QRG Capital Management Inc. Has $11.61 Million Position in International Paper (NYSE:IP)

QRG Capital Management Inc. increased its holdings in International Paper (NYSE:IP) by 5.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 269,028 shares of the basic materials company’s stock after purchasing an additional 13,932 shares during the period. QRG Capital Management Inc. owned approximately 0.08% of International Paper worth $11,609,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in IP. MCF Advisors LLC boosted its stake in shares of International Paper by 1,094.7% in the 1st quarter. MCF Advisors LLC now owns 681 shares of the basic materials company’s stock valued at $27,000 after purchasing an additional 624 shares in the last quarter. Jones Financial Companies Lllp boosted 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 valued at $25,000 after buying an additional 475 shares in the last quarter. Crewe Advisors LLC bought a new stake in International Paper during the first quarter worth about $29,000. Assetmark Inc. increased its holdings in shares of International Paper by 309.0% during the fourth 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, Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of International Paper in the second quarter valued at approximately $37,000. Institutional investors and hedge funds own 81.95% of the company’s stock.

Wall Street Analysts Forecast Growth

IP has been the subject of a number of recent analyst reports. Truist Financial raised their price target on International Paper from $52.00 to $55.00 and gave the company a “buy” rating in a report on Tuesday, July 16th. Wells Fargo & Company lifted their price target on International Paper from $43.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, July 25th. Seaport Res Ptn upgraded shares of International Paper from a “hold” rating to a “strong-buy” rating in a research report on Friday, June 28th. Royal Bank of Canada upped their target price on shares of International Paper from $52.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Finally, Stifel Nicolaus initiated coverage on International Paper in a report on Tuesday, July 9th. They set a “hold” rating and a $48.70 price objective on the stock. Four analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $49.96.

International Paper Trading Down 1.1 %

Shares of NYSE:IP traded down $0.50 during mid-day trading on Friday, reaching $44.35. The stock had a trading volume of 2,214,518 shares, compared to its average volume of 5,746,971. The firm has a 50 day simple moving average of $45.03 and a two-hundred day simple moving average of $40.06. International Paper has a twelve month low of $31.76 and a twelve month high of $47.40. The firm has a market cap of $15.40 billion, a PE ratio of 90.51 and a beta of 1.06. The company has a current ratio of 1.59, a quick ratio of 1.17 and a debt-to-equity ratio of 0.62.

International Paper (NYSE:IP) last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.41 by $0.14. International Paper had a net margin of 2.34% and a return on equity of 7.28%. The firm had revenue of $4.73 billion during the quarter, compared to the consensus estimate of $4.78 billion. During the same quarter in the prior year, the firm earned $0.59 earnings per share. The business’s quarterly revenue was up 1.1% on a year-over-year basis. On average, research analysts predict that International Paper will post 1.64 EPS for the current fiscal year.

International Paper Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Thursday, August 15th will be paid a $0.4625 dividend. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $1.85 dividend on an annualized basis and a yield of 4.17%. International Paper’s payout ratio is 377.55%.

Insiders Place Their Bets

In other International Paper news, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction that occurred on Friday, June 14th. The shares were sold at an average price of $45.11, for a total transaction of $27,066.00. Following the sale, the director now directly owns 43,402 shares in the company, valued at approximately $1,957,864.22. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 3,600 shares of company stock worth $157,386 over the last ninety days. 0.55% of the stock is currently owned by corporate insiders.

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.