,000. Centricity Wealth Management LLC bought a new position in International Paper in the fourth quarter worth approximately $26,000. Brooklyn Investment Group bought a new position in International Paper in the third quarter worth approximately $25,000. Legacy Investment Solutions LLC purchased a new stake in International Paper during the third quarter worth $28,000. Finally, Versant Capital Management Inc boosted its position in International Paper by 313.3% during the 4th quarter. Versant Capital Management Inc now owns 591 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 448 shares in the last quarter. 81.95% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Citigroup initiated coverage on International Paper in a research report on Wednesday, March 5th. They issued a “buy” rating and a $60.00 price target for the company. Bank of America started coverage on shares of International Paper in a report on Thursday, February 13th. They issued a “neutral” rating for the company. Royal Bank of Canada restated an “outperform” rating and issued a $64.00 price target on shares of International Paper in a report on Friday, January 31st. Finally, Truist Financial reiterated a “buy” rating and set a $64.00 price objective (down previously from $65.00) on shares of International Paper in a research note on Friday, January 31st. One analyst has rated the stock with a sell rating, three have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, International Paper has an average rating of “Moderate Buy” and an average target price of $54.86.

International Paper Stock Performance

Shares of International Paper stock opened at $52.70 on Thursday. The firm has a market capitalization of $27.73 billion, a P/E ratio of 33.57, a PEG ratio of 0.39 and a beta of 1.02. International Paper has a 52 week low of $33.16 and a 52 week high of $60.36. The company has a quick ratio of 1.08, a current ratio of 1.49 and a debt-to-equity ratio of 0.66. The company has a 50 day moving average price of $55.07 and a 200 day moving average price of $53.41.

International Paper (NYSE:IP) last posted its quarterly earnings data on Thursday, January 30th. The basic materials company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.05). International Paper had a return on equity of 4.75% and a net margin of 2.99%. Sell-side analysts expect that International Paper will post 2.77 EPS for the current year.

International Paper Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, February 24th were issued a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.51%. The ex-dividend date was Monday, February 24th. International Paper’s dividend payout ratio is presently 117.83%.

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.