Argus Investors Counsel Inc. Sells 4,800 Shares of International Paper (NYSE:IP)

Argus Investors Counsel Inc. lowered its holdings in International Paper (NYSE:IP) by 28.9% in the 1st quarter, HoldingsChannel.com reports. The firm owned 11,790 shares of the basic materials company’s stock after selling 4,800 shares during the quarter. Argus Investors Counsel Inc.’s holdings in International Paper were worth $629,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC lifted its position in shares of International Paper by 1.8% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 878,221 shares of the basic materials company’s stock worth $46,686,000 after acquiring an additional 15,904 shares in the last quarter. Jones Financial Companies Lllp boosted its stake in International Paper by 18.0% in the fourth quarter. Jones Financial Companies Lllp now owns 17,586 shares of the basic materials company’s stock worth $946,000 after buying an additional 2,685 shares in the last quarter. Wakefield Asset Management LLLP bought a new position in shares of International Paper during the 4th quarter valued at $502,000. Strategic Financial Concepts LLC bought a new stake in shares of International Paper in the 4th quarter valued at about $788,000. Finally, Korea Investment CORP boosted its stake in shares of International Paper by 220.6% during the fourth quarter. Korea Investment CORP now owns 310,674 shares of the basic materials company’s stock valued at $16,720,000 after purchasing an additional 213,783 shares during the period. Institutional investors and hedge funds own 81.95% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on IP shares. Citigroup began coverage on shares of International Paper in a report on Wednesday, March 5th. They issued a “buy” rating and a $60.00 price target on the stock. Truist Financial set a $59.00 target price on shares of International Paper in a report on Wednesday, May 28th. Wall Street Zen cut shares of International Paper from a “hold” rating to a “sell” rating in a report on Monday, May 5th. Wells Fargo & Company reaffirmed an “underweight” rating and set a $40.00 target price (down from $45.00) on shares of International Paper in a report on Friday, May 9th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $64.00 target price on shares of International Paper in a research report on Wednesday, March 26th. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $54.54.

Insider Buying and Selling at International Paper

In other news, CAO Holly G. Goughnour sold 7,500 shares of the firm’s stock in a transaction on Monday, May 5th. The stock was sold at an average price of $44.85, for a total transaction of $336,375.00. Following the transaction, the chief accounting officer now directly owns 31,525 shares of the company’s stock, valued at approximately $1,413,896.25. This trade represents a 19.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.35% of the stock is currently owned by insiders.

International Paper Stock Up 0.1%

IP opened at $47.14 on Friday. The business has a 50 day simple moving average of $47.14 and a 200-day simple moving average of $52.19. International Paper has a 12 month low of $41.50 and a 12 month high of $60.36. 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 stock has a market capitalization of $24.89 billion, a P/E ratio of 30.03, a P/E/G ratio of 0.39 and a beta of 1.04.

International Paper (NYSE:IP) last announced its earnings results on Wednesday, April 30th. The basic materials company reported $0.23 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.12). International Paper had a return on equity of 4.75% and a net margin of 2.99%. The firm had revenue of $5.90 billion for the quarter, compared to analyst estimates of $6.38 billion. During the same quarter last year, the business posted $0.17 EPS. The firm’s revenue was up 27.8% compared to the same quarter last year. On average, equities analysts anticipate that International Paper will post 2.77 earnings per share for the current fiscal year.

International Paper Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 13th. Shareholders of record on Friday, May 23rd will be issued a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 3.92%. The ex-dividend date of this dividend is Friday, May 23rd. International Paper’s dividend payout ratio is currently 158.12%.

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.