Norges Bank Purchases Shares of 6,349,147 International Paper Company $IP

Norges Bank purchased a new stake in shares of International Paper Company (NYSE:IP) in the 4th quarter, HoldingsChannel reports. The firm purchased 6,349,147 shares of the basic materials company’s stock, valued at approximately $250,093,000.

Several other institutional investors have also added to or reduced their stakes in IP. Eurizon Capital SGR S.p.A. bought a new stake in International Paper in the 4th quarter worth $11,174,000. Rothschild Investment LLC grew its holdings in International Paper by 4.2% in the 4th quarter. Rothschild Investment LLC now owns 5,993 shares of the basic materials company’s stock worth $236,000 after acquiring an additional 242 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in International Paper by 23.3% in the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 11,940 shares of the basic materials company’s stock worth $470,000 after acquiring an additional 2,258 shares during the last quarter. Moors & Cabot Inc. grew its holdings in International Paper by 9.8% in the 4th quarter. Moors & Cabot Inc. now owns 38,447 shares of the basic materials company’s stock worth $1,514,000 after acquiring an additional 3,440 shares during the last quarter. Finally, Intech Investment Management LLC grew its holdings in International Paper by 33.2% in the 4th quarter. Intech Investment Management LLC now owns 29,951 shares of the basic materials company’s stock worth $1,180,000 after acquiring an additional 7,464 shares during the last quarter. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, Director Anders Gustafsson bought 13,217 shares of the company’s stock in a transaction dated Thursday, March 12th. The stock was purchased at an average cost of $37.83 per share, with a total value of $499,999.11. Following the transaction, the director owned 26,092 shares in the company, valued at approximately $987,060.36. This trade represents a 102.66% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Scott Tozier bought 10,000 shares of the company’s stock in a transaction dated Friday, May 1st. The stock was bought at an average cost of $31.30 per share, with a total value of $313,000.00. Following the completion of the transaction, the director owned 10,025 shares in the company, valued at approximately $313,782.50. This trade represents a 40,000.00% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last ninety days, insiders bought 36,092 shares of company stock valued at $1,313,064. Corporate insiders own 0.21% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Stifel Nicolaus cut their price target on shares of International Paper from $51.80 to $50.70 and set a “buy” rating on the stock in a report on Monday, February 9th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of International Paper in a report on Wednesday, April 1st. They issued a “hold” rating and a $38.00 price target on the stock. BNP Paribas Exane cut their price target on shares of International Paper from $44.00 to $42.00 and set an “outperform” rating on the stock in a report on Wednesday, March 25th. Truist Financial cut their price target on shares of International Paper from $48.00 to $44.00 and set a “buy” rating on the stock in a report on Wednesday, April 15th. Finally, Royal Bank Of Canada cut their price target on shares of International Paper from $48.00 to $45.00 and set an “outperform” rating on the stock in a report on Friday, May 1st. Nine analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, International Paper currently has an average rating of “Moderate Buy” and an average target price of $43.73.

International Paper Trading Up 0.3%

NYSE:IP opened at $33.81 on Wednesday. The company has a 50-day moving average price of $33.90 and a 200-day moving average price of $38.49. International Paper Company has a 12 month low of $29.26 and a 12 month high of $56.13. 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 stock has a market cap of $17.90 billion, a price-to-earnings ratio of -5.32 and a beta of 0.96.

International Paper (NYSE:IP) last posted its 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). International Paper had a negative return on equity of 0.49% and a negative net margin of 13.42%.The company had revenue of $5.97 billion during the quarter, compared to analysts’ expectations of $6.02 billion. During the same period in the prior year, the business posted $0.17 earnings per share. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. Equities analysts predict that International Paper Company will post 1.38 EPS for the current year.

International Paper Announces Dividend

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

International Paper 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.