International Paper (NYSE:IP) Shares Gap Down to $35.26

Shares of International Paper (NYSE:IP) gapped down prior to trading on Friday . The stock had previously closed at $35.26, but opened at $34.51. International Paper shares last traded at $35.37, with a volume of 2,535,610 shares changing hands.

Analysts Set New Price Targets

IP has been the topic of several research analyst reports. Royal Bank of Canada reissued an “outperform” rating and issued a $43.00 price target on shares of International Paper in a report on Friday, February 2nd. Bank of America raised shares of International Paper from an “underperform” rating to a “buy” rating and increased their price target for the company from $37.00 to $42.00 in a report on Monday, March 4th. Argus cut shares of International Paper from a “buy” rating to a “hold” rating in a report on Monday, February 26th. Wells Fargo & Company lowered their price target on shares of International Paper from $39.00 to $35.00 and set an “equal weight” rating on the stock in a report on Friday, February 2nd. Finally, Citigroup raised shares of International Paper from a “neutral” rating to a “buy” rating and increased their price target for the company from $36.00 to $46.00 in a report on Wednesday, March 20th. Five research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $37.13.

International Paper Price Performance

The company’s fifty day moving average price is $36.73 and its 200 day moving average price is $35.83. The company has a market capitalization of $12.30 billion, a P/E ratio of 42.61 and a beta of 0.99. The company has a quick ratio of 1.19, a current ratio of 1.67 and a debt-to-equity ratio of 0.65.

International Paper (NYSE:IP) last announced its quarterly earnings data on Thursday, February 1st. The basic materials company reported $0.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.07. The business had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.67 billion. International Paper had a net margin of 1.52% and a return on equity of 8.87%. The firm’s quarterly revenue was down 10.4% compared to the same quarter last year. During the same period last year, the firm posted $0.87 earnings per share. As a group, sell-side analysts forecast that International Paper will post 1.88 EPS for the current year.

Insider Activity at International Paper

In other International Paper news, SVP James P. Jr. Royalty sold 5,800 shares of the firm’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $34.75, for a total value of $201,550.00. Following the sale, the senior vice president now owns 69,488 shares in the company, valued at $2,414,708. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 8,800 shares of company stock valued at $310,438 over the last three months. 0.55% of the stock is owned by insiders.

Institutional Trading of International Paper

Hedge funds have recently added to or reduced their stakes in the stock. Pathstone Family Office LLC purchased a new position in International Paper during the third quarter worth about $1,164,000. StrategIQ Financial Group LLC purchased a new position in International Paper during the fourth quarter worth about $2,271,000. Metis Global Partners LLC boosted its stake in International Paper by 6.7% in the third quarter. Metis Global Partners LLC now owns 21,824 shares of the basic materials company’s stock valued at $774,000 after acquiring an additional 1,376 shares during the last quarter. SteelPeak Wealth LLC boosted its stake in International Paper by 40.5% in the third quarter. SteelPeak Wealth LLC now owns 20,935 shares of the basic materials company’s stock valued at $743,000 after acquiring an additional 6,033 shares during the last quarter. Finally, Assenagon Asset Management S.A. boosted its stake in International Paper by 70.1% in the fourth quarter. Assenagon Asset Management S.A. now owns 207,329 shares of the basic materials company’s stock valued at $7,495,000 after acquiring an additional 85,429 shares during the last quarter. Institutional investors and hedge funds own 81.95% of the company’s stock.

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.