CIBC Asset Management Inc Raises Position in International Paper (NYSE:IP)

CIBC Asset Management Inc boosted its position in shares of International Paper (NYSE:IP) by 8.4% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 50,703 shares of the basic materials company’s stock after buying an additional 3,947 shares during the period. CIBC Asset Management Inc’s holdings in International Paper were worth $2,477,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. OneDigital Investment Advisors LLC grew its holdings in shares of International Paper by 5.7% during the third quarter. OneDigital Investment Advisors LLC now owns 5,824 shares of the basic materials company’s stock worth $284,000 after buying an additional 314 shares in the last quarter. Lifeworks Advisors LLC grew its stake in International Paper by 10.9% during the 3rd quarter. Lifeworks Advisors LLC now owns 6,437 shares of the basic materials company’s stock valued at $314,000 after acquiring an additional 631 shares in the last quarter. Tokio Marine Asset Management Co. Ltd. raised its holdings in International Paper by 7.6% in the 3rd quarter. Tokio Marine Asset Management Co. Ltd. now owns 21,179 shares of the basic materials company’s stock valued at $1,035,000 after acquiring an additional 1,503 shares during the last quarter. Metis Global Partners LLC lifted its stake in International Paper by 15.4% in the 3rd quarter. Metis Global Partners LLC now owns 37,988 shares of the basic materials company’s stock worth $1,856,000 after purchasing an additional 5,074 shares in the last quarter. Finally, Curi RMB Capital LLC acquired a new position in shares of International Paper during the 3rd quarter worth approximately $4,870,000. Institutional investors and hedge funds own 81.95% of the company’s stock.

International Paper Stock Up 0.2 %

Shares of NYSE IP opened at $57.84 on Wednesday. International Paper has a 52-week low of $31.76 and a 52-week high of $59.52. The business’s 50 day moving average is $50.78 and its two-hundred day moving average is $46.96. The firm has a market cap of $20.09 billion, a price-to-earnings ratio of 49.44 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 (NYSE:IP) last posted its quarterly earnings data on Thursday, October 31st. The basic materials company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.20. International Paper had a return on equity of 6.49% and a net margin of 2.25%. The firm had revenue of $4.69 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter in the previous year, the business earned $0.64 EPS. The company’s quarterly revenue was up 1.6% compared to the same quarter last year. Research analysts predict that International Paper will post 1.29 EPS for the current year.

International Paper Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 15th will be given a dividend of $0.4625 per share. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.85 annualized dividend and a dividend yield of 3.20%. International Paper’s dividend payout ratio is presently 158.12%.

Insider Activity

In other news, SVP Clay R. Ellis sold 9,000 shares of International Paper stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $48.83, for a total value of $439,470.00. Following the completion of the transaction, the senior vice president now owns 49,832 shares in the company, valued at approximately $2,433,296.56. This trade represents a 15.30 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, VP Holly G. Goughnour sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $47.22, for a total transaction of $236,100.00. Following the sale, the vice president now owns 16,788 shares in the company, valued at $792,729.36. The trade was a 22.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,440 shares of company stock valued at $944,540. 0.55% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

IP has been the topic of a number of analyst reports. BNP Paribas downgraded International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 price objective on the stock. in a research report on Wednesday, November 13th. Wells Fargo & Company boosted their price target on shares of International Paper from $43.00 to $45.00 and gave the company an “equal weight” rating in a research report on Thursday, July 25th. Argus upgraded shares of International Paper from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a research report on Wednesday, August 14th. Royal Bank of Canada boosted their target price on shares of International Paper from $56.00 to $64.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Finally, Truist Financial restated a “buy” rating and set a $61.00 price target (up previously from $57.00) on shares of International Paper in a report on Friday, November 1st. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $51.54.

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.