Amalgamated Bank Sells 16,551 Shares of International Paper (NYSE:IP)

Amalgamated Bank reduced its stake in International Paper (NYSE:IP) by 13.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 102,640 shares of the basic materials company’s stock after selling 16,551 shares during the period. Amalgamated Bank’s holdings in International Paper were worth $4,429,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Bank of New York Mellon Corp raised its stake in shares of International Paper by 133.7% in the second 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 purchasing an additional 8,132,332 shares during the last quarter. Price T Rowe Associates Inc. MD lifted 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 valued at $824,716,000 after acquiring an additional 5,492,035 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new position in International Paper during the 2nd quarter worth $119,012,000. Norges Bank bought a new stake in shares of International Paper in the 4th quarter worth $94,913,000. Finally, Diamond Hill Capital Management Inc. purchased a new stake in shares of International Paper in the second quarter valued at about $81,187,000. Institutional investors and hedge funds own 81.95% of the company’s stock.

International Paper Stock Down 2.5 %

IP stock opened at $48.71 on Friday. International Paper has a fifty-two week low of $31.76 and a fifty-two week high of $50.68. The stock has a fifty day moving average of $47.00 and a 200-day moving average of $42.73. The company 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 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 quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.14. International Paper had a net margin of 2.34% and a return on equity of 7.28%. The company had revenue of $4.73 billion for the quarter, compared to analysts’ expectations of $4.78 billion. During the same period in the prior year, the company posted $0.59 EPS. International Paper’s revenue was up 1.1% compared to the same quarter last year. As a group, equities research analysts predict that International Paper will post 1.55 earnings per share for the current year.

International Paper Dividend Announcement

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

Insiders Place Their Bets

In other news, Director Kathryn D. Sullivan sold 600 shares of the business’s stock in a transaction on Friday, June 28th. The shares were sold at an average price of $42.77, for a total transaction of $25,662.00. Following the completion of the transaction, the director now directly owns 42,802 shares in the company, valued at approximately $1,830,641.54. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $42.77, for a total value of $25,662.00. Following the sale, the director now directly owns 42,802 shares of the company’s stock, valued at $1,830,641.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Holly G. Goughnour sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $47.22, for a total transaction 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. The disclosure for this sale can be found here. Insiders sold a total of 19,440 shares of company stock worth $927,956 in the last quarter. 0.55% of the stock is owned by company insiders.

Analysts Set New Price Targets

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

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.