HB Wealth Management LLC Acquires New Position in International Paper (NYSE:IP)

HB Wealth Management LLC acquired a new position in shares of International Paper (NYSE:IP) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 5,487 shares of the basic materials company’s stock, valued at approximately $237,000.

A number of other large investors have also recently bought and sold shares of the business. 1834 Investment Advisors Co. bought a new stake in shares of International Paper in the 2nd quarter worth approximately $506,000. Atomi Financial Group Inc. increased its position in International Paper by 12.1% in the second quarter. Atomi Financial Group Inc. now owns 6,307 shares of the basic materials company’s stock worth $272,000 after buying an additional 682 shares during the period. AlphaStar Capital Management LLC lifted its stake in International Paper by 9.9% in the second quarter. AlphaStar Capital Management LLC now owns 7,059 shares of the basic materials company’s stock valued at $305,000 after buying an additional 636 shares during the last quarter. State of Michigan Retirement System boosted its holdings in shares of International Paper by 1.8% during the second quarter. State of Michigan Retirement System now owns 102,348 shares of the basic materials company’s stock valued at $4,416,000 after acquiring an additional 1,800 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of International Paper by 133.7% during 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 acquiring an additional 8,132,332 shares during the last quarter. Institutional investors own 81.95% of the company’s stock.

Insider Activity

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 28th. The stock was sold at an average price of $42.77, for a total transaction of $25,662.00. Following the completion of the sale, the director now owns 42,802 shares of the company’s stock, valued at $1,830,641.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, SVP Clay R. Ellis sold 9,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $48.83, for a total transaction of $439,470.00. Following the completion of the transaction, the senior vice president now owns 49,832 shares of the company’s stock, valued at approximately $2,433,296.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $42.77, for a total value of $25,662.00. Following the completion of the sale, the director now directly owns 42,802 shares in the company, valued at approximately $1,830,641.54. The disclosure for this sale can be found here. In the last quarter, insiders have sold 12,000 shares of company stock valued at $573,822. Insiders own 0.55% of the company’s stock.

International Paper Stock Performance

Shares of IP stock opened at $48.42 on Friday. The stock’s 50-day moving average is $45.65 and its two-hundred day moving average is $41.21. International Paper has a fifty-two week low of $31.76 and a fifty-two week high of $49.24. The firm has a market cap of $16.82 billion, a P/E ratio of 98.82 and a beta of 1.06. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.59 and a quick ratio of 1.17.

International Paper (NYSE:IP) last released its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.41 by $0.14. The business had revenue of $4.73 billion for the quarter, compared to the consensus estimate of $4.78 billion. International Paper had a net margin of 2.34% and a return on equity of 7.28%. International Paper’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.59 EPS. Analysts predict that International Paper will post 1.64 earnings per share for the current fiscal year.

International Paper Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Thursday, August 15th will be paid a dividend of $0.4625 per share. The ex-dividend date is Thursday, August 15th. This represents a $1.85 annualized dividend and a dividend yield of 3.82%. International Paper’s dividend payout ratio (DPR) is presently 377.55%.

Analyst Ratings Changes

A number of research firms have issued reports on IP. Seaport Res Ptn raised shares of International Paper from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 28th. Wells Fargo & Company increased their price objective on International Paper from $43.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, July 25th. Argus raised International Paper from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a research note on Wednesday, August 14th. Truist Financial increased their price target 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, Stifel Nicolaus started coverage on shares of International Paper in a research note on Tuesday, July 9th. They set a “hold” rating and a $48.70 price objective on the stock. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $50.21.

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.