International Paper (NYSE:IP) Shares Sold by Independence Bank of Kentucky

Independence Bank of Kentucky cut its stake in shares of International Paper (NYSE:IP) by 10.8% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,261 shares of the basic materials company’s stock after selling 760 shares during the quarter. Independence Bank of Kentucky’s holdings in International Paper were worth $199,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Mizuho Markets Cayman LP acquired a new position in shares of International Paper in the first quarter worth about $162,427,000. Lavaca Capital LLC bought a new stake in International Paper during the first quarter valued at about $162,329,000. Mizuho Markets Americas LLC grew its stake in shares of International Paper by 212.9% in the first quarter. Mizuho Markets Americas LLC now owns 4,504,355 shares of the basic materials company’s stock worth $162,427,000 after acquiring an additional 3,064,645 shares during the last quarter. Franklin Resources Inc. lifted its stake in shares of International Paper by 44.0% in the first quarter. Franklin Resources Inc. now owns 8,517,708 shares of the basic materials company’s stock valued at $307,149,000 after buying an additional 2,602,405 shares during the period. Finally, Norges Bank acquired a new stake in shares of International Paper during the 4th quarter valued at about $83,530,000. 80.78% of the stock is currently owned by institutional investors.

International Paper Trading Down 1.1 %

IP opened at $34.24 on Friday. The company’s 50 day moving average is $34.06 and its 200-day moving average is $33.66. The company has a market cap of $11.85 billion, a P/E ratio of 11.77 and a beta of 1.07. International Paper has a 1-year low of $29.00 and a 1-year high of $41.89. The company has a current ratio of 1.59, a quick ratio of 1.12 and a debt-to-equity ratio of 0.66.

International Paper (NYSE:IP) last posted its earnings results on Thursday, July 27th. The basic materials company reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.17. International Paper had a net margin of 5.14% and a return on equity of 12.22%. The firm had revenue of $4.68 billion for the quarter, compared to analysts’ expectations of $4.90 billion. During the same quarter in the previous year, the firm posted $1.24 earnings per share. The company’s revenue was down 13.1% on a year-over-year basis. Equities research analysts predict that International Paper will post 2.21 earnings per share for the current fiscal year.

International Paper Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 15th. Stockholders of record on Tuesday, August 15th were paid a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 5.40%. The ex-dividend date of this dividend was Monday, August 14th. International Paper’s payout ratio is 63.57%.

Insider Activity

In other news, VP Holly G. Goughnour sold 2,500 shares of International Paper stock in a transaction on Friday, July 28th. The shares were sold at an average price of $35.70, for a total transaction of $89,250.00. Following the transaction, the vice president now owns 8,219 shares in the company, valued at $293,418.30. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.51% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. StockNews.com assumed coverage on International Paper in a research note on Friday, August 18th. They issued a “buy” rating on the stock. Truist Financial decreased their price target on International Paper from $38.00 to $29.00 and set a “hold” rating for the company in a research note on Tuesday, July 18th. UBS Group cut their target price on shares of International Paper from $33.00 to $32.00 and set a “neutral” rating for the company in a research note on Wednesday, July 19th. Citigroup raised their target price on shares of International Paper from $30.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, July 31st. Finally, Bank of America cut shares of International Paper from a “neutral” rating to an “underperform” rating and reduced their target price for the company from $35.00 to $33.00 in a research report on Monday, July 10th. Four investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $35.82.

International Paper Company Profile

International Paper Company produces renewable fiber-based packaging and pulp products in North America, Latin America, Europe, and North Africa. It operates through Industrial Packaging and Global Cellulose Fibers segment. The company's Industrial Packaging segment manufactures containerboards, including linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft.