Assetmark Inc. Increases Stock Holdings in International Paper (NYSE:IP)

Assetmark Inc. grew its holdings in shares of International Paper (NYSE:IP) by 38.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,184 shares of the basic materials company’s stock after purchasing an additional 331 shares during the period. Assetmark Inc.’s holdings in International Paper were worth $58,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in IP. Bank of New York Mellon Corp boosted its stake in shares of International Paper by 133.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 14,214,754 shares of the basic materials company’s stock valued at $613,367,000 after buying an additional 8,132,332 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in International Paper by 35.1% in the first 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 acquiring an additional 5,492,035 shares during the last quarter. Massachusetts Financial Services Co. MA purchased a new position in International Paper in the second quarter worth approximately $119,012,000. Samlyn Capital LLC acquired a new position in International Paper during the 2nd quarter worth approximately $88,966,000. Finally, Diamond Hill Capital Management Inc. purchased a new stake in shares of International Paper in the 2nd quarter valued at approximately $81,187,000. Institutional investors and hedge funds own 81.95% of the company’s stock.

International Paper Trading Up 0.2 %

Shares of International Paper stock opened at $57.70 on Tuesday. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.11 and a current ratio of 1.53. The company has a market capitalization of $20.05 billion, a P/E ratio of 49.32 and a beta of 1.02. International Paper has a 1 year low of $31.76 and a 1 year high of $59.52. The company’s fifty day moving average is $50.56 and its two-hundred day moving average is $46.81.

International Paper (NYSE:IP) last released its quarterly earnings results on Thursday, October 31st. The basic materials company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.20. International Paper had a return on equity of 6.49% and a net margin of 2.25%. The firm had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.70 billion. During the same quarter last year, the company posted $0.64 earnings per share. The business’s revenue was up 1.6% on a year-over-year basis. Analysts forecast that International Paper will post 1.29 earnings per share for the current year.

International Paper Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 15th will be given 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%.

Analyst Ratings Changes

Several research firms have recently issued reports on IP. Wells Fargo & Company lifted their price objective on shares of International Paper from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 25th. Royal Bank of Canada upped their price objective on International Paper from $56.00 to $64.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. Truist Financial reissued a “buy” rating and set a $61.00 target price (up previously from $57.00) on shares of International Paper in a research report on Friday, November 1st. BNP Paribas cut 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, November 13th. Finally, Argus upgraded shares of International Paper from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research note on Wednesday, August 14th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $51.54.

Insider Transactions at International Paper

In related news, Director Kathryn D. Sullivan sold 600 shares of International Paper stock in a transaction that occurred on Monday, September 16th. The stock was 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 directly owns 39,802 shares in the company, valued at $1,969,402.96. The trade was a 1.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Holly G. Goughnour sold 5,000 shares of the business’s stock in a transaction on Friday, September 6th. The stock was 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 of the company’s stock, valued at approximately $792,729.36. This trade represents a 22.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 19,440 shares of company stock valued at $944,540. Corporate insiders own 0.55% of the company’s stock.

International Paper Company 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.