International Paper (NYSE:IP) Position Lessened by Verition Fund Management LLC

Verition Fund Management LLC lowered its position in International Paper (NYSE:IP) by 73.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 124,865 shares of the basic materials company’s stock after selling 338,932 shares during the quarter. Verition Fund Management LLC’s holdings in International Paper were worth $6,100,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of IP. HBK Investments L P bought a new stake in International Paper in the third quarter worth approximately $734,000. Rockefeller Capital Management L.P. boosted its holdings in International Paper by 584.7% in the third quarter. Rockefeller Capital Management L.P. now owns 130,314 shares of the basic materials company’s stock worth $6,366,000 after purchasing an additional 111,281 shares in the last quarter. Hantz Financial Services Inc. increased its position in International Paper by 2.9% during the third quarter. Hantz Financial Services Inc. now owns 67,687 shares of the basic materials company’s stock worth $3,307,000 after buying an additional 1,900 shares during the last quarter. Financial Counselors Inc. raised its holdings in International Paper by 0.6% during the third quarter. Financial Counselors Inc. now owns 100,949 shares of the basic materials company’s stock valued at $4,931,000 after buying an additional 616 shares in the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of International Paper by 2.2% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 1,999,719 shares of the basic materials company’s stock worth $97,686,000 after buying an additional 42,151 shares during the last quarter. 81.95% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other International Paper news, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $49.48, for a total transaction of $29,688.00. Following the completion of the transaction, the director now owns 39,802 shares in the company, valued at $1,969,402.96. This trade represents a 1.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Holly G. Goughnour sold 5,000 shares of the company’s stock in a transaction that occurred 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 sale, the vice president now owns 16,788 shares in the company, valued at approximately $792,729.36. This represents a 22.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 11,040 shares of company stock worth $540,104 over the last 90 days. Corporate insiders own 0.55% of the company’s stock.

International Paper Stock Performance

NYSE:IP opened at $58.46 on Tuesday. The firm’s 50-day moving average is $52.59 and its 200-day moving average is $48.21. The company has a market cap of $20.31 billion, a price-to-earnings ratio of 49.96 and a beta of 1.02. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.11 and a current ratio of 1.53. International Paper has a 52-week low of $32.70 and a 52-week high of $60.36.

International Paper (NYSE:IP) last issued its quarterly earnings results 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 return on equity of 6.49% and a net margin of 2.25%. The firm had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.70 billion. During the same period in the previous year, the company posted $0.64 earnings per share. The company’s quarterly revenue was up 1.6% compared to the same quarter last year. Equities research analysts anticipate that International Paper will post 1.22 earnings per share for the current year.

International Paper Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 15th will be given a $0.4625 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.85 annualized dividend and a yield of 3.16%. International Paper’s dividend payout ratio (DPR) is currently 158.12%.

Analysts Set New Price Targets

IP has been the topic of a number of analyst reports. BNP Paribas lowered 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. Argus raised shares of International Paper from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a research report on Wednesday, August 14th. Truist Financial restated a “buy” rating and issued a $61.00 price objective (up from $57.00) on shares of International Paper in a research note on Friday, November 1st. Finally, Royal Bank of Canada raised their target price on shares of International Paper from $56.00 to $64.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. One research analyst has rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $51.54.

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.