International Paper (NYSE:IP) Stake Reduced by Palouse Capital Management Inc.

Palouse Capital Management Inc. trimmed its stake in International Paper (NYSE:IP) by 2.6% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 52,474 shares of the basic materials company’s stock after selling 1,416 shares during the quarter. International Paper makes up about 1.5% of Palouse Capital Management Inc.’s investment portfolio, making the stock its 29th largest holding. Palouse Capital Management Inc.’s holdings in International Paper were worth $2,264,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Garner Asset Management Corp boosted its position in shares of International Paper by 2.4% during the second quarter. Garner Asset Management Corp now owns 86,416 shares of the basic materials company’s stock worth $3,729,000 after buying an additional 1,994 shares during the period. Altrius Capital Management Inc boosted its position in International Paper by 0.3% during the 2nd quarter. Altrius Capital Management Inc now owns 112,487 shares of the basic materials company’s stock worth $4,854,000 after acquiring an additional 296 shares during the period. Blair William & Co. IL grew its stake in shares of International Paper by 1.6% in the second quarter. Blair William & Co. IL now owns 71,764 shares of the basic materials company’s stock worth $3,097,000 after purchasing an additional 1,120 shares in the last quarter. Vanguard Personalized Indexing Management LLC increased its holdings in shares of International Paper by 23.8% during the second quarter. Vanguard Personalized Indexing Management LLC now owns 40,676 shares of the basic materials company’s stock valued at $1,755,000 after purchasing an additional 7,820 shares during the period. Finally, Meiji Yasuda Asset Management Co Ltd. bought a new stake in shares of International Paper during the second quarter valued at about $206,000. Institutional investors and hedge funds own 81.95% of the company’s stock.

International Paper Price Performance

NYSE IP opened at $49.54 on Thursday. International Paper has a 1 year low of $31.76 and a 1 year high of $50.55. The business’s fifty day moving average is $46.76 and its two-hundred day moving average is $42.54. The stock has a market capitalization of $17.21 billion, a P/E ratio of 101.10 and a beta of 1.04. 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.14. International Paper had a return on equity of 7.28% and a net margin of 2.34%. The company had revenue of $4.73 billion for the quarter, compared to analyst estimates of $4.78 billion. During the same period in the previous year, the firm earned $0.59 earnings per share. International Paper’s revenue for the quarter was up 1.1% compared to the same quarter last year. On average, research analysts forecast that International Paper will post 1.55 earnings per share for the current fiscal year.

International Paper Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Thursday, August 15th were paid a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date of this dividend was Thursday, August 15th. International Paper’s dividend payout ratio is presently 377.55%.

Insider Transactions at International Paper

In related news, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 39,802 shares of the company’s stock, valued at approximately $1,969,402.96. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Kathryn D. Sullivan sold 600 shares of the stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $49.48, for a total value of $29,688.00. Following the completion of the sale, the director now directly owns 39,802 shares of the company’s stock, valued at approximately $1,969,402.96. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Joseph R. Saab sold 2,440 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $47.30, for a total value of $115,412.00. Following the completion of the transaction, the senior vice president now owns 18,668 shares in the company, valued at approximately $882,996.40. The disclosure for this sale can be found here. Insiders have sold a total of 19,440 shares of company stock valued at $927,956 over the last ninety days. Corporate insiders own 0.55% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have commented on the stock. Truist Financial raised their target price on shares of International Paper from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. Argus upgraded shares of International Paper from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a research note on Wednesday, August 14th. Seaport Res Ptn raised International Paper from a “hold” rating to a “strong-buy” rating in a report on Friday, June 28th. Stifel Nicolaus started coverage on International Paper in a research report on Tuesday, July 9th. They set a “hold” rating and a $48.70 price target on the stock. Finally, Royal Bank of Canada upped their price objective on International Paper from $52.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.21.

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.