International Paper (NYSE:IP) Shares Gap Down – Here’s What Happened

International Paper Company (NYSE:IP)’s share price gapped down prior to trading on Monday . The stock had previously closed at $46.87, but opened at $43.26. International Paper shares last traded at $43.44, with a volume of 869,386 shares changing hands.

Analyst Ratings Changes

IP has been the topic of several research reports. Wells Fargo & Company raised shares of International Paper from an “underweight” rating to an “equal weight” rating and boosted their price objective for the company from $36.00 to $40.00 in a research report on Friday, January 30th. Stifel Nicolaus decreased their price target on International Paper from $51.80 to $50.70 and set a “buy” rating on the stock in a research note on Monday, February 9th. Weiss Ratings reissued a “sell (d+)” rating on shares of International Paper in a research note on Monday, December 29th. JPMorgan Chase & Co. lifted their target price on shares of International Paper from $45.00 to $48.00 and gave the stock a “neutral” rating in a research note on Friday, January 30th. Finally, Truist Financial cut their price target on shares of International Paper from $50.00 to $48.00 and set a “buy” rating on the stock in a report on Friday, January 30th. Eight investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, International Paper has an average rating of “Hold” and a consensus price target of $48.25.

International Paper Price Performance

The firm has a market cap of $23.48 billion, a P/E ratio of -6.63 and a beta of 1.11. The firm has a 50-day simple moving average of $42.63 and a 200-day simple moving average of $43.54. The company has a current ratio of 1.28, a quick ratio of 1.02 and a debt-to-equity ratio of 0.60.

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

Insider Activity

In related news, CEO Andrew K. Silvernail acquired 50,000 shares of the firm’s stock in a transaction dated Friday, January 30th. The shares were purchased at an average cost of $39.98 per share, for a total transaction of $1,999,000.00. Following the acquisition, the chief executive officer owned 50,000 shares in the company, valued at $1,999,000. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.55% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. AlphaQuest LLC raised its position in International Paper by 63,400.0% in the 2nd quarter. AlphaQuest LLC now owns 635 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 634 shares in the last quarter. McIlrath & Eck LLC lifted its position in shares of International Paper by 452.6% during the 4th quarter. McIlrath & Eck LLC now owns 641 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 525 shares during the last quarter. MV Capital Management Inc. purchased a new position in International Paper in the fourth quarter valued at $25,000. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in International Paper in the second quarter valued at $33,000. Finally, Sound Income Strategies LLC increased its holdings in shares of International Paper by 94.0% in the 4th quarter. Sound Income Strategies LLC now owns 710 shares of the basic materials company’s stock valued at $31,000 after acquiring an additional 344 shares during the last quarter. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

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.