Citigroup Inc. Sells 12,291 Shares of International Paper (NYSE:IP)

Citigroup Inc. reduced its position in International Paper (NYSE:IP) by 4.9% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 236,537 shares of the basic materials company’s stock after selling 12,291 shares during the quarter. Citigroup Inc.’s holdings in International Paper were worth $11,555,000 as of its most recent filing with the SEC.

Several other large investors also recently modified their holdings of IP. Aptus Capital Advisors LLC boosted its position in International Paper by 15.1% during the third quarter. Aptus Capital Advisors LLC now owns 5,972 shares of the basic materials company’s stock valued at $292,000 after acquiring an additional 785 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its position in shares of International Paper by 5.5% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 937,324 shares of the basic materials company’s stock valued at $45,788,000 after purchasing an additional 49,125 shares in the last quarter. Curi RMB Capital LLC acquired a new stake in International Paper during the third quarter worth approximately $4,870,000. Diamond Hill Capital Management Inc. increased its holdings in International Paper by 125.1% in the third quarter. Diamond Hill Capital Management Inc. now owns 4,235,846 shares of the basic materials company’s stock worth $206,921,000 after purchasing an additional 2,354,341 shares in the last quarter. Finally, Raymond James & Associates lifted 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 buying an additional 73,367 shares during the period. 81.95% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other International Paper news, Director Kathryn D. Sullivan sold 600 shares of the company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $56.19, for a total value of $33,714.00. Following the completion of the transaction, the director now owns 37,745 shares in the company, valued at $2,120,891.55. This represents a 1.56 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Joseph R. Saab sold 2,440 shares of International Paper stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $47.30, for a total value of $115,412.00. Following the sale, the senior vice president now owns 18,668 shares in the company, valued at $882,996.40. The trade was a 11.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 10,440 shares of company stock worth $505,070. 0.55% of the stock is owned by insiders.

International Paper Stock Performance

Shares of IP opened at $58.38 on Friday. The firm has a market capitalization of $20.28 billion, a P/E ratio of 49.90 and a beta of 1.02. International Paper has a 52 week low of $32.70 and a 52 week high of $60.36. The stock has a 50 day moving average price of $52.18 and a two-hundred day moving average price of $47.84. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.11 and a current ratio of 1.53.

International Paper (NYSE:IP) last announced 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 return on equity of 6.49% and a net margin of 2.25%. The business had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter in the prior year, the company posted $0.64 earnings per share. International Paper’s revenue was up 1.6% compared to the same quarter last year. Equities analysts forecast that International Paper will post 1.22 earnings per share for the current fiscal year.

International Paper Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 15th will be given a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date of this dividend is Friday, November 15th. International Paper’s payout ratio is currently 158.12%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on IP. Truist Financial reaffirmed a “buy” rating and set a $61.00 price objective (up previously from $57.00) on shares of International Paper in a research report on Friday, November 1st. Royal Bank of Canada lifted their price target on shares of International Paper from $56.00 to $64.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. BNP Paribas cut shares of 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. Finally, Argus raised International Paper from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a research report on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.54.

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.