SouthState Corp Lowers Position in International Paper (NYSE:IP)

SouthState Corp lowered its stake in International Paper (NYSE:IP) by 13.5% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 7,467 shares of the basic materials company’s stock after selling 1,170 shares during the quarter. SouthState Corp’s holdings in International Paper were worth $270,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in IP. Manchester Capital Management LLC bought a new stake in shares of International Paper in the 3rd quarter valued at approximately $25,000. CVA Family Office LLC purchased a new stake in shares of International Paper in the fourth quarter worth approximately $27,000. Venturi Wealth Management LLC boosted its holdings in International Paper by 2,281.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 786 shares of the basic materials company’s stock valued at $28,000 after acquiring an additional 753 shares during the period. Princeton Global Asset Management LLC purchased a new stake in International Paper in the fourth quarter worth $36,000. Finally, First Command Advisory Services Inc. bought a new stake in shares of International Paper during the third quarter worth $39,000. Hedge funds and other institutional investors own 81.95% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have issued reports on IP shares. Citigroup raised shares of International Paper from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $36.00 to $46.00 in a research report on Wednesday, March 20th. Bank of America upgraded International Paper from an “underperform” rating to a “buy” rating and upped their target price for the stock from $37.00 to $42.00 in a report on Monday, March 4th. Wells Fargo & Company lowered their price objective on shares of International Paper from $39.00 to $35.00 and set an “equal weight” rating for the company in a research note on Friday, February 2nd. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $43.00 price target on shares of International Paper in a research report on Friday, February 2nd. Finally, StockNews.com downgraded shares of International Paper from a “buy” rating to a “hold” rating in a research note on Sunday, January 14th. Five equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, International Paper has an average rating of “Hold” and an average price target of $38.57.

Insider Buying and Selling at International Paper

In other news, SVP James P. Jr. Royalty sold 5,800 shares of the stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $34.75, for a total transaction of $201,550.00. Following the sale, the senior vice president now owns 69,488 shares of the company’s stock, valued at $2,414,708. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have sold a total of 9,400 shares of company stock valued at $331,402 over the last quarter. 0.55% of the stock is owned by company insiders.

International Paper Trading Up 1.3 %

NYSE:IP traded up $0.47 on Friday, hitting $36.28. The stock had a trading volume of 5,818,438 shares, compared to its average volume of 6,977,804. The company has a fifty day moving average price of $36.65 and a two-hundred day moving average price of $35.81. The stock has a market cap of $12.60 billion, a price-to-earnings ratio of 74.06 and a beta of 1.01. The company has a quick ratio of 1.22, a current ratio of 1.68 and a debt-to-equity ratio of 0.66. International Paper has a 1-year low of $29.00 and a 1-year high of $41.28.

International Paper (NYSE:IP) last posted its earnings results on Thursday, April 25th. The basic materials company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.06). The business had revenue of $4.62 billion for the quarter, compared to analyst estimates of $4.56 billion. International Paper had a return on equity of 7.45% and a net margin of 0.93%. International Paper’s revenue was down 8.0% compared to the same quarter last year. During the same period last year, the business earned $0.53 EPS. Equities research analysts expect that International Paper will post 1.88 earnings per share for the current fiscal year.

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.