Amalgamated Bank Cuts Stock Holdings in International Paper (NYSE:IP)

Amalgamated Bank lowered its stake in International Paper (NYSE:IP) by 33.6% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 68,204 shares of the basic materials company’s stock after selling 34,436 shares during the quarter. Amalgamated Bank’s holdings in International Paper were worth $3,332,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Massmutual Trust Co. FSB ADV lifted its position in shares of International Paper by 20.7% in the third quarter. Massmutual Trust Co. FSB ADV now owns 1,396 shares of the basic materials company’s stock worth $68,000 after buying an additional 239 shares in the last quarter. Retirement Systems of Alabama boosted its position in shares of International Paper by 0.3% during the 2nd quarter. Retirement Systems of Alabama now owns 76,616 shares of the basic materials company’s stock valued at $3,306,000 after acquiring an additional 246 shares during the last quarter. Altrius Capital Management Inc grew its holdings in shares of International Paper by 0.3% in the second quarter. Altrius Capital Management Inc now owns 112,487 shares of the basic materials company’s stock valued at $4,854,000 after purchasing an additional 296 shares in the last quarter. 180 Wealth Advisors LLC increased its position in International Paper by 4.2% in the second quarter. 180 Wealth Advisors LLC now owns 8,172 shares of the basic materials company’s stock worth $351,000 after purchasing an additional 327 shares during the last quarter. Finally, Stephens Inc. AR raised its stake in International Paper by 0.7% during the third quarter. Stephens Inc. AR now owns 46,282 shares of the basic materials company’s stock valued at $2,261,000 after purchasing an additional 333 shares in the last quarter. Institutional investors own 81.95% of the company’s stock.

Insider Activity at International Paper

In other International Paper news, SVP Clay R. Ellis sold 9,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $48.83, for a total transaction of $439,470.00. Following the transaction, the senior vice president now directly owns 49,832 shares in the company, valued at $2,433,296.56. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other International Paper news, SVP Clay R. Ellis sold 9,000 shares of the stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $48.83, for a total transaction of $439,470.00. Following the transaction, the senior vice president now directly owns 49,832 shares in the company, valued at $2,433,296.56. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kathryn D. Sullivan sold 600 shares of the business’s stock in a transaction dated 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 sale, the director now owns 41,002 shares of the company’s stock, valued at approximately $1,890,192.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,440 shares of company stock worth $938,486. Company insiders own 0.55% of the company’s stock.

Wall Street Analyst Weigh In

IP has been the topic of a number of research reports. Wells Fargo & Company boosted their target price 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. Truist Financial restated a “buy” rating and set a $61.00 price objective (up from $57.00) on shares of International Paper in a research report on Friday, November 1st. Argus raised International Paper from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a research note on Wednesday, August 14th. Finally, Royal Bank of Canada increased their price target on International Paper from $56.00 to $64.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Three analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $51.96.

International Paper Price Performance

IP opened at $57.38 on Friday. The business has a fifty day moving average of $49.41 and a 200 day moving average of $45.70. The stock has a market cap of $19.93 billion, a P/E ratio of 49.04 and a beta of 1.02. The company has a quick ratio of 1.11, a current ratio of 1.53 and a debt-to-equity ratio of 0.62. International Paper has a 52-week low of $31.76 and a 52-week high of $59.52.

International Paper (NYSE:IP) last posted its quarterly earnings results on Thursday, October 31st. The basic materials company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.20. International Paper had a net margin of 2.25% and a return on equity of 6.49%. The firm had revenue of $4.69 billion for the quarter, compared to analysts’ expectations of $4.70 billion. During the same period in the prior year, the business posted $0.64 earnings per share. The business’s revenue for the quarter was up 1.6% on a year-over-year basis. As a group, sell-side analysts anticipate that International Paper will post 1.44 EPS for the current year.

International Paper Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a dividend yield of 3.22%. The ex-dividend date of this dividend is Friday, November 15th. International Paper’s dividend payout ratio is presently 158.12%.

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.