Norges Bank Purchases New Holdings in International Paper (NYSE:IP)

Norges Bank acquired a new stake in International Paper (NYSE:IP) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 2,625,535 shares of the basic materials company’s stock, valued at approximately $94,913,000. Norges Bank owned about 0.76% of International Paper as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Manchester Capital Management LLC bought a new position in International Paper in the third quarter valued at approximately $25,000. CVA Family Office LLC bought a new position in shares of International Paper in the 4th quarter worth $27,000. Princeton Global Asset Management LLC acquired a new stake in shares of International Paper during the fourth quarter worth $36,000. Venturi Wealth Management LLC grew its stake in shares of International Paper by 37.5% during 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 period. Finally, First Command Advisory Services Inc. acquired a new position in International Paper in the third quarter valued at about $39,000. 81.95% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

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

International Paper Stock Up 2.9 %

Shares of IP stock opened at $45.46 on Friday. The firm’s fifty day moving average price is $38.17 and its two-hundred day moving average price is $36.54. The company has a current ratio of 1.68, a quick ratio of 1.22 and a debt-to-equity ratio of 0.66. International Paper has a 1 year low of $29.00 and a 1 year high of $46.10. The firm has a market capitalization of $15.79 billion, a P/E ratio of 92.78 and a beta of 1.01.

International Paper (NYSE:IP) last released its earnings results on Thursday, April 25th. The basic materials company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.06). The company had revenue of $4.62 billion for the quarter, compared to the consensus estimate 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 was down 8.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.53 EPS. On average, equities analysts predict that International Paper will post 1.9 EPS for the current fiscal year.

International Paper Dividend Announcement

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 paid a $0.4625 dividend. The ex-dividend date is Thursday, May 23rd. This represents a $1.85 annualized dividend and a dividend yield of 4.07%. International Paper’s dividend payout ratio is presently 377.55%.

Analyst Ratings Changes

IP has been the subject of several analyst reports. Citigroup upgraded International Paper from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $36.00 to $46.00 in a research report on Wednesday, March 20th. Bank of America upgraded International Paper from an “underperform” rating to a “buy” rating and increased their price target for the stock from $37.00 to $42.00 in a report on Monday, March 4th. Jefferies Financial Group upgraded International Paper from a “hold” rating to a “buy” rating and lifted their price objective for the company from $38.00 to $57.00 in a report on Thursday. Royal Bank of Canada reissued an “outperform” rating and set a $43.00 target price on shares of International Paper in a research note on Friday, February 2nd. Finally, Wells Fargo & Company lowered their price objective on shares of International Paper from $39.00 to $35.00 and set an “equal weight” rating for the company in a research report on Friday, February 2nd. Four equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat.com, International Paper presently has an average rating of “Moderate Buy” and an average target price 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.