OneAscent Wealth Management LLC Takes $228,000 Position in International Paper (NYSE:IP)

OneAscent Wealth Management LLC bought a new stake in International Paper (NYSE:IP) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 4,671 shares of the basic materials company’s stock, valued at approximately $228,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of IP. Mitsubishi UFJ Trust & Banking Corp grew its stake in International Paper by 8.0% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 198,392 shares of the basic materials company’s stock worth $7,742,000 after purchasing an additional 14,768 shares during the period. Clearbridge Investments LLC increased its stake in International Paper by 36.2% in the 1st quarter. Clearbridge Investments LLC now owns 95,893 shares of the basic materials company’s stock valued at $3,742,000 after buying an additional 25,487 shares during the last quarter. UniSuper Management Pty Ltd increased its position in shares of International Paper by 590.7% during the first quarter. UniSuper Management Pty Ltd now owns 29,031 shares of the basic materials company’s stock valued at $1,133,000 after acquiring an additional 24,828 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its stake in shares of International Paper by 2.6% during the 1st quarter. CANADA LIFE ASSURANCE Co now owns 273,600 shares of the basic materials company’s stock worth $10,674,000 after purchasing an additional 6,959 shares during the period. Finally, Natixis raised its position in International Paper by 437.1% in the first quarter. Natixis now owns 77,404 shares of the basic materials company’s stock worth $3,020,000 after acquiring an additional 62,992 shares during the period. Institutional investors own 81.95% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the stock. BNP Paribas downgraded shares of International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 price objective on the stock. in a report on Wednesday, November 13th. Wells Fargo & Company boosted their target price on International Paper from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 25th. Royal Bank of Canada increased their price target on shares of International Paper from $56.00 to $64.00 and gave the stock an “outperform” rating in a report on Friday, November 1st. Truist Financial reissued a “buy” rating and set a $61.00 price objective (up from $57.00) on shares of International Paper in a report on Friday, November 1st. Finally, Argus raised shares of International Paper from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a research note on Wednesday, August 14th. One analyst has rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $51.54.

International Paper Stock Performance

IP opened at $57.70 on Tuesday. The firm has a market cap of $20.05 billion, a P/E ratio of 49.32 and a beta of 1.02. International Paper has a 1-year low of $31.76 and a 1-year high of $59.52. The company has a 50 day simple moving average of $50.56 and a two-hundred day simple moving average of $46.81. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.53 and a quick ratio of 1.11.

International Paper (NYSE:IP) last released its quarterly earnings data on Thursday, October 31st. The basic materials company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.20. International Paper had a net margin of 2.25% and a return on equity of 6.49%. The firm had revenue of $4.69 billion for the quarter, compared to analysts’ expectations of $4.70 billion. During the same quarter last year, the business posted $0.64 earnings per share. The company’s revenue for the quarter was up 1.6% compared to the same quarter last year. Equities analysts forecast that International Paper will post 1.29 earnings per share for the current fiscal year.

International Paper Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 15th will be issued a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date is Friday, November 15th. International Paper’s payout ratio is 158.12%.

Insider Buying and Selling

In other news, Director Kathryn D. Sullivan sold 600 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $56.19, for a total transaction of $33,714.00. Following the transaction, the director now owns 37,745 shares of the company’s stock, valued at approximately $2,120,891.55. This represents a 1.56 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, VP Holly G. Goughnour sold 5,000 shares of the company’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $47.22, for a total value of $236,100.00. Following the completion of the transaction, the vice president now directly owns 16,788 shares in the company, valued at $792,729.36. This trade represents a 22.95 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,440 shares of company stock worth $944,540. Corporate insiders own 0.55% of the company’s stock.

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.