International Paper Company $IP Position Trimmed by Huntington National Bank

Huntington National Bank lessened its holdings in shares of International Paper Company (NYSE:IP) by 34.8% during the 4th quarter, HoldingsChannel reports. The fund owned 53,505 shares of the basic materials company’s stock after selling 28,606 shares during the period. Huntington National Bank’s holdings in International Paper were worth $2,108,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. McIlrath & Eck LLC lifted its holdings in shares of International Paper by 452.6% during the 4th quarter. McIlrath & Eck LLC now owns 641 shares of the basic materials company’s stock valued at $25,000 after buying an additional 525 shares during the last quarter. Sound Income Strategies LLC lifted its holdings in shares of International Paper by 94.0% during the 4th quarter. Sound Income Strategies LLC now owns 710 shares of the basic materials company’s stock valued at $31,000 after buying an additional 344 shares during the last quarter. Kelleher Financial Advisors acquired a new stake in shares of International Paper during the 3rd quarter valued at about $36,000. Laurel Wealth Advisors LLC acquired a new stake in shares of International Paper during the 4th quarter valued at about $37,000. Finally, Atlantic Union Bankshares Corp acquired a new stake in shares of International Paper during the 3rd quarter valued at about $49,000. 81.95% of the stock is currently owned by institutional investors and hedge funds.

International Paper Stock Up 0.5%

Shares of IP stock opened at $33.47 on Friday. International Paper Company has a 12 month low of $29.26 and a 12 month high of $56.13. The firm has a market cap of $17.73 billion, a PE ratio of -5.26 and a beta of 0.93. The stock has a 50 day moving average of $33.91 and a 200-day moving average of $38.52. The company has a quick ratio of 0.94, a current ratio of 1.21 and a debt-to-equity ratio of 0.55.

International Paper (NYSE:IP) last issued its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.03). The business had revenue of $5.97 billion for the quarter, compared to analyst estimates of $6.02 billion. International Paper had a negative return on equity of 0.49% and a negative net margin of 13.42%.The firm’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same quarter last year, the firm earned $0.17 earnings per share. On average, equities analysts predict that International Paper Company will post 1.38 EPS for the current year.

International Paper Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 22nd will be given a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a yield of 5.5%. The ex-dividend date is Friday, May 22nd. International Paper’s dividend payout ratio is -29.09%.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on IP. Weiss Ratings lowered International Paper from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, April 27th. Stifel Nicolaus reduced their price target on International Paper from $51.80 to $50.70 and set a “buy” rating for the company in a report on Monday, February 9th. Royal Bank Of Canada reduced their price target on International Paper from $48.00 to $45.00 and set an “outperform” rating for the company in a report on Friday, May 1st. BNP Paribas Exane reduced their target price on International Paper from $44.00 to $42.00 and set an “outperform” rating for the company in a report on Wednesday, March 25th. Finally, Truist Financial decreased their target price on International Paper from $48.00 to $44.00 and set a “buy” rating for the company in a research report on Wednesday, April 15th. Nine analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $43.73.

Insiders Place Their Bets

In related news, Director Anders Gustafsson purchased 13,217 shares of the stock in a transaction on Thursday, March 12th. The shares were purchased at an average cost of $37.83 per share, for a total transaction of $499,999.11. Following the completion of the transaction, the director directly owned 26,092 shares of the company’s stock, valued at approximately $987,060.36. The trade was a 102.66% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Scott Tozier purchased 10,000 shares of the stock in a transaction on Friday, May 1st. The stock was bought at an average price of $31.30 per share, for a total transaction of $313,000.00. Following the completion of the transaction, the director directly owned 10,025 shares of the company’s stock, valued at approximately $313,782.50. This trade represents a 40,000.00% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders acquired 36,092 shares of company stock worth $1,313,064 over the last quarter. Company insiders own 0.21% of the company’s stock.

About International Paper

International Paper is a global producer of renewable fiber-based products, focused primarily on pulp, paper, and packaging. The company manufactures containerboard and corrugated packaging used for shipping and retail display, as well as a range of specialty papers and pulp products that serve industrial, consumer goods, and e-commerce customers. Its product portfolio is oriented toward large-scale packaging solutions, tissue and paper grades, and raw pulp for a variety of manufacturing uses.

Founded in 1898, International Paper is headquartered in Memphis, Tennessee, and is one of the largest and longest-established companies in the forest products sector.