Voya Investment Management LLC Sells 59,317 Shares of International Paper (NYSE:IP)

Voya Investment Management LLC cut its position in International Paper (NYSE:IP) by 28.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 146,370 shares of the basic materials company’s stock after selling 59,317 shares during the quarter. Voya Investment Management LLC’s holdings in International Paper were worth $7,878,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in IP. Barclays PLC increased its stake in shares of International Paper by 4.5% in the third quarter. Barclays PLC now owns 916,599 shares of the basic materials company’s stock valued at $44,774,000 after buying an additional 39,404 shares during the period. Bard Financial Services Inc. acquired a new stake in International Paper during the 3rd quarter valued at approximately $305,000. World Investment Advisors LLC raised its holdings in International Paper by 6.1% during the 3rd quarter. World Investment Advisors LLC now owns 9,191 shares of the basic materials company’s stock worth $449,000 after purchasing an additional 529 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in shares of International Paper in the 3rd quarter worth approximately $614,000. Finally, Oddo BHF Asset Management Sas bought a new stake in shares of International Paper in the 3rd quarter valued at $895,000. 81.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

IP has been the topic of several recent analyst reports. Truist Financial dropped their target price on shares of International Paper from $64.00 to $59.00 and set a “buy” rating on the stock in a report on Tuesday, April 22nd. Wells Fargo & Company decreased their target price on International Paper from $52.00 to $45.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 8th. Citigroup assumed coverage on International Paper in a research note on Wednesday, March 5th. They issued a “buy” rating and a $60.00 price target on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $64.00 price objective on shares of International Paper in a research report on Wednesday, March 26th. Finally, JPMorgan Chase & Co. assumed coverage on shares of International Paper in a research note on Thursday, March 20th. They set an “overweight” rating and a $59.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, International Paper currently has an average rating of “Moderate Buy” and a consensus target price of $54.77.

International Paper Price Performance

IP stock opened at $47.59 on Wednesday. The company has a market capitalization of $25.12 billion, a P/E ratio of 30.31, a price-to-earnings-growth ratio of 0.39 and a beta of 0.99. International Paper has a 52-week low of $34.54 and a 52-week high of $60.36. The business has a 50-day simple moving average of $50.61 and a two-hundred day simple moving average of $53.57. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.08 and a current ratio of 1.49.

International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.05). International Paper had a return on equity of 4.75% and a net margin of 2.99%. Research analysts expect that International Paper will post 2.77 EPS for the current fiscal year.

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.