Peapack Gladstone Financial Corp Trims Stake in International Paper (NYSE:IP)

Peapack Gladstone Financial Corp trimmed its holdings in shares of International Paper (NYSE:IP) by 8.5% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 188,550 shares of the basic materials company’s stock after selling 17,476 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in International Paper were worth $10,148,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of IP. Pacer Advisors Inc. increased its stake in International Paper by 28.7% during the fourth quarter. Pacer Advisors Inc. now owns 33,330 shares of the basic materials company’s stock worth $1,794,000 after purchasing an additional 7,424 shares during the period. Lord Abbett & CO. LLC purchased a new stake in shares of International Paper during the third quarter worth $24,327,000. Wedmont Private Capital acquired a new stake in shares of International Paper in the fourth quarter valued at $376,000. Everence Capital Management Inc. purchased a new position in International Paper in the fourth quarter valued at $828,000. Finally, Allspring Global Investments Holdings LLC grew its stake in International Paper by 1.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 878,221 shares of the basic materials company’s stock worth $46,686,000 after purchasing an additional 15,904 shares in the last quarter. Institutional investors and hedge funds own 81.95% of the company’s stock.

International Paper Stock Performance

Shares of IP stock opened at $47.89 on Monday. The stock’s 50-day moving average is $54.18 and its two-hundred day moving average is $53.85. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.08 and a current ratio of 1.49. International Paper has a 1 year low of $33.16 and a 1 year high of $60.36. The firm has a market cap of $25.20 billion, a price-to-earnings ratio of 30.50, a PEG ratio of 0.39 and a beta of 0.99.

International Paper (NYSE:IP) last released its quarterly earnings results on Thursday, January 30th. The basic materials company reported ($0.02) EPS for the quarter, missing the consensus estimate 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 earnings per share for the current year.

International Paper Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, February 24th were given a $0.4625 dividend. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.85 annualized dividend and a yield of 3.86%. International Paper’s dividend payout ratio (DPR) is 117.83%.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on IP. Citigroup started coverage on International Paper in a research note on Wednesday, March 5th. They issued a “buy” rating and a $60.00 price objective for the company. StockNews.com cut shares of International Paper from a “buy” rating to a “hold” rating in a report on Friday, March 28th. Royal Bank of Canada restated an “outperform” rating and issued a $64.00 price objective on shares of International Paper in a report on Wednesday, March 26th. Truist Financial reiterated a “buy” rating and set a $64.00 target price (down previously from $65.00) on shares of International Paper in a research note on Friday, January 31st. Finally, Bank of America assumed coverage on International Paper in a research note on Thursday, February 13th. They issued a “neutral” rating on the stock. One research analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, International Paper presently has an average rating of “Moderate Buy” and a consensus target price of $55.32.

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.