Carret Asset Management LLC Sells 1,638 Shares of International Paper (NYSE:IP)

Carret Asset Management LLC decreased its stake in shares of International Paper (NYSE:IP) by 9.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,234 shares of the basic materials company’s stock after selling 1,638 shares during the period. Carret Asset Management LLC’s holdings in International Paper were worth $820,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in IP. Assetmark Inc. increased its position in shares of International Paper by 38.8% during the third quarter. Assetmark Inc. now owns 1,184 shares of the basic materials company’s stock worth $58,000 after acquiring an additional 331 shares in the last quarter. Atria Investments Inc boosted its holdings in International Paper by 58.7% during the third quarter. Atria Investments Inc now owns 20,192 shares of the basic materials company’s stock worth $986,000 after purchasing an additional 7,465 shares during the last quarter. Ashton Thomas Securities LLC acquired a new position in International Paper during the third quarter worth $28,000. Apollon Wealth Management LLC boosted its holdings in International Paper by 16.1% during the third quarter. Apollon Wealth Management LLC now owns 9,643 shares of the basic materials company’s stock worth $471,000 after purchasing an additional 1,334 shares during the last quarter. Finally, Sumitomo Mitsui Trust Group Inc. boosted its holdings in International Paper by 5.5% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 937,324 shares of the basic materials company’s stock worth $45,788,000 after purchasing an additional 49,125 shares during the last quarter. Institutional investors own 81.95% of the company’s stock.

International Paper Stock Performance

Shares of IP stock opened at $51.44 on Friday. The stock has a market cap of $27.06 billion, a P/E ratio of 32.76, a P/E/G ratio of 0.39 and a beta of 1.02. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.49 and a quick ratio of 1.08. The company has a fifty day moving average price of $55.18 and a two-hundred day moving average price of $53.30. International Paper has a one year low of $33.16 and a one year high of $60.36.

International Paper (NYSE:IP) last posted its earnings results on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share (EPS) 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%. As a group, equities analysts predict that International Paper will post 2.77 EPS for the current year.

International Paper Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, February 24th will be paid a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.60%. The ex-dividend date is Monday, February 24th. International Paper’s dividend payout ratio is presently 117.83%.

Analysts Set New Price Targets

IP has been the subject of several recent research reports. Truist Financial restated a “buy” rating and set a $64.00 target price (down previously from $65.00) on shares of International Paper in a report on Friday, January 31st. Bank of America initiated coverage on shares of International Paper in a report on Thursday, February 13th. They set a “neutral” rating for the company. Citigroup began coverage on shares of International Paper in a report on Wednesday, March 5th. They set a “buy” rating and a $60.00 target price for the company. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $64.00 price target on shares of International Paper in a research note on Friday, January 31st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $54.86.

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.