Patrick M Sweeney & Associates Inc. Sells 724 Shares of International Paper (NYSE:IP)

Patrick M Sweeney & Associates Inc. trimmed its holdings in shares of International Paper (NYSE:IP) by 8.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,749 shares of the basic materials company’s stock after selling 724 shares during the period. Patrick M Sweeney & Associates Inc.’s holdings in International Paper were worth $413,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of IP. Farther Finance Advisors LLC grew its position in International Paper by 65.1% during the first quarter. Farther Finance Advisors LLC now owns 11,563 shares of the basic materials company’s stock valued at $620,000 after buying an additional 4,560 shares during the period. Toth Financial Advisory Corp bought a new position in shares of International Paper in the first quarter worth about $42,000. First Citizens Bank & Trust Co. bought a new position in shares of International Paper in the first quarter worth about $202,000. Capital Investment Advisors LLC lifted its position in shares of International Paper by 6.0% during the 1st quarter. Capital Investment Advisors LLC now owns 4,176 shares of the basic materials company’s stock valued at $223,000 after buying an additional 235 shares in the last quarter. Finally, E. Ohman J or Asset Management AB grew its stake in shares of International Paper by 31.1% during the 1st quarter. E. Ohman J or Asset Management AB now owns 21,100 shares of the basic materials company’s stock valued at $1,126,000 after acquiring an additional 5,000 shares during the period. Institutional investors own 81.95% of the company’s stock.

Insider Buying and Selling

In related news, CAO Holly G. Goughnour sold 7,500 shares of the stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $44.85, for a total transaction of $336,375.00. Following the completion of the sale, the chief accounting officer now owns 31,525 shares of the company’s stock, valued at $1,413,896.25. This represents a 19.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.35% of the stock is owned by insiders.

International Paper Stock Up 0.6%

IP opened at $47.37 on Monday. The company has a market capitalization of $25.01 billion, a PE ratio of 30.17, a price-to-earnings-growth ratio of 0.39 and a beta of 1.04. The firm has a 50-day simple moving average of $47.31 and a two-hundred day simple moving average of $52.42. 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 has a 52 week low of $41.50 and a 52 week high of $60.36.

International Paper (NYSE:IP) last released its quarterly earnings results 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 analysts’ expectations of $6.38 billion. During the same quarter in the prior year, the business posted $0.17 EPS. The company’s revenue was up 27.8% on a year-over-year basis. Analysts forecast that International Paper will post 2.77 earnings per share for the current fiscal year.

International Paper Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 23rd will be issued a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 3.91%. The ex-dividend date of this dividend is Friday, May 23rd. International Paper’s dividend payout ratio is 158.12%.

Analysts Set New Price Targets

IP has been the topic of several analyst reports. Truist Financial set a $59.00 price target on shares of International Paper in a report on Wednesday, May 28th. JPMorgan Chase & Co. assumed coverage on shares of International Paper in a research report on Thursday, March 20th. They set an “overweight” rating and a $59.00 price objective on the stock. Citigroup assumed coverage on shares of International Paper in a report on Wednesday, March 5th. They issued a “buy” rating and a $60.00 target price for the company. Wall Street Zen cut International Paper from a “hold” rating to a “sell” rating in a report on Monday, May 5th. Finally, Bank of America initiated coverage on International Paper in a research report on Thursday, February 13th. They issued a “neutral” rating on the stock. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $54.54.

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.