Wealthfront Advisers LLC Sells 22,434 Shares of International Paper Company $IP

Wealthfront Advisers LLC lessened its position in shares of International Paper Company (NYSE:IP) by 7.2% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 288,635 shares of the basic materials company’s stock after selling 22,434 shares during the quarter. Wealthfront Advisers LLC’s holdings in International Paper were worth $13,517,000 at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of International Paper by 52.0% during the first quarter. Vanguard Group Inc. now owns 62,623,540 shares of the basic materials company’s stock valued at $3,340,966,000 after acquiring an additional 21,428,455 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of International Paper by 8.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 51,798,017 shares of the basic materials company’s stock valued at $2,763,426,000 after acquiring an additional 4,201,422 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of International Paper by 19.4% during the first quarter. Bank of New York Mellon Corp now owns 17,145,485 shares of the basic materials company’s stock valued at $914,712,000 after acquiring an additional 2,782,042 shares during the period. JPMorgan Chase & Co. lifted its stake in shares of International Paper by 21.4% during the first quarter. JPMorgan Chase & Co. now owns 9,019,743 shares of the basic materials company’s stock valued at $481,203,000 after acquiring an additional 1,590,137 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of International Paper by 1.1% during the first quarter. Invesco Ltd. now owns 8,040,128 shares of the basic materials company’s stock valued at $428,941,000 after acquiring an additional 85,732 shares during the period. Institutional investors and hedge funds own 81.95% of the company’s stock.

Analysts Set New Price Targets

IP has been the subject of a number of recent analyst reports. Wells Fargo & Company upped their price objective on International Paper from $43.00 to $44.00 and gave the company an “underweight” rating in a report on Tuesday, October 7th. JPMorgan Chase & Co. downgraded International Paper from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $55.00 to $54.00 in a report on Tuesday, August 5th. Weiss Ratings reiterated a “hold (c)” rating on shares of International Paper in a report on Tuesday, October 14th. Truist Financial dropped their price objective on International Paper from $55.00 to $53.00 and set a “buy” rating for the company in a report on Monday, October 13th. Finally, Zacks Research upgraded International Paper from a “strong sell” rating to a “hold” rating in a report on Friday, October 10th. Seven analysts have rated the stock with a Buy rating, four have assigned a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $53.85.

International Paper Stock Down 0.5%

IP stock opened at $48.86 on Monday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.33 and a quick ratio of 0.96. The stock has a market capitalization of $25.80 billion, a P/E ratio of -488.60, a P/E/G ratio of 0.59 and a beta of 1.10. The business has a 50-day moving average of $47.20 and a 200-day moving average of $47.88. International Paper Company has a fifty-two week low of $43.27 and a fifty-two week high of $60.36.

International Paper (NYSE:IP) last issued its quarterly earnings results on Thursday, July 31st. The basic materials company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.18). International Paper had a negative net margin of 0.12% and a positive return on equity of 2.63%. The company had revenue of $6.77 billion for the quarter, compared to analyst estimates of $6.64 billion. During the same period last year, the company posted $0.55 earnings per share. The business’s revenue for the quarter was up 42.9% on a year-over-year basis. On average, sell-side analysts anticipate that International Paper Company will post 2.77 earnings per share for the current fiscal year.

International Paper Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 16th. Stockholders of record on Friday, November 14th will be given a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.8%. International Paper’s payout ratio is -1,850.00%.

Insider Activity

In other news, SVP Joseph R. Saab sold 9,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 16th. The stock was sold at an average price of $45.53, for a total value of $409,770.00. Following the completion of the sale, the senior vice president directly owned 27,673 shares of the company’s stock, valued at $1,259,951.69. This trade represents a 24.54% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. 0.55% of the stock is currently owned by insiders.

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.