Kentucky Retirement Systems Cuts Position in International Paper (NYSE:IP)

Kentucky Retirement Systems lowered its holdings in International Paper (NYSE:IP) by 7.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 24,200 shares of the basic materials company’s stock after selling 1,974 shares during the quarter. Kentucky Retirement Systems’ holdings in International Paper were worth $1,182,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in the stock. Ashton Thomas Securities LLC purchased a new stake in shares of International Paper during the 3rd quarter worth approximately $28,000. Innealta Capital LLC acquired a new stake in International Paper in the second quarter valued at $26,000. Crewe Advisors LLC acquired a new stake in International Paper in the first quarter valued at $29,000. Eastern Bank purchased a new position in shares of International Paper in the third quarter valued at $40,000. Finally, Abich Financial Wealth Management LLC acquired a new position in shares of International Paper during the 3rd quarter worth $42,000. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

International Paper Trading Up 0.2 %

Shares of International Paper stock opened at $57.70 on Tuesday. International Paper has a fifty-two week low of $31.76 and a fifty-two week high of $59.52. The business’s fifty day moving average is $50.56 and its two-hundred day moving average is $46.81. The company has a quick ratio of 1.11, a current ratio of 1.53 and a debt-to-equity ratio of 0.62. The firm has a market cap of $20.05 billion, a PE ratio of 49.32 and a beta of 1.02.

International Paper (NYSE:IP) last released its earnings results on Thursday, October 31st. The basic materials company reported $0.44 earnings per share for the quarter, topping the consensus estimate of $0.24 by $0.20. The firm had revenue of $4.69 billion for the quarter, compared to the consensus estimate of $4.70 billion. International Paper had a return on equity of 6.49% and a net margin of 2.25%. The firm’s revenue for the quarter was up 1.6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.64 earnings per share. Analysts anticipate that International Paper will post 1.29 earnings per share for the current year.

International Paper Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 15th will be issued a $0.4625 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.85 dividend on an annualized basis and a yield of 3.21%. International Paper’s payout ratio is 158.12%.

Insider Buying and Selling

In other International Paper news, SVP Clay R. Ellis sold 9,000 shares of the business’s stock in a transaction dated Wednesday, August 28th. The stock was sold at an average price of $48.83, for a total transaction of $439,470.00. Following the completion of the sale, the senior vice president now owns 49,832 shares of the company’s stock, valued at approximately $2,433,296.56. The trade was a 15.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Holly G. Goughnour sold 5,000 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $47.22, for a total value of $236,100.00. Following the completion of the transaction, the vice president now owns 16,788 shares in the company, valued at approximately $792,729.36. This trade represents a 22.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,440 shares of company stock valued at $944,540. Insiders own 0.55% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Truist Financial reissued a “buy” rating and issued a $61.00 price objective (up from $57.00) on shares of International Paper in a research note on Friday, November 1st. Royal Bank of Canada increased their price target on shares of International Paper from $56.00 to $64.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Argus upgraded International Paper from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a research report on Wednesday, August 14th. BNP Paribas cut International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 target price on the stock. in a report on Wednesday, November 13th. Finally, Wells Fargo & Company boosted their price target on International Paper from $43.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.54.

International Paper Company 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.