Laird Norton Wetherby Wealth Management LLC Trims Stock Position in International Paper (NYSE:IP)

Laird Norton Wetherby Wealth Management LLC lowered its holdings in shares of International Paper (NYSE:IP) by 7.0% in the 4th quarter, Holdings Channel.com reports. The firm owned 4,775 shares of the basic materials company’s stock after selling 361 shares during the quarter. Laird Norton Wetherby Wealth Management LLC’s holdings in International Paper were worth $257,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in IP. Sierra Ocean LLC purchased a new stake in International Paper in the 4th quarter worth approximately $26,000. Centricity Wealth Management LLC purchased a new stake in International Paper in the 4th quarter worth approximately $26,000. Picton Mahoney Asset Management increased its holdings in International Paper by 67.0% in the 4th 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 in the last quarter. Venturi Wealth Management LLC increased its holdings in International Paper by 90.2% in the 4th 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 in the last quarter. Finally, Bernard Wealth Management Corp. purchased a new stake in International Paper in the 4th quarter worth approximately $37,000. Hedge funds and other institutional investors own 81.95% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the stock. Wells Fargo & Company reissued an “underweight” rating and issued a $40.00 target price (down from $45.00) on shares of International Paper in a report on Friday, May 9th. Citigroup initiated coverage on shares of International Paper in a report on Wednesday, March 5th. They set a “buy” rating and a $60.00 price objective for the company. StockNews.com lowered shares of International Paper from a “hold” rating to a “sell” rating in a report on Monday, May 5th. JPMorgan Chase & Co. initiated coverage on shares of International Paper in a report on Thursday, March 20th. They set an “overweight” rating and a $59.00 price objective for the company. Finally, Truist Financial cut their price objective on shares of International Paper from $64.00 to $59.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Three investment analysts have rated the stock with a sell rating, two have given a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $54.21.

Insider Activity

In other news, CAO Holly G. Goughnour sold 7,500 shares of the stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $44.85, for a total transaction of $336,375.00. Following the completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.35% of the company’s stock.

International Paper Stock Up 1.1%

NYSE IP opened at $50.14 on Friday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.08 and a current ratio of 1.49. The company has a market capitalization of $26.47 billion, a P/E ratio of 31.94, a P/E/G ratio of 0.39 and a beta of 1.03. International Paper has a one year low of $40.39 and a one year high of $60.36. The stock has a 50 day moving average price of $48.72 and a 200-day moving average price of $53.40.

International Paper (NYSE:IP) last posted its earnings results on Wednesday, April 30th. The basic materials company reported $0.23 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.12). The firm had revenue of $5.90 billion for the quarter, compared to the consensus estimate of $6.38 billion. International Paper had a net margin of 2.99% and a return on equity of 4.75%. The firm’s revenue was up 27.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.17 earnings per share. As a group, equities analysts predict that International Paper will post 2.77 EPS for the current fiscal year.

International Paper Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 13th. Stockholders of record on Friday, May 23rd will be given a dividend of $0.4625 per share. The ex-dividend date is Friday, May 23rd. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.69%. International Paper’s dividend payout ratio is currently 158.12%.

About International Paper

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.