Victory Capital Management Inc. Cuts Stock Holdings in International Paper (NYSE:IP)

Victory Capital Management Inc. decreased its holdings in shares of International Paper (NYSE:IP) by 14.7% during the third quarter, according to its most recent filing with the SEC. The firm owned 660,822 shares of the basic materials company’s stock after selling 114,257 shares during the period. Victory Capital Management Inc.’s holdings in International Paper were worth $32,281,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Massmutual Trust Co. FSB ADV grew its position in shares of International Paper by 20.7% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 1,396 shares of the basic materials company’s stock worth $68,000 after buying an additional 239 shares during the last quarter. Retirement Systems of Alabama grew its position in shares of International Paper by 0.3% in the 2nd quarter. Retirement Systems of Alabama now owns 76,616 shares of the basic materials company’s stock worth $3,306,000 after buying an additional 246 shares during the last quarter. Altrius Capital Management Inc grew its position in shares of International Paper by 0.3% in the 2nd quarter. Altrius Capital Management Inc now owns 112,487 shares of the basic materials company’s stock worth $4,854,000 after buying an additional 296 shares during the last quarter. 180 Wealth Advisors LLC grew its position in shares of International Paper by 4.2% in the 2nd quarter. 180 Wealth Advisors LLC now owns 8,172 shares of the basic materials company’s stock worth $351,000 after buying an additional 327 shares during the last quarter. Finally, Assetmark Inc. grew its position in shares of International Paper by 38.8% in the 3rd quarter. Assetmark Inc. now owns 1,184 shares of the basic materials company’s stock worth $58,000 after buying an additional 331 shares during the last quarter. Hedge funds and other institutional investors own 81.95% of the company’s stock.

International Paper Stock Performance

Shares of NYSE IP opened at $57.58 on Friday. The company has a current ratio of 1.53, a quick ratio of 1.11 and a debt-to-equity ratio of 0.62. International Paper has a 12 month low of $31.76 and a 12 month high of $59.52. The company has a 50 day simple moving average of $50.36 and a two-hundred day simple moving average of $46.50. The stock has a market cap of $20.00 billion, a price-to-earnings ratio of 49.21 and a beta of 1.02.

International Paper (NYSE:IP) last announced its quarterly earnings data on Thursday, October 31st. The basic materials company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.24 by $0.20. International Paper had a net margin of 2.25% and a return on equity of 6.49%. The business had revenue of $4.69 billion during the quarter, compared to analysts’ expectations of $4.70 billion. During the same period in the previous year, the business posted $0.64 EPS. The business’s quarterly revenue was up 1.6% compared to the same quarter last year. As a group, analysts predict that International Paper will post 1.29 earnings per share for the current year.

International Paper Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 15th will be paid a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 3.21%. The ex-dividend date is Friday, November 15th. International Paper’s payout ratio is 158.12%.

Insider Buying and Selling at International Paper

In related news, VP Holly G. Goughnour sold 5,000 shares of the business’s stock in a transaction on Friday, September 6th. The shares were 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 directly owns 16,788 shares in the company, valued at $792,729.36. The trade was a 22.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kathryn D. Sullivan sold 600 shares of the business’s stock in a transaction on Monday, September 16th. The shares were sold at an average price of $49.48, for a total transaction of $29,688.00. Following the completion of the transaction, the director now owns 39,802 shares of the company’s stock, valued at approximately $1,969,402.96. This represents a 1.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 18,840 shares of company stock worth $910,826. Company insiders own 0.55% of the company’s stock.

Analyst Upgrades and Downgrades

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

International Paper 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.