Huntington National Bank Cuts Position in International Paper Company $IP

Huntington National Bank decreased its holdings in International Paper Company (NYSE:IP) by 34.8% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 53,505 shares of the basic materials company’s stock after selling 28,606 shares during the period. Huntington National Bank’s holdings in International Paper were worth $2,108,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of IP. AE Wealth Management LLC grew its position in International Paper by 8.5% in the third quarter. AE Wealth Management LLC now owns 332,310 shares of the basic materials company’s stock valued at $15,419,000 after acquiring an additional 26,146 shares in the last quarter. Caprock Group LLC acquired a new stake in shares of International Paper during the third quarter worth approximately $2,340,000. Icon Advisers Inc. Co. acquired a new stake in shares of International Paper during the third quarter worth approximately $4,853,000. Advisors Preferred LLC acquired a new position in International Paper in the third quarter worth $1,181,000. Finally, Barclays PLC boosted its holdings in International Paper by 12.4% in the third quarter. Barclays PLC now owns 2,348,177 shares of the basic materials company’s stock worth $108,955,000 after purchasing an additional 259,371 shares during the period. Hedge funds and other institutional investors own 81.95% of the company’s stock.

International Paper Price Performance

Shares of International Paper stock opened at $33.47 on Friday. The company has a current ratio of 1.21, a quick ratio of 0.94 and a debt-to-equity ratio of 0.55. The company’s 50-day moving average price is $33.91 and its two-hundred day moving average price is $38.52. International Paper Company has a 52 week low of $29.26 and a 52 week high of $56.13. The stock has a market cap of $17.73 billion, a PE ratio of -5.26 and a beta of 0.93.

International Paper (NYSE:IP) last issued its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.15 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.03). The business had revenue of $5.97 billion during the quarter, compared to the consensus estimate of $6.02 billion. International Paper had a negative return on equity of 0.49% and a negative net margin of 13.42%.International Paper’s revenue was up 13.4% compared to the same quarter last year. During the same quarter last year, the firm posted $0.17 earnings per share. As a group, sell-side analysts anticipate that International Paper Company will post 1.38 EPS for the current fiscal year.

International Paper Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 22nd will be paid a $0.4625 dividend. The ex-dividend date of this dividend is Friday, May 22nd. This represents a $1.85 dividend on an annualized basis and a yield of 5.5%. International Paper’s dividend payout ratio (DPR) is currently -29.09%.

Insider Transactions at International Paper

In related news, Director Scott Tozier purchased 10,000 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The shares were purchased at an average price of $31.30 per share, with a total value of $313,000.00. Following the purchase, the director owned 10,025 shares of the company’s stock, valued at $313,782.50. This trade represents a 40,000.00% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Anders Gustafsson purchased 13,217 shares of the company’s stock in a transaction that occurred on Thursday, March 12th. The stock was bought at an average cost of $37.83 per share, for a total transaction of $499,999.11. Following the purchase, the director directly owned 26,092 shares in the company, valued at $987,060.36. This represents a 102.66% increase in their position. The SEC filing for this purchase provides additional information. Insiders purchased a total of 36,092 shares of company stock worth $1,313,064 in the last three months. 0.21% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

IP has been the subject of a number of research reports. Truist Financial decreased their price objective on shares of International Paper from $48.00 to $44.00 and set a “buy” rating for the company in a report on Wednesday, April 15th. Zacks Research cut International Paper from a “hold” rating to a “strong sell” rating in a research note on Thursday, April 23rd. UBS Group cut their target price on International Paper from $40.00 to $32.00 and set a “neutral” rating on the stock in a research note on Monday, May 4th. Seaport Research Partners upgraded International Paper from a “neutral” rating to a “buy” rating and set a $39.00 target price on the stock in a research note on Friday, May 1st. Finally, Stifel Nicolaus cut their target price on International Paper from $51.80 to $50.70 and set a “buy” rating on the stock in a research note on Monday, February 9th. Nine investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat.com, International Paper currently has a consensus rating of “Moderate Buy” and an average price target of $43.73.

About International Paper

International Paper is a global producer of renewable fiber-based products, focused primarily on pulp, paper, and packaging. The company manufactures containerboard and corrugated packaging used for shipping and retail display, as well as a range of specialty papers and pulp products that serve industrial, consumer goods, and e-commerce customers. Its product portfolio is oriented toward large-scale packaging solutions, tissue and paper grades, and raw pulp for a variety of manufacturing uses.

Founded in 1898, International Paper is headquartered in Memphis, Tennessee, and is one of the largest and longest-established companies in the forest products sector.