NorthCrest Asset Manangement LLC Cuts Stake in International Paper (NYSE:IP)

NorthCrest Asset Manangement LLC lowered its stake in shares of International Paper (NYSE:IP) by 1.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,733 shares of the basic materials company’s stock after selling 296 shares during the period. NorthCrest Asset Manangement LLC’s holdings in International Paper were worth $847,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Sierra Ocean LLC purchased a new stake in shares of International Paper during the fourth quarter worth about $26,000. Centricity Wealth Management LLC acquired a new position in International Paper during the fourth quarter worth about $26,000. Picton Mahoney Asset Management boosted its position in International Paper by 67.0% during the fourth quarter. Picton Mahoney Asset Management now owns 536 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 215 shares during the last quarter. Venturi Wealth Management LLC boosted its position in International Paper by 90.2% during the fourth quarter. Venturi Wealth Management LLC now owns 622 shares of the basic materials company’s stock worth $33,000 after acquiring an additional 295 shares during the last quarter. Finally, Bernard Wealth Management Corp. acquired a new position in International Paper during the fourth quarter worth about $37,000. Hedge funds and other institutional investors own 81.95% of the company’s stock.

Insider Transactions at International Paper

In other news, CAO Holly G. Goughnour sold 7,500 shares of the company’s stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $44.85, for a total value of $336,375.00. Following the transaction, the chief accounting officer now directly owns 31,525 shares in the company, valued at approximately $1,413,896.25. This represents a 19.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.35% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on IP shares. Wells Fargo & Company restated an “underweight” rating and set a $40.00 price target (down from $45.00) on shares of International Paper in a research report on Friday, May 9th. Truist Financial lowered their price target on shares of International Paper from $64.00 to $59.00 and set a “buy” rating on the stock in a research report on Tuesday, April 22nd. Citigroup initiated coverage on shares of International Paper in a research report on Wednesday, March 5th. They set a “buy” rating and a $60.00 price target on the stock. Wall Street Zen lowered shares of International Paper from a “hold” rating to a “sell” rating in a report on Monday, May 5th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $64.00 price target on shares of International Paper in a research note on Wednesday, March 26th. Three equities research analysts have rated the stock with a sell rating, two have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $53.86.

International Paper Stock Performance

International Paper stock opened at $47.93 on Friday. The firm has a 50 day simple moving average of $48.17 and a 200-day simple moving average of $52.93. International Paper has a 1-year low of $41.50 and a 1-year high of $60.36. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.49 and a quick ratio of 1.08. The stock has a market cap of $25.30 billion, a price-to-earnings ratio of 30.53, a price-to-earnings-growth ratio of 0.39 and a beta of 1.03.

International Paper (NYSE:IP) last issued 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). International Paper had a return on equity of 4.75% and a net margin of 2.99%. The company had revenue of $5.90 billion during the quarter, compared to analyst estimates of $6.38 billion. During the same quarter in the prior year, the company posted $0.17 earnings per share. The business’s revenue was up 27.8% compared to the same quarter last year. On average, analysts expect that International Paper will post 2.77 EPS for the current year.

International Paper Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 23rd will be issued a $0.4625 dividend. The ex-dividend date of this dividend is Friday, May 23rd. This represents a $1.85 annualized dividend and a dividend yield of 3.86%. International Paper’s dividend payout ratio is currently 158.12%.

International Paper 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.