Hartford Investment Management Co. Has $1.16 Million Holdings in International Paper (NYSE:IP)

Hartford Investment Management Co. trimmed its stake in shares of International Paper (NYSE:IP) by 1.9% during the fourth quarter, HoldingsChannel reports. The fund owned 21,545 shares of the basic materials company’s stock after selling 417 shares during the period. Hartford Investment Management Co.’s holdings in International Paper were worth $1,160,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the stock. Brooklyn Investment Group bought a new position in International Paper during the 3rd quarter worth about $25,000. Ashton Thomas Securities LLC acquired a new stake in International Paper in the 3rd quarter valued at approximately $28,000. Legacy Investment Solutions LLC bought a new stake in International Paper in the 3rd quarter valued at approximately $28,000. Versant Capital Management Inc boosted its position in International Paper by 313.3% during the 4th quarter. Versant Capital Management Inc now owns 591 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 448 shares during the last quarter. Finally, City State Bank grew its stake in shares of International Paper by 107.7% during the 4th quarter. City State Bank now owns 675 shares of the basic materials company’s stock worth $36,000 after acquiring an additional 350 shares in the last quarter. 81.95% of the stock is owned by institutional investors.

Insider Activity

In other news, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $58.39, for a total value of $35,034.00. Following the sale, the director now directly owns 37,145 shares in the company, valued at approximately $2,168,896.55. This trade represents a 1.59 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.55% of the company’s stock.

International Paper Stock Up 1.5 %

IP stock opened at $56.25 on Friday. The company has a market cap of $19.54 billion, a PE ratio of 35.83 and a beta of 1.02. The company has a quick ratio of 1.08, a current ratio of 1.49 and a debt-to-equity ratio of 0.66. International Paper has a 52 week low of $33.16 and a 52 week high of $60.36. The business has a 50-day simple moving average of $55.46 and a 200 day simple moving average of $52.19.

International Paper (NYSE:IP) last issued its quarterly earnings results on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). International Paper had a return on equity of 4.75% and a net margin of 2.99%. Sell-side analysts anticipate that International Paper will post 2.89 EPS for the current fiscal year.

International Paper Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, February 24th will be issued a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date is Monday, February 24th. International Paper’s dividend payout ratio is presently 117.84%.

Analysts Set New Price Targets

A number of analysts have recently commented on IP shares. Truist Financial reissued a “buy” rating and issued a $64.00 price objective (down previously from $65.00) on shares of International Paper in a research report on Friday, January 31st. Bank of America initiated coverage on shares of International Paper in a research note on Thursday. They set a “neutral” rating for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $64.00 target price on shares of International Paper in a research report on Friday, January 31st. Finally, BNP Paribas downgraded International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 price objective for the company. in a report on Wednesday, November 13th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.88.

International Paper Profile

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.