ProShare Advisors LLC Cuts Stake in International Paper Company $IP

ProShare Advisors LLC lessened its stake in shares of International Paper Company (NYSE:IP) by 9.5% in the 3rd quarter, Holdings Channel reports. The firm owned 105,607 shares of the basic materials company’s stock after selling 11,023 shares during the period. ProShare Advisors LLC’s holdings in International Paper were worth $4,900,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. AlphaQuest LLC raised its holdings in shares of International Paper by 63,400.0% during the second quarter. AlphaQuest LLC now owns 635 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 634 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of International Paper during the second quarter worth approximately $33,000. Elevation Point Wealth Partners LLC purchased a new stake in shares of International Paper during the second quarter worth approximately $35,000. CYBER HORNET ETFs LLC acquired a new position in International Paper in the 2nd quarter valued at $43,000. Finally, City Holding Co. acquired a new position in International Paper in the 3rd quarter valued at $46,000. 81.95% of the stock is owned by hedge funds and other institutional investors.

International Paper Price Performance

International Paper stock opened at $49.17 on Friday. The company has a current ratio of 1.28, a quick ratio of 1.02 and a debt-to-equity ratio of 0.60. The company has a 50-day moving average price of $41.67 and a 200 day moving average price of $43.62. International Paper Company has a 12-month low of $35.56 and a 12-month high of $57.55. The stock has a market cap of $25.96 billion, a P/E ratio of -7.33 and a beta of 1.11.

International Paper (NYSE:IP) last posted its earnings results on Thursday, January 29th. The basic materials company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.36). The firm had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.90 billion. International Paper had a negative net margin of 14.12% and a negative return on equity of 0.35%. The business’s revenue for the quarter was up 53.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.02) earnings per share. Sell-side analysts anticipate that International Paper Company will post 2.77 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have issued reports on IP shares. Truist Financial lowered their target price on shares of International Paper from $50.00 to $48.00 and set a “buy” rating on the stock in a research note on Friday, January 30th. Wells Fargo & Company raised shares of International Paper from an “underweight” rating to an “equal weight” rating and raised their price target for the stock from $36.00 to $40.00 in a research note on Friday, January 30th. Zacks Research cut shares of International Paper from a “hold” rating to a “strong sell” rating in a research note on Monday, January 12th. Royal Bank Of Canada cut their price objective on shares of International Paper from $55.00 to $54.00 and set an “outperform” rating for the company in a report on Friday, January 30th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of International Paper in a research note on Monday, December 29th. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, International Paper presently has an average rating of “Hold” and an average target price of $48.25.

Insider Buying and Selling

In other International Paper news, CEO Andrew K. Silvernail acquired 50,000 shares of the stock in a transaction that occurred on Friday, January 30th. The stock was bought at an average cost of $39.98 per share, for a total transaction of $1,999,000.00. Following the completion of the transaction, the chief executive officer owned 50,000 shares of the company’s stock, valued at approximately $1,999,000. The trade was a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Clay R. Ellis sold 18,819 shares of the firm’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $36.85, for a total value of $693,480.15. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.35% of the company’s stock.

About International Paper

International Paper is a global producer of renewable fiber-based products, focused primarily on pulp, paper, and packaging. The company manufactures containerboard and corrugated packaging used for shipping and retail display, as well as a range of specialty papers and pulp products that serve industrial, consumer goods, and e-commerce customers. Its product portfolio is oriented toward large-scale packaging solutions, tissue and paper grades, and raw pulp for a variety of manufacturing uses.

Founded in 1898, International Paper is headquartered in Memphis, Tennessee, and is one of the largest and longest-established companies in the forest products sector.