Cullinan Associates Inc. Acquires 17,185 Shares of International Paper (NYSE:IP)

Cullinan Associates Inc. increased its position in International Paper (NYSE:IP) by 18.7% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 108,965 shares of the basic materials company’s stock after acquiring an additional 17,185 shares during the quarter. Cullinan Associates Inc.’s holdings in International Paper were worth $4,252,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of IP. MCF Advisors LLC increased its position in shares of International Paper by 1,094.7% in the first quarter. MCF Advisors LLC now owns 681 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 624 shares during the last quarter. Jones Financial Companies Lllp grew its position in International Paper by 208.3% in the fourth quarter. Jones Financial Companies Lllp now owns 703 shares of the basic materials company’s stock worth $25,000 after acquiring an additional 475 shares in the last quarter. CVA Family Office LLC bought a new position in International Paper in the fourth quarter valued at $27,000. Assetmark Inc. boosted its holdings in shares of International Paper by 309.0% in the 4th quarter. Assetmark Inc. now owns 859 shares of the basic materials company’s stock worth $31,000 after purchasing an additional 649 shares in the last quarter. Finally, Princeton Global Asset Management LLC bought a new position in shares of International Paper during the 4th quarter valued at about $36,000. Hedge funds and other institutional investors own 81.95% of the company’s stock.

International Paper Stock Performance

NYSE:IP traded down $0.17 during mid-day trading on Tuesday, reaching $43.17. The company’s stock had a trading volume of 3,711,713 shares, compared to its average volume of 5,774,878. The company has a current ratio of 1.68, a quick ratio of 1.22 and a debt-to-equity ratio of 0.66. The stock has a market cap of $14.99 billion, a P/E ratio of 88.45 and a beta of 1.06. The firm’s fifty day moving average price is $41.76 and its two-hundred day moving average price is $38.40. International Paper has a 12-month low of $30.78 and a 12-month high of $47.40.

International Paper (NYSE:IP) last released its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.06). The company had revenue of $4.62 billion for the quarter, compared to analysts’ expectations of $4.56 billion. International Paper had a net margin of 0.93% and a return on equity of 7.45%. The firm’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same period in the previous year, the firm earned $0.53 earnings per share. On average, equities analysts forecast that International Paper will post 1.86 EPS for the current fiscal year.

International Paper Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 24th. Investors of record on Friday, May 24th were issued a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 4.29%. The ex-dividend date of this dividend was Thursday, May 23rd. International Paper’s payout ratio is 377.55%.

Insider Activity at International Paper

In other news, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $44.58, for a total value of $26,748.00. Following the transaction, the director now owns 45,479 shares of the company’s stock, valued at $2,027,453.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders sold 3,600 shares of company stock worth $147,054. 0.55% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several brokerages have issued reports on IP. Seaport Res Ptn raised International Paper from a “hold” rating to a “strong-buy” rating in a research note on Friday. Wells Fargo & Company lifted their target price on shares of International Paper from $37.00 to $41.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 30th. Truist Financial restated a “buy” rating and set a $52.00 price target on shares of International Paper in a research report on Thursday, June 27th. Jefferies Financial Group raised International Paper from a “hold” rating to a “buy” rating and boosted their target price for the company from $38.00 to $57.00 in a research note on Thursday, May 23rd. Finally, Bank of America upgraded International Paper from an “underperform” rating to a “buy” rating and increased their price objective for the stock from $37.00 to $42.00 in a report on Monday, March 4th. Four research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $44.71.

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.