Hartford Investment Management Co. Has $1.16 Million Stock Position in International Paper (NYSE:IP)

Hartford Investment Management Co. cut its stake in International Paper (NYSE:IP) by 1.9% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 21,545 shares of the basic materials company’s stock after selling 417 shares during the period. Hartford Investment Management Co.’s holdings in International Paper were worth $1,160,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Brooklyn Investment Group bought a new position in shares of International Paper in the third quarter valued at approximately $25,000. Legacy Investment Solutions LLC acquired a new stake in International Paper during the 3rd quarter valued at $28,000. Ashton Thomas Securities LLC bought a new position in International Paper in the 3rd quarter valued at $28,000. Versant Capital Management Inc boosted its stake in International Paper by 313.3% in the fourth quarter. Versant Capital Management Inc now owns 591 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 448 shares in the last quarter. Finally, City State Bank grew its holdings in shares of International Paper by 107.7% during the fourth quarter. City State Bank now owns 675 shares of the basic materials company’s stock worth $36,000 after purchasing an additional 350 shares during the last quarter. Institutional investors own 81.95% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $64.00 price target on shares of International Paper in a report on Friday, January 31st. BNP Paribas downgraded shares of International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 target price for the company. in a research note on Wednesday, November 13th. Truist Financial reissued a “buy” rating and set a $64.00 price target (down from $65.00) on shares of International Paper in a research note on Friday, January 31st. Finally, Bank of America assumed coverage on shares of International Paper in a research report on Thursday. They issued a “neutral” rating for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, International Paper presently has an average rating of “Moderate Buy” and a consensus price target of $51.88.

International Paper Price Performance

IP opened at $56.25 on Friday. The company has a fifty day moving average price of $55.46 and a two-hundred day moving average price of $52.19. The firm has a market capitalization of $19.54 billion, a PE ratio of 35.83 and a beta of 1.02. International Paper has a 52 week low of $33.16 and a 52 week high of $60.36. 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 data on Thursday, January 30th. The basic materials company reported ($0.02) EPS for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). International Paper had a return on equity of 4.75% and a net margin of 2.99%. As a group, analysts anticipate that International Paper will post 2.89 earnings per share for the current year.

International Paper Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, February 24th will be given a $0.4625 dividend. The ex-dividend date is Monday, February 24th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.29%. International Paper’s dividend payout ratio is 117.84%.

Insider Buying and Selling

In other International Paper news, Director Kathryn D. Sullivan sold 600 shares of International Paper stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $58.39, for a total transaction of $35,034.00. Following the transaction, the director now directly owns 37,145 shares in the company, valued at approximately $2,168,896.55. The trade was a 1.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.55% of the stock is owned by insiders.

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.