Carret Asset Management LLC Sells 1,153 Shares of International Paper (NYSE:IP)

Carret Asset Management LLC reduced its stake in International Paper (NYSE:IP) by 2.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 47,498 shares of the basic materials company’s stock after selling 1,153 shares during the quarter. Carret Asset Management LLC’s holdings in International Paper were worth $1,853,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. Jones Financial Companies Lllp lifted its holdings 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 valued at $25,000 after buying an additional 475 shares during the period. CVA Family Office LLC bought a new stake in International Paper in the fourth quarter worth approximately $27,000. MCF Advisors LLC lifted its stake in International Paper by 1,094.7% in the first quarter. MCF Advisors LLC now owns 681 shares of the basic materials company’s stock valued at $27,000 after buying an additional 624 shares during the period. Assetmark Inc. boosted its holdings in shares of International Paper by 309.0% during the 4th quarter. Assetmark Inc. now owns 859 shares of the basic materials company’s stock worth $31,000 after buying an additional 649 shares in the last quarter. Finally, Princeton Global Asset Management LLC acquired a new stake in shares of International Paper during the 4th quarter worth approximately $36,000. 81.95% of the stock is currently owned by institutional investors.

Insider Activity at International Paper

In other International Paper news, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction dated Friday, June 14th. The stock was sold at an average price of $45.11, for a total value of $27,066.00. Following the completion of the transaction, the director now owns 43,402 shares in the company, valued at approximately $1,957,864.22. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In the last ninety days, insiders sold 3,600 shares of company stock worth $147,054. Corporate insiders own 0.55% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on IP shares. Wells Fargo & Company boosted their target price on shares of International Paper from $37.00 to $41.00 and gave the company an “equal weight” rating in a research report on Thursday, May 30th. Citigroup raised shares of International Paper from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $36.00 to $46.00 in a research report on Wednesday, March 20th. Truist Financial reaffirmed a “buy” rating and issued a $52.00 target price 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 upped their price target for the stock from $38.00 to $57.00 in a research note on Thursday, May 23rd. Finally, Seaport Res Ptn raised International Paper from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 28th. Four research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $44.71.

International Paper Stock Up 0.1 %

Shares of IP traded up $0.04 during trading hours on Wednesday, reaching $43.54. 3,210,283 shares of the stock traded hands, compared to its average volume of 5,814,462. International Paper has a 52 week low of $30.78 and a 52 week high of $47.40. The stock has a fifty day simple moving average of $42.11 and a 200 day simple moving average of $38.48. The company has a market cap of $15.12 billion, a price-to-earnings ratio of 89.51 and a beta of 1.06. The company has a current ratio of 1.68, a quick ratio of 1.22 and a debt-to-equity ratio of 0.66.

International Paper (NYSE:IP) last announced its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.17 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.06). International Paper had a return on equity of 7.45% and a net margin of 0.93%. The company had revenue of $4.62 billion during the quarter, compared to the consensus estimate of $4.56 billion. During the same period in the prior year, the firm posted $0.53 EPS. The business’s revenue was down 8.0% on a year-over-year basis. On average, equities analysts forecast that International Paper will post 1.87 EPS for the current year.

International Paper Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 24th. Stockholders of record on Friday, May 24th were paid a $0.4625 dividend. The ex-dividend date was Thursday, May 23rd. This represents a $1.85 annualized dividend and a dividend yield of 4.25%. International Paper’s payout ratio is 377.55%.

About International Paper

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.