Amalgamated Bank Cuts Stake in International Paper (NYSE:IP)

Amalgamated Bank lessened its holdings in International Paper (NYSE:IP) by 13.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 102,640 shares of the basic materials company’s stock after selling 16,551 shares during the quarter. Amalgamated Bank’s holdings in International Paper were worth $4,429,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also added to or reduced their stakes in the company. Envestnet Portfolio Solutions Inc. grew its holdings in shares of International Paper by 18.7% in the fourth quarter. Envestnet Portfolio Solutions Inc. now owns 8,192 shares of the basic materials company’s stock worth $296,000 after purchasing an additional 1,288 shares during the last quarter. TrinityPoint Wealth LLC grew its stake in shares of International Paper by 6.8% in the fourth quarter. TrinityPoint Wealth LLC now owns 9,605 shares of the basic materials company’s stock worth $347,000 after purchasing an additional 608 shares during the last quarter. Norges Bank bought a new stake in shares of International Paper in the 4th quarter worth approximately $94,913,000. Coldstream Capital Management Inc. purchased a new position in shares of International Paper during the fourth quarter valued at approximately $230,000. Finally, Corient Private Wealth LLC raised its holdings in shares of International Paper by 0.7% during the fourth quarter. Corient Private Wealth LLC now owns 68,289 shares of the basic materials company’s stock valued at $2,469,000 after acquiring an additional 496 shares in the last quarter. 81.95% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on IP shares. Seaport Res Ptn upgraded 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 research report on Thursday, July 25th. Wells Fargo & Company increased their target price on International Paper from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 25th. Stifel Nicolaus started coverage on International Paper in a research report on Tuesday, July 9th. They set a “hold” rating and a $48.70 price target on the stock. Finally, Truist Financial raised their price objective on International Paper from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, July 16th. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.21.

International Paper Trading Down 2.5 %

NYSE IP opened at $48.71 on Friday. The stock’s fifty day moving average price is $47.00 and its 200-day moving average price is $42.73. 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 stock has a market cap of $16.92 billion, a P/E ratio of 99.41 and a beta of 1.04. International Paper has a 12 month low of $31.76 and a 12 month high of $50.68.

International Paper (NYSE:IP) last released its quarterly earnings data 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. International Paper had a net margin of 2.34% and a return on equity of 7.28%. The business had revenue of $4.73 billion during the quarter, compared to analyst estimates of $4.78 billion. During the same period last year, the business earned $0.59 EPS. International Paper’s revenue was up 1.1% compared to the same quarter last year. As a group, equities analysts forecast that International Paper will post 1.55 EPS 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 paid a dividend of $0.4625 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.85 annualized dividend and a yield of 3.80%. International Paper’s dividend payout ratio is 377.55%.

Insiders Place Their Bets

In related news, Director Kathryn D. Sullivan sold 600 shares of the stock in a transaction on Monday, September 16th. The stock was sold at an average price of $49.48, for a total transaction of $29,688.00. Following the sale, the director now directly owns 39,802 shares of the company’s stock, valued at $1,969,402.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 39,802 shares in the company, valued at $1,969,402.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Joseph R. Saab sold 2,440 shares of International Paper stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $47.30, for a total transaction of $115,412.00. Following the completion of the sale, the senior vice president now directly owns 18,668 shares of the company’s stock, valued at approximately $882,996.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,440 shares of company stock valued at $927,956. Corporate insiders own 0.55% of the company’s stock.

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.