International Paper (NYSE:IP) Reaches New 52-Week High at $50.68

International Paper (NYSE:IP) shares hit a new 52-week high during mid-day trading on Thursday . The stock traded as high as $50.68 and last traded at $50.01, with a volume of 204796 shares changing hands. The stock had previously closed at $49.54.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Seaport Res Ptn upgraded International Paper from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 28th. Wells Fargo & Company boosted their price objective on International Paper from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 25th. Stifel Nicolaus initiated coverage on International Paper in a research report on Tuesday, July 9th. They set a “hold” rating and a $48.70 price objective on the stock. Truist Financial boosted their price objective on International Paper from $52.00 to $55.00 and gave the stock a “buy” rating in a research report on Tuesday, July 16th. Finally, Argus upgraded 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. Three investment analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $50.21.

International Paper Price Performance

The stock has a market capitalization of $16.92 billion, a price-to-earnings ratio of 99.41 and a beta of 1.04. The company has a fifty day simple moving average of $47.00 and a 200 day simple moving average of $42.69. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.17 and a current ratio of 1.59.

International Paper (NYSE:IP) last announced its earnings results on Wednesday, July 24th. The basic materials company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.41 by $0.14. The firm had revenue of $4.73 billion for the quarter, compared to the consensus estimate of $4.78 billion. International Paper had a return on equity of 7.28% and a net margin of 2.34%. The business’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.59 EPS. Equities research analysts forecast that International Paper will post 1.55 EPS for the current fiscal year.

International Paper Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, August 15th were issued a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 3.80%. The ex-dividend date of this dividend was Thursday, August 15th. International Paper’s payout ratio is presently 377.55%.

Insiders Place Their Bets

In other news, Director Kathryn D. Sullivan sold 600 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $42.77, for a total value of $25,662.00. Following the transaction, the director now directly owns 42,802 shares of the company’s stock, valued at approximately $1,830,641.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, Director Kathryn D. Sullivan sold 600 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $42.77, for a total value of $25,662.00. Following the transaction, the director now directly owns 42,802 shares of the company’s stock, valued at approximately $1,830,641.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Holly G. Goughnour sold 5,000 shares of the business’s stock in a transaction dated 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 disclosure for this sale can be found here. In the last three months, insiders have sold 19,440 shares of company stock valued at $927,956. 0.55% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Price T Rowe Associates Inc. MD raised its stake in International Paper by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 21,135,702 shares of the basic materials company’s stock worth $824,716,000 after buying an additional 5,492,035 shares during the period. Bank of New York Mellon Corp raised its stake in International Paper by 133.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 14,214,754 shares of the basic materials company’s stock worth $613,367,000 after buying an additional 8,132,332 shares during the period. Massachusetts Financial Services Co. MA acquired a new position in International Paper during the 2nd quarter worth approximately $119,012,000. Norges Bank acquired a new position in International Paper during the 4th quarter worth approximately $94,913,000. Finally, Samlyn Capital LLC acquired a new position in International Paper during the 2nd quarter worth approximately $88,966,000. 81.95% of the stock is owned by institutional investors and hedge funds.

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.