PNC Financial Services Group Inc. Has $9.53 Million Holdings in International Paper (NYSE:IP)

PNC Financial Services Group Inc. lessened its holdings in shares of International Paper (NYSE:IP) by 9.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 177,001 shares of the basic materials company’s stock after selling 18,779 shares during the period. PNC Financial Services Group Inc.’s holdings in International Paper were worth $9,526,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Pacer Advisors Inc. lifted its holdings in shares of International Paper by 28.7% during the fourth quarter. Pacer Advisors Inc. now owns 33,330 shares of the basic materials company’s stock worth $1,794,000 after purchasing an additional 7,424 shares during the period. Lord Abbett & CO. LLC acquired a new position in International Paper in the third quarter valued at $24,327,000. Aptus Capital Advisors LLC lifted its holdings in International Paper by 15.1% in the third quarter. Aptus Capital Advisors LLC now owns 5,972 shares of the basic materials company’s stock valued at $292,000 after buying an additional 785 shares during the period. Wedmont Private Capital acquired a new position in International Paper in the fourth quarter valued at $376,000. Finally, Curi RMB Capital LLC acquired a new position in International Paper in the third quarter valued at $4,870,000. Institutional investors and hedge funds own 81.95% of the company’s stock.

International Paper Trading Down 1.1 %

NYSE:IP opened at $49.36 on Wednesday. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.49 and a quick ratio of 1.08. The firm has a 50-day moving average of $55.33 and a 200-day moving average of $53.32. The company has a market cap of $25.97 billion, a PE ratio of 31.44, a PEG ratio of 0.39 and a beta of 1.02. International Paper has a one year low of $33.16 and a one year high of $60.36.

International Paper (NYSE:IP) last issued its quarterly earnings data on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). International Paper had a return on equity of 4.75% and a net margin of 2.99%. As a group, equities research analysts expect that International Paper will post 2.77 EPS for the current fiscal year.

International Paper Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, February 24th will be given a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a yield of 3.75%. The ex-dividend date is Monday, February 24th. International Paper’s payout ratio is 117.83%.

Analyst Ratings Changes

IP has been the topic of several recent analyst reports. Bank of America initiated coverage on shares of International Paper in a report on Thursday, February 13th. They issued a “neutral” rating on the stock. BNP Paribas lowered 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. Royal Bank of Canada reiterated an “outperform” rating and set a $64.00 price objective on shares of International Paper in a report on Friday, January 31st. Truist Financial reiterated a “buy” rating and set a $64.00 price objective (down previously from $65.00) on shares of International Paper in a report on Friday, January 31st. Finally, Citigroup initiated coverage on shares of International Paper in a report on Wednesday, March 5th. They set a “buy” rating and a $60.00 price objective on the stock. One research analyst has rated the stock with a sell rating, three have assigned 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 stock has an average rating of “Moderate Buy” and an average price target of $54.86.

International Paper Company 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.