Rafferty Asset Management LLC Buys 3,344 Shares of International Paper (NYSE:IP)

Rafferty Asset Management LLC grew its stake in International Paper (NYSE:IP) by 12.5% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 30,157 shares of the basic materials company’s stock after purchasing an additional 3,344 shares during the period. Rafferty Asset Management LLC’s holdings in International Paper were worth $1,623,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Sierra Ocean LLC bought a new stake in shares of International Paper in the 4th quarter valued at approximately $26,000. Centricity Wealth Management LLC bought a new stake in shares of International Paper in the 4th quarter valued at approximately $26,000. Picton Mahoney Asset Management lifted its stake in shares of International Paper by 67.0% in the 4th quarter. Picton Mahoney Asset Management now owns 536 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 215 shares during the last quarter. Venturi Wealth Management LLC lifted its stake in shares of International Paper by 90.2% in the 4th quarter. Venturi Wealth Management LLC now owns 622 shares of the basic materials company’s stock valued at $33,000 after purchasing an additional 295 shares during the last quarter. Finally, Bernard Wealth Management Corp. bought a new stake in shares of International Paper in the 4th quarter valued at approximately $37,000. 81.95% of the stock is owned by institutional investors.

International Paper Trading Down 0.9%

IP opened at $50.03 on Wednesday. The stock’s fifty day moving average is $48.71 and its two-hundred day moving average is $53.36. The company has a market capitalization of $26.41 billion, a P/E ratio of 31.87, a PEG ratio of 0.39 and a beta of 1.03. International Paper has a 52 week low of $41.00 and a 52 week high of $60.36. The company has a quick ratio of 1.08, a current ratio of 1.49 and a debt-to-equity ratio of 0.66.

International Paper (NYSE:IP) last released its quarterly earnings data on Wednesday, April 30th. The basic materials company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.12). The firm had revenue of $5.90 billion for the quarter, compared to analysts’ expectations of $6.38 billion. International Paper had a return on equity of 4.75% and a net margin of 2.99%. The company’s revenue for the quarter was up 27.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.17 earnings per share. Analysts forecast that International Paper will post 2.77 earnings per share for the current year.

International Paper Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 23rd will be issued a dividend of $0.4625 per share. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $1.85 annualized dividend and a yield of 3.70%. International Paper’s payout ratio is currently 158.12%.

Analyst Upgrades and Downgrades

IP has been the subject of several analyst reports. Wells Fargo & Company reaffirmed an “underweight” rating and issued a $40.00 price objective (down from $45.00) on shares of International Paper in a research note on Friday, May 9th. JPMorgan Chase & Co. started coverage on International Paper in a report on Thursday, March 20th. They issued an “overweight” rating and a $59.00 price target on the stock. Citigroup started coverage on International Paper in a report on Wednesday, March 5th. They issued a “buy” rating and a $60.00 price target on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $64.00 price target on shares of International Paper in a report on Wednesday, March 26th. Finally, Bank of America started coverage on International Paper in a report on Thursday, February 13th. They issued a “neutral” rating on the stock. Three research analysts have rated the stock with a sell rating, two have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $54.21.

Insiders Place Their Bets

In other International Paper news, CAO Holly G. Goughnour sold 7,500 shares of the stock in a transaction on Monday, May 5th. The stock was sold at an average price of $44.85, for a total transaction of $336,375.00. Following the sale, the chief accounting officer now owns 31,525 shares of the company’s stock, valued at approximately $1,413,896.25. This trade represents a 19.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.35% of the stock is currently owned by company insiders.

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.