Allworth Financial LP Cuts Stock Holdings in International Paper (NYSE:IP)

Allworth Financial LP lowered its stake in shares of International Paper (NYSE:IP) by 79.9% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,189 shares of the basic materials company’s stock after selling 4,719 shares during the quarter. Allworth Financial LP’s holdings in International Paper were worth $58,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of IP. Janney Montgomery Scott LLC boosted its stake in International Paper by 20.0% in the first quarter. Janney Montgomery Scott LLC now owns 105,061 shares of the basic materials company’s stock valued at $4,100,000 after acquiring an additional 17,516 shares in the last quarter. Raymond James & Associates boosted its stake in International Paper by 29.6% in the third quarter. Raymond James & Associates now owns 321,468 shares of the basic materials company’s stock valued at $15,704,000 after acquiring an additional 73,367 shares in the last quarter. Comerica Bank boosted its stake in International Paper by 23.6% in the first quarter. Comerica Bank now owns 156,596 shares of the basic materials company’s stock valued at $6,110,000 after acquiring an additional 29,904 shares in the last quarter. Sei Investments Co. boosted its stake in International Paper by 9.2% in the first quarter. Sei Investments Co. now owns 426,929 shares of the basic materials company’s stock valued at $16,659,000 after acquiring an additional 35,857 shares in the last quarter. Finally, Waverly Advisors LLC boosted its stake in International Paper by 745.4% in the first quarter. Waverly Advisors LLC now owns 72,103 shares of the basic materials company’s stock valued at $2,813,000 after acquiring an additional 63,574 shares in the last quarter. Hedge funds and other institutional investors own 81.95% of the company’s stock.

International Paper Trading Up 0.4 %

NYSE IP opened at $55.77 on Friday. The stock has a market capitalization of $19.37 billion, a P/E ratio of 45.71 and a beta of 1.04. International Paper has a 52-week low of $31.76 and a 52-week high of $56.26. The firm has a 50-day moving average price of $48.48 and a 200 day moving average price of $44.92. The company has a quick ratio of 1.17, a current ratio of 1.59 and a debt-to-equity ratio of 0.62.

International Paper (NYSE:IP) last posted its quarterly earnings results on Thursday, October 31st. The basic materials company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.24 by $0.20. International Paper had a net margin of 2.34% and a return on equity of 7.28%. The firm had revenue of $4.69 billion during the quarter, compared to analysts’ expectations of $4.70 billion. During the same period in the prior year, the company posted $0.64 earnings per share. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. Equities research analysts expect that International Paper will post 1.54 EPS 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 issued a $0.4625 dividend. 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 3.32%. International Paper’s dividend payout ratio (DPR) is presently 151.64%.

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 Thursday, August 15th. The shares were sold at an average price of $46.10, for a total value of $27,660.00. Following the completion of the transaction, the director now directly owns 41,002 shares of the company’s stock, valued at approximately $1,890,192.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $46.10, for a total transaction of $27,660.00. Following the completion of the transaction, the director now directly owns 41,002 shares of the company’s stock, valued at $1,890,192.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Joseph R. Saab sold 2,440 shares of the firm’s 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 transaction, the senior vice president now directly owns 18,668 shares of the company’s stock, valued at approximately $882,996.40. 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 three months, insiders sold 19,440 shares of company stock valued at $938,486. Corporate insiders own 0.55% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on IP shares. Truist Financial reiterated a “buy” rating and set a $61.00 target price (up previously from $57.00) on shares of International Paper in a research note on Friday. 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 target price for the company. Royal Bank of Canada increased their target price on shares of International Paper from $56.00 to $64.00 and gave the stock an “outperform” rating in a research note on Friday. 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 research note on Wednesday, August 14th. Finally, Wells Fargo & Company increased their target price on shares of International Paper from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 25th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.96.

International Paper Company 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.