Cibc World Markets Corp Boosts Stake in International Paper (NYSE:IP)

Cibc World Markets Corp increased its stake in International Paper (NYSE:IP) by 306.1% in the 4th quarter, Holdings Channel reports. The fund owned 187,444 shares of the basic materials company’s stock after buying an additional 141,284 shares during the quarter. Cibc World Markets Corp’s holdings in International Paper were worth $10,088,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Sierra Ocean LLC purchased a new position in shares of International Paper in the 4th quarter worth about $26,000. Centricity Wealth Management LLC purchased a new stake in International Paper in the fourth quarter worth approximately $26,000. Brooklyn Investment Group bought a new position in International Paper during the third quarter valued at approximately $25,000. Picton Mahoney Asset Management grew its position in International Paper by 67.0% during the fourth quarter. Picton Mahoney Asset Management now owns 536 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 215 shares during the last quarter. Finally, Legacy Investment Solutions LLC bought a new stake in shares of International Paper in the 3rd quarter worth approximately $28,000. Institutional investors own 81.95% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on IP shares. Bank of America assumed coverage on shares of International Paper in a report on Thursday, February 13th. They set a “neutral” rating on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and set a $64.00 price objective on shares of International Paper in a research note on Friday, January 31st. Citigroup started coverage on International Paper in a research note on Wednesday, March 5th. They issued a “buy” rating and a $60.00 target price for the company. Finally, Truist Financial restated a “buy” rating and set a $64.00 price target (down from $65.00) on shares of International Paper in a research report on Friday, January 31st. One analyst has rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, International Paper presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.86.

International Paper Trading Up 0.7 %

IP opened at $51.93 on Wednesday. The firm has a market capitalization of $27.32 billion, a price-to-earnings ratio of 33.08, a PEG ratio of 0.39 and a beta of 1.02. International Paper has a one year low of $33.16 and a one year high of $60.36. The business has a 50 day simple moving average of $55.11 and a two-hundred day simple moving average of $53.41. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.49 and a quick ratio of 1.08.

International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported ($0.02) 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%. 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 was paid on Monday, March 17th. Stockholders of record on Monday, February 24th were paid a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.56%. The ex-dividend date of this dividend was Monday, February 24th. International Paper’s payout ratio is 117.83%.

International Paper Company 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.