Advisors Asset Management Inc. Sells 65,828 Shares of International Paper (NYSE:IP)

Advisors Asset Management Inc. decreased its holdings in International Paper (NYSE:IP) by 22.5% in the third quarter, HoldingsChannel.com reports. The fund owned 226,721 shares of the basic materials company’s stock after selling 65,828 shares during the quarter. Advisors Asset Management Inc.’s holdings in International Paper were worth $11,075,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in IP. Innealta Capital LLC purchased a new position in International Paper during the second quarter valued at $26,000. Ashton Thomas Securities LLC purchased a new position in shares of International Paper during the third quarter valued at about $28,000. Crewe Advisors LLC bought a new stake in shares of International Paper in the first quarter worth about $29,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of International Paper in the second quarter worth about $37,000. Finally, Eastern Bank bought a new position in International Paper during the third quarter valued at approximately $40,000. Hedge funds and other institutional investors own 81.95% of the company’s stock.

Analyst Upgrades and Downgrades

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

Insider Activity at International Paper

In related news, SVP Clay R. Ellis sold 9,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $48.83, for a total value of $439,470.00. Following the completion of the transaction, the senior vice president now owns 49,832 shares of the company’s stock, valued at $2,433,296.56. The trade was a 15.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kathryn D. Sullivan sold 600 shares of the stock in a transaction on Monday, September 16th. The shares were sold at an average price of $49.48, for a total value of $29,688.00. Following the sale, the director now directly owns 39,802 shares in the company, valued at $1,969,402.96. This trade represents a 1.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,440 shares of company stock worth $944,540 over the last three months. 0.55% of the stock is owned by corporate insiders.

International Paper Price Performance

International Paper stock opened at $57.84 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.53 and a quick ratio of 1.11. The stock has a market cap of $20.09 billion, a price-to-earnings ratio of 49.44 and a beta of 1.02. The firm has a 50-day moving average of $50.78 and a two-hundred day moving average of $46.96. International Paper has a 1 year low of $31.76 and a 1 year high of $59.52.

International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, October 31st. The basic materials company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.24 by $0.20. The firm had revenue of $4.69 billion during the quarter, compared to analyst estimates of $4.70 billion. International Paper had a return on equity of 6.49% and a net margin of 2.25%. International Paper’s quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.64 earnings per share. On average, research analysts forecast that International Paper will post 1.29 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, December 16th. Stockholders of record on Friday, November 15th will be paid a dividend of $0.4625 per share. The ex-dividend date is Friday, November 15th. This represents a $1.85 annualized dividend and a dividend yield of 3.20%. International Paper’s dividend payout ratio is currently 158.12%.

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.