International Paper (NYSE:IP) Shares Sold by Fifth Third Bancorp

Fifth Third Bancorp reduced its holdings in shares of International Paper (NYSE:IP) by 5.8% in the 1st quarter, HoldingsChannel.com reports. The fund owned 18,243 shares of the basic materials company’s stock after selling 1,133 shares during the period. Fifth Third Bancorp’s holdings in International Paper were worth $973,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Donaldson Capital Management LLC grew its stake in International Paper by 27.7% in the 1st quarter. Donaldson Capital Management LLC now owns 24,818 shares of the basic materials company’s stock worth $1,324,000 after acquiring an additional 5,390 shares during the period. My Legacy Advisors LLC boosted its holdings in shares of International Paper by 5.8% during the first quarter. My Legacy Advisors LLC now owns 22,627 shares of the basic materials company’s stock worth $1,207,000 after purchasing an additional 1,235 shares during the last quarter. Assenagon Asset Management S.A. grew its position in shares of International Paper by 37.3% in the first quarter. Assenagon Asset Management S.A. now owns 22,378 shares of the basic materials company’s stock valued at $1,194,000 after purchasing an additional 6,077 shares during the period. Integrated Advisors Network LLC increased its stake in International Paper by 6.9% in the first quarter. Integrated Advisors Network LLC now owns 4,683 shares of the basic materials company’s stock valued at $250,000 after purchasing an additional 304 shares during the last quarter. Finally, Handelsbanken Fonder AB increased its stake in International Paper by 190.1% in the first quarter. Handelsbanken Fonder AB now owns 44,208 shares of the basic materials company’s stock valued at $2,358,000 after purchasing an additional 28,970 shares during the last quarter. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Holly G. Goughnour sold 7,500 shares of the firm’s stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $44.85, for a total transaction of $336,375.00. Following the completion of the sale, the chief accounting officer now owns 31,525 shares in the company, valued at approximately $1,413,896.25. This trade represents a 19.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.35% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

IP has been the subject of several recent analyst reports. Wells Fargo & Company restated an “underweight” rating and issued a $40.00 price target (down previously from $45.00) on shares of International Paper in a report on Friday, May 9th. Truist Financial set a $59.00 target price on shares of International Paper in a report on Wednesday, May 28th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $64.00 price target on shares of International Paper in a research report on Wednesday, March 26th. Citigroup started coverage on shares of International Paper in a report on Wednesday, March 5th. They issued a “buy” rating and a $60.00 price target on the stock. Finally, Wall Street Zen cut shares of International Paper from a “hold” rating to a “sell” rating in a research note on Monday, May 5th. Three research analysts have rated the stock with a sell rating, two have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $54.54.

International Paper Price Performance

Shares of IP stock opened at $46.48 on Tuesday. The stock has a 50 day moving average of $47.20 and a two-hundred day moving average of $51.92. The company has a current ratio of 1.49, a quick ratio of 1.08 and a debt-to-equity ratio of 0.66. The company has a market capitalization of $24.54 billion, a P/E ratio of 29.61, a P/E/G ratio of 0.39 and a beta of 1.04. International Paper has a 12 month low of $41.50 and a 12 month high of $60.36.

International Paper (NYSE:IP) last posted its quarterly earnings results on Wednesday, April 30th. The basic materials company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.12). The business had revenue of $5.90 billion for the quarter, compared to the consensus estimate of $6.38 billion. International Paper had a return on equity of 4.75% and a net margin of 2.99%. The company’s quarterly revenue was up 27.8% on a year-over-year basis. During the same period last year, the firm earned $0.17 earnings per share. As a group, equities analysts expect that International Paper will post 2.77 EPS for the current year.

International Paper Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 23rd were given a dividend of $0.4625 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $1.85 annualized dividend and a yield of 3.98%. International Paper’s dividend payout ratio (DPR) is presently 158.12%.

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.