M&T Bank Corp Sells 1,241 Shares of International Paper (NYSE:IP)

M&T Bank Corp decreased its position in International Paper (NYSE:IP) by 5.3% during the 3rd quarter, Holdings Channel.com reports. The fund owned 22,396 shares of the basic materials company’s stock after selling 1,241 shares during the quarter. M&T Bank Corp’s holdings in International Paper were worth $1,094,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in IP. Brooklyn Investment Group acquired a new position in International Paper during the 3rd quarter valued at about $25,000. Innealta Capital LLC bought a new stake in shares of International Paper during the second quarter worth approximately $26,000. Ashton Thomas Securities LLC acquired a new position in International Paper in the third quarter valued at approximately $28,000. Legacy Investment Solutions LLC bought a new position in International Paper in the third quarter valued at approximately $28,000. Finally, Eastern Bank acquired a new stake in International Paper during the 3rd quarter worth $40,000. 81.95% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at International Paper

In related news, Director Kathryn D. Sullivan sold 600 shares of International Paper stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $48.08, for a total value of $28,848.00. Following the sale, the director now owns 38,945 shares of the company’s stock, valued at approximately $1,872,475.60. This trade represents a 1.52 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In the last ninety days, insiders have sold 3,000 shares of company stock valued at $158,904. 0.55% of the stock is owned by corporate insiders.

International Paper Stock Up 1.2 %

Shares of International Paper stock opened at $55.54 on Monday. The company has a market capitalization of $19.30 billion, a P/E ratio of 47.47 and a beta of 1.02. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.53 and a quick ratio of 1.11. The business has a 50-day moving average of $53.95 and a two-hundred day moving average of $49.02. International Paper has a 1 year low of $32.70 and a 1 year high of $60.36.

International Paper (NYSE:IP) last posted its earnings results on Thursday, October 31st. The basic materials company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $4.70 billion. During the same period in the prior year, the business earned $0.64 EPS. International Paper’s revenue for the quarter was up 1.6% compared to the same quarter last year. As a group, equities analysts predict that International Paper will post 1.18 EPS for the current year.

International Paper Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 15th will be issued a dividend of $0.4625 per share. The ex-dividend date is Friday, November 15th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.33%. International Paper’s payout ratio is 158.12%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on IP. BNP Paribas downgraded International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 price target on the stock. in a research note on Wednesday, November 13th. Royal Bank of Canada increased their target price on International Paper from $56.00 to $64.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Finally, Truist Financial restated a “buy” rating and set a $61.00 target price (up from $57.00) on shares of International Paper in a research report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.54.

International Paper 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.