Freestone Grove Partners LP Makes New Investment in International Paper Company $IP

Freestone Grove Partners LP acquired a new position in shares of International Paper Company (NYSE:IP) during the 2nd quarter, Holdings Channel.com reports. The fund acquired 941,069 shares of the basic materials company’s stock, valued at approximately $35,855,000.

A number of other institutional investors also recently bought and sold shares of the business. McIlrath & Eck LLC grew its holdings in shares of International Paper by 452.6% during the fourth quarter. McIlrath & Eck LLC now owns 641 shares of the basic materials company’s stock worth $25,000 after buying an additional 525 shares during the last quarter. MV Capital Management Inc. acquired a new position in International Paper in the 4th quarter valued at about $25,000. Aberdeen Wealth Management LLC purchased a new stake in International Paper during the 2nd quarter valued at approximately $27,000. Ascentis Independent Advisors purchased a new stake in International Paper during the 1st quarter valued at approximately $28,000. Finally, DV Equities LLC acquired a new stake in International Paper during the 4th quarter worth approximately $29,000. 81.95% of the stock is currently owned by institutional investors and hedge funds.

International Paper Stock Up 0.8%

IP opened at $41.31 on Thursday. The company has a quick ratio of 0.84, a current ratio of 1.10 and a debt-to-equity ratio of 0.57. The firm has a market cap of $21.88 billion, a P/E ratio of -6.34 and a beta of 0.94. International Paper Company has a 52 week low of $29.26 and a 52 week high of $50.25. The business’s fifty day simple moving average is $39.51 and its 200 day simple moving average is $37.85.

International Paper (NYSE:IP) last announced its earnings results on Thursday, July 30th. The basic materials company reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.08. International Paper had a negative net margin of 14.20% and a negative return on equity of 1.09%. The firm had revenue of $6 billion during the quarter, compared to the consensus estimate of $6.19 billion. During the same quarter in the previous year, the company posted $0.20 EPS. The firm’s revenue for the quarter was down 11.3% on a year-over-year basis. As a group, equities research analysts anticipate that International Paper Company will post 1.34 EPS for the current fiscal year.

International Paper Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, August 14th will be paid a dividend of $0.4625 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.85 annualized dividend and a dividend yield of 4.5%. International Paper’s payout ratio is currently -28.37%.

Insider Buying and Selling at International Paper

In other news, VP William Thomas Hamic sold 24,500 shares of the company’s stock in a transaction on Friday, August 7th. The stock was sold at an average price of $41.20, for a total transaction of $1,009,400.00. Following the completion of the sale, the vice president directly owned 106,952 shares in the company, valued at $4,406,422.40. This represents a 18.64% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CAO Holly G. Goughnour sold 3,500 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $41.96, for a total value of $146,860.00. Following the completion of the transaction, the chief accounting officer directly owned 34,248 shares in the company, valued at $1,437,046.08. This trade represents a 9.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.21% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Royal Bank Of Canada lifted their target price on International Paper from $48.00 to $52.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. UBS Group upped their price target on International Paper from $40.00 to $47.00 and gave the stock a “neutral” rating in a research note on Friday, July 31st. Bank of America downgraded International Paper from a “buy” rating to a “neutral” rating and set a $41.00 price target for the company. in a report on Tuesday, July 14th. JPMorgan Chase & Co. raised shares of International Paper from a “neutral” rating to an “overweight” rating and boosted their price objective for the company from $51.00 to $61.00 in a research note on Tuesday, July 28th. Finally, Truist Financial reiterated a “buy” rating and set a $49.00 target price (up from $46.00) on shares of International Paper in a research report on Friday, July 31st. Nine equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $48.75.

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.