International Paper (NYSE:IP) Price Target Raised to $56.00

International Paper (NYSE:IP) had its price objective lifted by Royal Bank of Canada from $52.00 to $56.00 in a research report report published on Thursday morning, Benzinga reports. Royal Bank of Canada currently has an outperform rating on the basic materials company’s stock.

Several other research firms have also weighed in on IP. Jefferies Financial Group upgraded shares of International Paper from a hold rating to a buy rating and lifted their target price for the company from $38.00 to $57.00 in a report on Thursday, May 23rd. Stifel Nicolaus initiated coverage on International Paper in a research report on Tuesday, July 9th. They issued a hold rating and a $48.70 price objective on the stock. Truist Financial upped their target price on International Paper from $52.00 to $55.00 and gave the stock a buy rating in a research report on Tuesday, July 16th. Wells Fargo & Company raised their target price on International Paper from $41.00 to $43.00 and gave the company an equal weight rating in a report on Wednesday, July 10th. Finally, Seaport Res Ptn upgraded International Paper from a hold rating to a strong-buy rating in a report on Friday, June 28th. Four analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, International Paper presently has an average rating of Moderate Buy and a consensus target price of $49.96.

International Paper Stock Performance

Shares of NYSE:IP opened at $46.92 on Thursday. The business has a 50-day moving average of $44.73 and a two-hundred day moving average of $39.47. The firm has a market capitalization of $16.30 billion, a PE ratio of 95.76 and a beta of 1.06. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.59 and a quick ratio of 1.22. International Paper has a 12 month low of $31.76 and a 12 month high of $47.40.

International Paper (NYSE:IP) last posted its earnings results on Wednesday, July 24th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.14. The firm had revenue of $4.73 billion during the quarter, compared to the consensus estimate of $4.78 billion. International Paper had a net margin of 2.34% and a return on equity of 7.28%. The company’s revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.59 EPS. As a group, research analysts forecast that International Paper will post 1.89 earnings per share for the current year.

International Paper Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Thursday, August 15th will be issued a dividend of $0.4625 per share. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $1.85 annualized dividend and a yield of 3.94%. International Paper’s dividend payout ratio is presently 377.55%.

Insider Buying and Selling at International Paper

In other news, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $42.77, for a total transaction of $25,662.00. Following the completion of the sale, the director now owns 42,802 shares of the company’s stock, valued at $1,830,641.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 3,600 shares of company stock valued at $150,594 in the last three months. Corporate insiders own 0.55% of the company’s stock.

Hedge Funds Weigh In On International Paper

Several large investors have recently modified their holdings of IP. Retirement Systems of Alabama increased its stake in shares of International Paper by 0.3% in the second quarter. Retirement Systems of Alabama now owns 76,616 shares of the basic materials company’s stock valued at $3,306,000 after purchasing an additional 246 shares during the period. Massmutual Trust Co. FSB ADV increased its position in International Paper by 27.7% in the 2nd quarter. Massmutual Trust Co. FSB ADV now owns 1,157 shares of the basic materials company’s stock valued at $50,000 after acquiring an additional 251 shares during the period. Venturi Wealth Management LLC raised its stake in International Paper by 37.5% during the 4th quarter. Venturi Wealth Management LLC now owns 1,081 shares of the basic materials company’s stock valued at $39,000 after acquiring an additional 295 shares in the last quarter. Czech National Bank boosted its position in International Paper by 0.5% during the 1st quarter. Czech National Bank now owns 60,897 shares of the basic materials company’s stock worth $2,376,000 after acquiring an additional 295 shares during the period. Finally, Kentucky Retirement Systems grew its stake in shares of International Paper by 1.1% in the fourth quarter. Kentucky Retirement Systems now owns 27,685 shares of the basic materials company’s stock worth $1,001,000 after purchasing an additional 298 shares in the last quarter. Institutional investors own 81.95% of the company’s stock.

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.