SouthState Corp Reduces Position in International Paper (NYSE:IP)

SouthState Corp lowered its stake in shares of International Paper (NYSE:IP) by 20.7% during the 4th quarter, according to its most recent filing with the SEC. The firm owned 6,219 shares of the basic materials company’s stock after selling 1,620 shares during the period. SouthState Corp’s holdings in International Paper were worth $335,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Pacer Advisors Inc. lifted its position in International Paper by 28.7% during the fourth quarter. Pacer Advisors Inc. now owns 33,330 shares of the basic materials company’s stock valued at $1,794,000 after purchasing an additional 7,424 shares during the period. Lord Abbett & CO. LLC bought a new position in shares of International Paper during the 3rd quarter valued at $24,327,000. Wedmont Private Capital purchased a new position in shares of International Paper in the 4th quarter worth $376,000. Everence Capital Management Inc. bought a new stake in shares of International Paper in the fourth quarter worth $828,000. Finally, Allspring Global Investments Holdings LLC lifted its holdings in International Paper by 1.8% in the fourth quarter. Allspring Global Investments Holdings LLC now owns 878,221 shares of the basic materials company’s stock valued at $46,686,000 after acquiring an additional 15,904 shares during the period. Hedge funds and other institutional investors own 81.95% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on IP shares. Truist Financial restated 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. Bank of America initiated coverage on shares of International Paper in a report on Thursday, February 13th. They set a “neutral” rating for the company. Royal Bank of Canada reiterated an “outperform” rating and set a $64.00 price target on shares of International Paper in a research note on Friday, January 31st. Finally, Citigroup initiated coverage on International Paper in a research note on Wednesday, March 5th. They issued a “buy” rating and a $60.00 price objective for the company. One analyst has rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $54.86.

International Paper Stock Up 0.4 %

IP opened at $51.59 on Tuesday. The stock has a market cap of $27.14 billion, a price-to-earnings ratio of 32.86, a price-to-earnings-growth ratio of 0.39 and a beta of 1.02. 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 firm’s fifty day moving average is $55.14 and its 200 day moving average is $53.39. International Paper has a fifty-two week low of $33.16 and a fifty-two week high of $60.36.

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 the consensus estimate of $0.03 by ($0.05). International Paper had a net margin of 2.99% and a return on equity of 4.75%. On average, sell-side analysts forecast that International Paper will post 2.77 earnings per share for the current fiscal year.

International Paper Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, February 24th were paid a $0.4625 dividend. The ex-dividend date was Monday, February 24th. This represents a $1.85 annualized dividend and a yield of 3.59%. International Paper’s payout ratio is 117.83%.

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.