Fmr LLC Purchases 8,370,273 Shares of International Paper (NYSE:IP)

Fmr LLC increased its holdings in International Paper (NYSE:IP) by 88.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,839,237 shares of the basic materials company’s stock after purchasing an additional 8,370,273 shares during the quarter. Fmr LLC owned approximately 5.13% of International Paper worth $871,447,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of IP. B. Riley Wealth Advisors Inc. grew its position in shares of International Paper by 14.7% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 47,230 shares of the basic materials company’s stock worth $1,843,000 after buying an additional 6,056 shares during the last quarter. Comerica Bank boosted its holdings in International Paper by 23.6% in the first quarter. Comerica Bank now owns 156,596 shares of the basic materials company’s stock valued at $6,110,000 after acquiring an additional 29,904 shares in the last quarter. Wahed Invest LLC increased its position in International Paper by 15.4% during the 1st quarter. Wahed Invest LLC now owns 6,819 shares of the basic materials company’s stock valued at $266,000 after purchasing an additional 910 shares during the period. Swedbank AB bought a new position in International Paper in the 1st quarter worth $4,490,000. Finally, PGGM Investments purchased a new stake in shares of International Paper in the 1st quarter worth about $274,000. 81.95% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $56.19, for a total transaction of $33,714.00. Following the completion of the transaction, the director now directly owns 37,745 shares of the company’s stock, valued at approximately $2,120,891.55. This trade represents a 1.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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 transaction of $236,100.00. Following the completion of the sale, the vice president now owns 16,788 shares in the company, valued at approximately $792,729.36. The trade was a 22.95 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,440 shares of company stock valued at $505,070. 0.55% of the stock is owned by company insiders.

International Paper Stock Down 1.2 %

NYSE:IP opened at $58.38 on Thursday. The firm has a 50-day simple moving average of $52.02 and a two-hundred day simple moving average of $47.76. International Paper has a fifty-two week low of $32.70 and a fifty-two week high of $60.36. 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 firm has a market cap of $20.28 billion, a P/E ratio of 49.90 and a beta of 1.02.

International Paper (NYSE:IP) last released its quarterly earnings data on Thursday, October 31st. The basic materials company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.24 by $0.20. International Paper had a return on equity of 6.49% and a net margin of 2.25%. The company had revenue of $4.69 billion for the quarter, compared to analysts’ expectations of $4.70 billion. During the same period last year, the firm posted $0.64 earnings per share. International Paper’s revenue was up 1.6% compared to the same quarter last year. Analysts predict that International Paper will post 1.22 earnings per share for the current fiscal year.

International Paper Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 15th will be given a $0.4625 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.85 annualized dividend and a yield of 3.17%. International Paper’s payout ratio is presently 158.12%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. BNP Paribas downgraded shares of International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 price target for the company. in a research note on Wednesday, November 13th. Truist Financial reaffirmed a “buy” rating and issued a $61.00 price target (up from $57.00) on shares of International Paper in a research note on Friday, November 1st. Argus raised International Paper from a “hold” rating to a “buy” rating and set a $52.00 price objective for the company in a research report on Wednesday, August 14th. Finally, Royal Bank of Canada upped their target price on shares of International Paper from $56.00 to $64.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $51.54.

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.