JPMorgan Chase & Co. Initiates Coverage on International Paper (NYSE:IP)

Analysts at JPMorgan Chase & Co. initiated coverage on shares of International Paper (NYSE:IP) in a research note issued to investors on Thursday, Marketbeat.com reports. The firm set an “overweight” rating and a $59.00 price target on the basic materials company’s stock. JPMorgan Chase & Co.‘s price target points to a potential upside of 15.03% from the company’s current price.

Several other equities analysts also recently issued reports on IP. Bank of America started coverage on shares of International Paper in a research note on Thursday, February 13th. They set a “neutral” rating on the stock. Citigroup started coverage on shares of International Paper in a report on Wednesday, March 5th. They issued a “buy” rating and a $60.00 price target on the stock. Royal Bank of Canada reiterated an “outperform” rating and issued a $64.00 price target on shares of International Paper in a report on Friday, January 31st. Finally, Truist Financial reiterated a “buy” rating and issued a $64.00 price target (down previously from $65.00) on shares of International Paper in a report on Friday, January 31st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, International Paper presently has an average rating of “Moderate Buy” and an average price target of $55.32.

International Paper Trading Down 1.9 %

Shares of IP opened at $51.29 on Thursday. The company has a current ratio of 1.49, a quick ratio of 1.08 and a debt-to-equity ratio of 0.66. The firm’s 50-day moving average is $54.96 and its two-hundred day moving average is $53.42. International Paper has a twelve month low of $33.16 and a twelve month high of $60.36. The firm has a market capitalization of $26.99 billion, a P/E ratio of 32.67, a PEG ratio of 0.39 and a beta of 1.02.

International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.05). International Paper had a net margin of 2.99% and a return on equity of 4.75%. On average, research analysts predict that International Paper will post 2.77 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Capital Research Global Investors raised its holdings in shares of International Paper by 68.8% in the 4th quarter. Capital Research Global Investors now owns 29,904,546 shares of the basic materials company’s stock worth $1,609,462,000 after purchasing an additional 12,191,361 shares in the last quarter. FMR LLC raised its holdings in shares of International Paper by 48.9% in the 4th quarter. FMR LLC now owns 26,559,812 shares of the basic materials company’s stock worth $1,429,449,000 after purchasing an additional 8,720,575 shares in the last quarter. Point72 Asset Management L.P. raised its holdings in International Paper by 511.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,970,432 shares of the basic materials company’s stock worth $145,106,000 after buying an additional 2,484,386 shares during the period. Alyeska Investment Group L.P. lifted its stake in International Paper by 134.8% during the fourth quarter. Alyeska Investment Group L.P. now owns 3,948,752 shares of the basic materials company’s stock valued at $212,522,000 after buying an additional 2,266,762 shares in the last quarter. Finally, Norges Bank acquired a new position in shares of International Paper in the fourth quarter worth about $109,201,000. 81.95% of the stock is owned by institutional investors and hedge funds.

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.