Bank of America Upgrades International Paper (NYSE:IP) to “Buy”

International Paper (NYSE:IP) was upgraded by equities researchers at Bank of America from a “neutral” rating to a “buy” rating in a research report issued on Friday, Briefing.com reports. The firm presently has a $46.00 price target on the basic materials company’s stock. Bank of America‘s price target would indicate a potential upside of 34.31% from the company’s current price.

A number of other research analysts also recently weighed in on the stock. Zacks Research upgraded shares of International Paper from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Royal Bank Of Canada boosted their target price on shares of International Paper from $48.00 to $52.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Wall Street Zen cut International Paper from a “hold” rating to a “sell” rating in a report on Tuesday, August 25th. Truist Financial reissued a “buy” rating and set a $49.00 price target (up from $46.00) on shares of International Paper in a report on Friday, July 31st. Finally, UBS Group raised their price target on International Paper from $40.00 to $47.00 and gave the stock a “neutral” rating in a research note on Friday, July 31st. Ten analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, International Paper has an average rating of “Moderate Buy” and a consensus target price of $49.13.

International Paper Price Performance

NYSE IP opened at $34.25 on Friday. International Paper has a one year low of $29.26 and a one year high of $50.25. The stock has a 50-day moving average of $39.30 and a 200 day moving average of $36.98. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.10. The company has a market capitalization of $18.14 billion, a price-to-earnings ratio of -5.25, a PEG ratio of 4.31 and a beta of 0.93.

International Paper (NYSE:IP) last posted its earnings results on Thursday, July 30th. The basic materials company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.08. International Paper had a negative net margin of 14.20% and a negative return on equity of 1.09%. The business had revenue of $6 billion for the quarter, compared to analysts’ expectations of $6.19 billion. During the same quarter in the prior year, the business earned $0.20 EPS. The business’s revenue for the quarter was down 11.3% compared to the same quarter last year. On average, sell-side analysts forecast that International Paper will post 1.34 EPS for the current year.

Insider Buying and Selling at International Paper

In other news, VP William Hamic sold 24,500 shares of the business’s stock in a transaction on Friday, August 7th. The shares were sold at an average price of $41.20, for a total transaction of $1,009,400.00. Following the completion of the sale, the vice president owned 106,952 shares of the company’s stock, valued at $4,406,422.40. The trade was a 18.64% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Holly G. Goughnour sold 3,500 shares of the company’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $41.96, for a total value of $146,860.00. Following the completion of the sale, the chief accounting officer owned 34,248 shares of the company’s stock, valued at $1,437,046.08. This trade represents a 9.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.21% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Man Group plc purchased a new stake in shares of International Paper in the second quarter worth about $24,640,000. DNB Asset Management AS grew its holdings in International Paper by 144.2% during the fourth quarter. DNB Asset Management AS now owns 258,920 shares of the basic materials company’s stock worth $10,199,000 after acquiring an additional 152,907 shares during the period. D.A. Davidson & CO. raised its position in International Paper by 29.6% during the first quarter. D.A. Davidson & CO. now owns 137,856 shares of the basic materials company’s stock valued at $4,921,000 after acquiring an additional 31,518 shares in the last quarter. Bellwether Advisors LLC purchased a new position in International Paper during the first quarter valued at approximately $2,615,000. Finally, Deutsche Bank AG acquired a new position in International Paper in the second quarter valued at approximately $77,604,000. 81.95% of the stock is owned by hedge funds and other institutional investors.

International Paper Company Profile

International Paper Company (NYSE: IP) is a global producer of sustainable packaging and paper-based products. The company manufactures containerboard, corrugated packaging, and other fiber-based packaging solutions used to transport and protect goods across a range of industries. Its offerings also include absorbent pulp and cellulose fibers used in products such as diapers, hygiene items, and other consumer and industrial applications.

Founded in 1898, International Paper has grown through the development and operation of paper mills, packaging facilities, and related manufacturing assets.