Victory Capital Management Inc. Sells 102,166 Shares of International Paper Company $IP

Victory Capital Management Inc. reduced its holdings in shares of International Paper Company (NYSE:IP) by 19.6% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 418,542 shares of the basic materials company’s stock after selling 102,166 shares during the period. Victory Capital Management Inc.’s holdings in International Paper were worth $19,420,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in International Paper by 0.3% during the third quarter. Vanguard Group Inc. now owns 64,047,079 shares of the basic materials company’s stock worth $2,971,784,000 after purchasing an additional 167,889 shares during the period. State Street Corp grew its stake in shares of International Paper by 3.2% in the 2nd quarter. State Street Corp now owns 29,386,616 shares of the basic materials company’s stock valued at $1,376,175,000 after purchasing an additional 902,741 shares during the period. Geode Capital Management LLC raised its holdings in shares of International Paper by 2.3% in the 2nd quarter. Geode Capital Management LLC now owns 13,340,382 shares of the basic materials company’s stock worth $622,133,000 after buying an additional 294,296 shares in the last quarter. Invesco Ltd. raised its holdings in shares of International Paper by 1.5% in the 2nd quarter. Invesco Ltd. now owns 8,160,930 shares of the basic materials company’s stock worth $382,176,000 after buying an additional 120,802 shares in the last quarter. Finally, Franklin Resources Inc. boosted its stake in International Paper by 8.0% in the 2nd quarter. Franklin Resources Inc. now owns 7,458,949 shares of the basic materials company’s stock valued at $349,303,000 after buying an additional 555,588 shares in the last quarter. Institutional investors and hedge funds own 81.95% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on IP shares. Jefferies Financial Group lifted their price objective on International Paper from $47.00 to $48.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. Stifel Nicolaus dropped their target price on shares of International Paper from $51.80 to $50.70 and set a “buy” rating for the company in a research report on Monday, February 9th. Royal Bank Of Canada cut their price target on shares of International Paper from $55.00 to $54.00 and set an “outperform” rating for the company in a report on Friday, January 30th. Argus decreased their price objective on shares of International Paper from $55.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, December 22nd. Finally, Truist Financial set a $48.00 target price on shares of International Paper in a research note on Thursday, February 26th. Eight equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $48.25.

Insider Buying and Selling

In related news, CEO Andrew K. Silvernail bought 50,000 shares of the company’s stock in a transaction on Friday, January 30th. The shares were purchased at an average cost of $39.98 per share, for a total transaction of $1,999,000.00. Following the acquisition, the chief executive officer owned 50,000 shares of the company’s stock, valued at approximately $1,999,000. This represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.55% of the company’s stock.

International Paper Price Performance

Shares of IP stock opened at $39.05 on Wednesday. The firm has a market cap of $20.68 billion, a price-to-earnings ratio of -5.82 and a beta of 1.09. International Paper Company has a 12 month low of $35.56 and a 12 month high of $56.64. The company has a quick ratio of 1.02, a current ratio of 1.28 and a debt-to-equity ratio of 0.60. The stock has a 50-day moving average price of $43.32 and a 200 day moving average price of $43.06.

International Paper (NYSE:IP) last announced its quarterly earnings data on Thursday, January 29th. The basic materials company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.36). The company had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.90 billion. International Paper had a negative return on equity of 0.35% and a negative net margin of 14.12%.The firm’s revenue for the quarter was up 53.1% on a year-over-year basis. During the same period last year, the firm earned ($0.02) earnings per share. Research analysts expect that International Paper Company will post 2.77 EPS for the current year.

International Paper Company Profile

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.