Thoroughbred Financial Services LLC Sells 639 Shares of International Paper (NYSE:IP)

Thoroughbred Financial Services LLC cut its holdings in shares of International Paper (NYSE:IP) by 10.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,556 shares of the basic materials company’s stock after selling 639 shares during the quarter. Thoroughbred Financial Services LLC’s holdings in International Paper were worth $200,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of IP. Manchester Capital Management LLC bought a new stake in shares of International Paper in the third quarter worth about $25,000. CVA Family Office LLC bought a new stake in shares of International Paper in the fourth quarter worth about $27,000. Princeton Global Asset Management LLC bought a new stake in shares of International Paper in the fourth quarter worth about $36,000. First Command Advisory Services Inc. bought a new stake in shares of International Paper in the third quarter worth about $39,000. Finally, Venturi Wealth Management LLC increased its holdings in shares of International Paper by 37.5% in the fourth quarter. Venturi Wealth Management LLC now owns 1,081 shares of the basic materials company’s stock worth $39,000 after purchasing an additional 295 shares during the last quarter. 81.95% of the stock is owned by institutional investors.

Insider Activity at International Paper

In other International Paper news, SVP James P. Jr. Royalty sold 5,800 shares of the company’s stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $34.75, for a total value of $201,550.00. Following the sale, the senior vice president now directly owns 69,488 shares of the company’s stock, valued at $2,414,708. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders have sold a total of 9,400 shares of company stock valued at $334,570 in the last ninety days. Company insiders own 0.55% of the company’s stock.

International Paper Stock Up 6.0 %

Shares of NYSE:IP opened at $44.16 on Friday. International Paper has a 1 year low of $29.00 and a 1 year high of $44.50. The business has a 50 day simple moving average of $37.99 and a two-hundred day simple moving average of $36.44. The firm has a market capitalization of $15.34 billion, a PE ratio of 90.12 and a beta of 1.01. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.68 and a quick ratio of 1.22.

International Paper (NYSE:IP) last issued its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.06). The business had revenue of $4.62 billion for the quarter, compared to analyst estimates of $4.56 billion. International Paper had a return on equity of 7.45% and a net margin of 0.93%. The business’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same period in the previous year, the company posted $0.53 earnings per share. On average, equities analysts predict that International Paper will post 1.85 EPS for the current year.

International Paper Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Friday, May 24th will be given a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 4.19%. The ex-dividend date of this dividend is Thursday, May 23rd. International Paper’s payout ratio is 377.55%.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Wells Fargo & Company reduced their price objective on International Paper from $39.00 to $35.00 and set an “equal weight” rating on the stock in a research note on Friday, February 2nd. Citigroup raised International Paper from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $36.00 to $46.00 in a research note on Wednesday, March 20th. Truist Financial reissued a “buy” rating and set a $40.00 price objective on shares of International Paper in a research note on Wednesday, April 17th. Jefferies Financial Group raised International Paper from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $38.00 to $57.00 in a research note on Thursday. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $43.00 price objective on shares of International Paper in a research note on Friday, February 2nd. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $42.14.

About International Paper

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.