Handelsbanken Fonder AB Boosts Stake in International Paper (NYSE:IP)

Handelsbanken Fonder AB raised its position in International Paper (NYSE:IP) by 190.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 44,208 shares of the basic materials company’s stock after buying an additional 28,970 shares during the period. Handelsbanken Fonder AB’s holdings in International Paper were worth $2,358,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Capital Research Global Investors raised its stake in shares of International Paper by 68.8% in the 4th quarter. Capital Research Global Investors now owns 29,904,546 shares of the basic materials company’s stock valued at $1,609,462,000 after purchasing an additional 12,191,361 shares in the last quarter. FMR LLC raised its stake in shares of International Paper by 48.9% in the 4th quarter. FMR LLC now owns 26,559,812 shares of the basic materials company’s stock valued at $1,429,449,000 after purchasing an additional 8,720,575 shares in the last quarter. Alyeska Investment Group L.P. raised its stake in shares of International Paper by 134.8% in the 4th quarter. Alyeska Investment Group L.P. now owns 3,948,752 shares of the basic materials company’s stock valued at $212,522,000 after purchasing an additional 2,266,762 shares in the last quarter. Norges Bank acquired a new stake in shares of International Paper in the 4th quarter valued at about $109,201,000. Finally, Slate Path Capital LP acquired a new stake in shares of International Paper in the 4th quarter valued at about $102,796,000. 81.95% of the stock is owned by hedge funds and other institutional investors.

International Paper Price Performance

IP opened at $45.83 on Friday. The company’s 50-day moving average price is $47.17 and its 200 day moving average price is $52.10. International Paper has a fifty-two week low of $41.50 and a fifty-two week high of $60.36. The firm has a market cap of $24.19 billion, a price-to-earnings ratio of 29.19, a price-to-earnings-growth ratio of 0.39 and a beta of 1.04. The company has a quick ratio of 1.08, a current ratio of 1.49 and a debt-to-equity ratio of 0.66.

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

International Paper Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 23rd were paid a $0.4625 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $1.85 annualized dividend and a dividend yield of 4.04%. International Paper’s payout ratio is currently 158.12%.

Analyst Ratings Changes

IP has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. initiated coverage on shares of International Paper in a research note on Thursday, March 20th. They issued an “overweight” rating and a $59.00 target price on the stock. Wall Street Zen lowered shares of International Paper from a “hold” rating to a “sell” rating in a research note on Monday, May 5th. Citigroup began coverage on shares of International Paper in a research note on Wednesday, March 5th. They issued a “buy” rating and a $60.00 target price on the stock. UBS Group began coverage on shares of International Paper in a research note on Wednesday, June 4th. They set a “buy” rating and a $60.00 price objective on the stock. Finally, Truist Financial set a $59.00 price objective on shares of International Paper in a research note on Wednesday, May 28th. Three analysts have rated the stock with a sell rating, two have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average 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 stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $44.85, for a total value of $336,375.00. Following the completion of the transaction, the chief accounting officer now directly owns 31,525 shares in the company, valued at $1,413,896.25. This trade represents a 19.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.35% of the stock is owned by company insiders.

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.