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

Fmr LLC lifted its holdings in International Paper (NYSE:IP) by 88.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor 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 0.05% of International Paper worth $871,447,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of IP. Innealta Capital LLC bought a new stake in shares of International Paper in the 2nd quarter valued at approximately $26,000. Ashton Thomas Securities LLC bought a new stake in International Paper in the third quarter worth $28,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in shares of International Paper during the 2nd quarter worth about $37,000. Eastern Bank purchased a new position in shares of International Paper during the third quarter valued at approximately $40,000. Finally, Abich Financial Wealth Management LLC bought a new position in shares of International Paper during the third quarter valued at approximately $42,000. Institutional investors own 81.95% of the company’s stock.

International Paper Stock Performance

IP stock 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. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.11 and a current ratio of 1.53. International Paper has a one year low of $32.70 and a one year high of $60.36. The firm has a market cap of $20.28 billion, a price-to-earnings ratio of 49.90 and a beta of 1.02.

International Paper (NYSE:IP) last announced its earnings results on Thursday, October 31st. The basic materials company reported $0.44 earnings per share (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 analyst estimates of $4.70 billion. During the same period in the prior year, the company posted $0.64 EPS. The firm’s quarterly revenue was up 1.6% compared to the same quarter last year. On average, equities analysts forecast that International Paper will post 1.22 EPS for the current fiscal year.

International Paper Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 15th will be issued a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.17%. The ex-dividend date is Friday, November 15th. International Paper’s dividend payout ratio (DPR) is 158.12%.

Insider Buying and Selling

In related news, SVP Joseph R. Saab sold 2,440 shares of International Paper stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $47.30, for a total transaction of $115,412.00. Following the completion of the transaction, the senior vice president now directly owns 18,668 shares in the company, valued at approximately $882,996.40. This trade represents a 11.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Kathryn D. Sullivan sold 600 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $56.19, for a total value of $33,714.00. Following the completion of the sale, the director now owns 37,745 shares in the company, valued at approximately $2,120,891.55. This represents a 1.56 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 10,440 shares of company stock valued at $505,070 over the last quarter. 0.55% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

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

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.