DNB Asset Management AS Raises Stake in International Paper (NYSE:IP)

DNB Asset Management AS boosted its stake in International Paper (NYSE:IP) by 20.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 63,858 shares of the basic materials company’s stock after purchasing an additional 10,666 shares during the quarter. DNB Asset Management AS’s holdings in International Paper were worth $2,755,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in IP. MCF Advisors LLC grew its position in International Paper by 1,094.7% during the first quarter. MCF Advisors LLC now owns 681 shares of the basic materials company’s stock worth $27,000 after buying an additional 624 shares in the last quarter. Jones Financial Companies Lllp lifted its holdings in shares of International Paper by 208.3% during the 4th quarter. Jones Financial Companies Lllp now owns 703 shares of the basic materials company’s stock worth $25,000 after acquiring an additional 475 shares during the last quarter. Crewe Advisors LLC purchased a new position in International Paper in the first quarter worth $29,000. Assetmark Inc. increased its stake in International Paper by 309.0% in the fourth quarter. Assetmark Inc. now owns 859 shares of the basic materials company’s stock valued at $31,000 after acquiring an additional 649 shares during the last quarter. Finally, Ables Iannone Moore & Associates Inc. bought a new position in shares of International Paper during the 4th quarter valued at about $37,000. Hedge funds and other institutional investors own 81.95% of the company’s stock.

International Paper Trading Up 1.4 %

IP stock traded up $0.60 during trading on Tuesday, reaching $45.03. The company had a trading volume of 4,068,201 shares, compared to its average volume of 5,794,813. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.59 and a quick ratio of 1.17. International Paper has a 52 week low of $31.76 and a 52 week high of $47.40. The business has a 50 day moving average of $45.04 and a 200 day moving average of $39.85. The company has a market cap of $15.64 billion, a P/E ratio of 91.55 and a beta of 1.06.

International Paper (NYSE:IP) last announced its earnings results on Wednesday, July 24th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.14. International Paper had a return on equity of 7.28% and a net margin of 2.34%. The firm had revenue of $4.73 billion during the quarter, compared to analyst estimates of $4.78 billion. During the same quarter in the prior year, the company earned $0.59 EPS. The business’s revenue was up 1.1% compared to the same quarter last year. As a group, sell-side analysts forecast that International Paper will post 1.64 earnings per share for the current fiscal year.

International Paper Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Thursday, August 15th will be given a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 4.11%. The ex-dividend date is Thursday, August 15th. International Paper’s dividend payout ratio is currently 377.55%.

Insider Activity

In other news, Director Kathryn D. Sullivan sold 600 shares of International Paper stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $44.58, for a total transaction of $26,748.00. Following the completion of the transaction, the director now directly owns 45,479 shares in the company, valued at $2,027,453.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have sold 3,600 shares of company stock worth $157,386. Corporate insiders own 0.55% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on IP shares. Jefferies Financial Group upgraded International Paper from a “hold” rating to a “buy” rating and raised their price target for the stock from $38.00 to $57.00 in a research report on Thursday, May 23rd. Seaport Res Ptn raised shares of International Paper from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 28th. Royal Bank of Canada increased their price target 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. Truist Financial raised their price target on shares of International Paper from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, July 16th. Finally, Stifel Nicolaus initiated coverage on shares of International Paper in a research note on Tuesday, July 9th. They set a “hold” rating and a $48.70 price objective for the company. Four research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $49.96.

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.