International Paper (NYSE:IP) Reaches New 52-Week High Following Strong Earnings

International Paper (NYSE:IP)’s stock price hit a new 52-week high during trading on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $54.49 and last traded at $54.23, with a volume of 945926 shares trading hands. The stock had previously closed at $49.03.

The basic materials company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.20. The firm had revenue of $4.69 billion during the quarter, compared to analyst estimates of $4.70 billion. International Paper had a net margin of 2.34% and a return on equity of 7.28%. The business’s revenue for the quarter was up 1.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.64 earnings per share.

International Paper Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 3.33%. The ex-dividend date is Friday, November 15th. International Paper’s dividend payout ratio is currently 151.64%.

Analyst Ratings Changes

A number of research analysts have weighed in on IP shares. Royal Bank of Canada boosted their price objective on shares of International Paper from $52.00 to $56.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Stifel Nicolaus started coverage on shares of International Paper in a research report on Tuesday, July 9th. They set a “hold” rating and a $48.70 price target for the company. Wells Fargo & Company increased their price objective 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. Truist Financial increased their price target on shares of International Paper from $55.00 to $57.00 and gave the stock a “buy” rating in a report on Tuesday, October 15th. Finally, Argus upgraded shares of International Paper from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a report on Wednesday, August 14th. Three investment 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. Based on data from MarketBeat.com, International Paper has a consensus rating of “Moderate Buy” and an average target price of $50.46.

Insider Transactions at International Paper

In other news, Director Kathryn D. Sullivan sold 600 shares of International Paper stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $48.08, for a total transaction of $28,848.00. Following the transaction, the director now owns 38,945 shares in the company, valued at $1,872,475.60. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $48.08, for a total transaction of $28,848.00. Following the completion of the sale, the director now directly owns 38,945 shares of the company’s stock, valued at approximately $1,872,475.60. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Clay R. Ellis sold 9,000 shares of the firm’s 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 sale, the senior vice president now directly owns 49,832 shares of the company’s stock, valued at $2,433,296.56. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,840 shares of company stock worth $906,386 in the last quarter. Company insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On International Paper

Several institutional investors have recently bought and sold shares of IP. Norden Group LLC acquired a new position in International Paper in the 1st quarter valued at about $292,000. Mission Wealth Management LP grew its position in shares of International Paper by 7.0% during the first quarter. Mission Wealth Management LP now owns 22,818 shares of the basic materials company’s stock worth $890,000 after buying an additional 1,501 shares in the last quarter. Janney Montgomery Scott LLC grew its position in shares of International Paper by 20.0% during the first quarter. Janney Montgomery Scott LLC now owns 105,061 shares of the basic materials company’s stock worth $4,100,000 after buying an additional 17,516 shares in the last quarter. Greenwood Capital Associates LLC acquired a new position in shares of International Paper during the first quarter worth about $1,107,000. Finally, Tokio Marine Asset Management Co. Ltd. grew its position in shares of International Paper by 3.9% during the first quarter. Tokio Marine Asset Management Co. Ltd. now owns 19,880 shares of the basic materials company’s stock worth $776,000 after buying an additional 749 shares in the last quarter. 81.95% of the stock is owned by institutional investors and hedge funds.

International Paper Stock Performance

The firm has a market capitalization of $19.32 billion, a price-to-earnings ratio of 45.59 and a beta of 1.04. The company has a quick ratio of 1.17, a current ratio of 1.59 and a debt-to-equity ratio of 0.62. The stock has a 50-day moving average price of $48.20 and a 200 day moving average price of $44.72.

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.