Sunbelt Securities Inc. Sells 4,702 Shares of International Paper (NYSE:IP)

Sunbelt Securities Inc. cut its holdings in International Paper (NYSE:IP) by 19.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 19,233 shares of the basic materials company’s stock after selling 4,702 shares during the period. Sunbelt Securities Inc.’s holdings in International Paper were worth $750,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Franklin Resources Inc. lifted its stake in shares of International Paper by 61.5% in the 4th quarter. Franklin Resources Inc. now owns 13,030,839 shares of the basic materials company’s stock valued at $471,065,000 after acquiring an additional 4,960,005 shares during the last quarter. Greenhaven Associates Inc. lifted its position in International Paper by 0.3% in the fourth quarter. Greenhaven Associates Inc. now owns 9,835,395 shares of the basic materials company’s stock valued at $355,550,000 after purchasing an additional 25,640 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of International Paper by 0.4% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 8,847,682 shares of the basic materials company’s stock valued at $319,844,000 after purchasing an additional 35,930 shares during the period. Northern Trust Corp increased its stake in shares of International Paper by 4.4% in the third quarter. Northern Trust Corp now owns 3,615,609 shares of the basic materials company’s stock worth $128,246,000 after buying an additional 151,084 shares during the period. Finally, AQR Capital Management LLC raised its holdings in International Paper by 35.6% during the 3rd quarter. AQR Capital Management LLC now owns 2,961,232 shares of the basic materials company’s stock valued at $105,035,000 after buying an additional 777,273 shares during the last quarter. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at International Paper

In other news, Director Kathryn D. Sullivan sold 600 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $45.11, for a total value of $27,066.00. Following the transaction, the director now owns 43,402 shares in the company, valued at $1,957,864.22. The sale was disclosed in a legal filing with the SEC, which is available at this link. In the last ninety days, insiders have sold 3,600 shares of company stock valued at $144,744. 0.55% of the stock is owned by insiders.

International Paper Stock Performance

Shares of International Paper stock opened at $43.27 on Friday. The business has a fifty day simple moving average of $41.44 and a two-hundred day simple moving average of $38.30. The firm has a market capitalization of $15.03 billion, a P/E ratio of 88.27 and a beta of 1.06. The company has a current ratio of 1.68, a quick ratio of 1.22 and a debt-to-equity ratio of 0.66. International Paper has a 12 month low of $30.78 and a 12 month high of $47.40.

International Paper (NYSE:IP) last posted its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.06). International Paper had a return on equity of 7.45% and a net margin of 0.93%. The business had revenue of $4.62 billion for the quarter, compared to the consensus estimate of $4.56 billion. During the same period in the previous year, the firm earned $0.53 EPS. The company’s revenue was down 8.0% on a year-over-year basis. On average, equities analysts forecast that International Paper will post 1.85 earnings per share for the current fiscal year.

International Paper Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 24th. Investors of record on Friday, May 24th were paid a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a yield of 4.28%. The ex-dividend date of this dividend was Thursday, May 23rd. International Paper’s payout ratio is 377.55%.

Wall Street Analyst Weigh In

IP has been the topic of a number of recent analyst reports. Wells Fargo & Company raised their price target on shares of International Paper from $37.00 to $41.00 and gave the stock an “equal weight” rating in a report on Thursday, May 30th. Jefferies Financial Group upgraded International Paper from a “hold” rating to a “buy” rating and boosted their price target for the company from $38.00 to $57.00 in a report on Thursday, May 23rd. Citigroup upgraded International Paper from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $36.00 to $46.00 in a report on Wednesday, March 20th. Bank of America raised International Paper from an “underperform” rating to a “buy” rating and boosted their target price for the company from $37.00 to $42.00 in a research note on Monday, March 4th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $52.00 price target on shares of International Paper in a research note on Thursday. Four equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, International Paper has an average rating of “Moderate Buy” and a consensus target price of $44.71.

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.