Clearline Capital LP Decreases Holdings in International Paper Company $IP

Clearline Capital LP trimmed its holdings in International Paper Company (NYSE:IP) by 47.1% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 150,411 shares of the basic materials company’s stock after selling 134,183 shares during the quarter. Clearline Capital LP’s holdings in International Paper were worth $6,979,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Banco Bilbao Vizcaya Argentaria S.A. grew its holdings in shares of International Paper by 16.6% during the 3rd quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 30,656 shares of the basic materials company’s stock valued at $1,410,000 after purchasing an additional 4,365 shares during the last quarter. California Public Employees Retirement System lifted its stake in International Paper by 2.4% in the third quarter. California Public Employees Retirement System now owns 727,223 shares of the basic materials company’s stock worth $33,743,000 after purchasing an additional 17,054 shares during the last quarter. Bank of Nova Scotia boosted its position in International Paper by 38.5% during the third quarter. Bank of Nova Scotia now owns 44,714 shares of the basic materials company’s stock valued at $2,075,000 after buying an additional 12,423 shares during the period. Boothbay Fund Management LLC purchased a new stake in International Paper during the third quarter valued at about $226,000. Finally, Alliancebernstein L.P. grew its stake in shares of International Paper by 24.5% during the third quarter. Alliancebernstein L.P. now owns 836,399 shares of the basic materials company’s stock valued at $38,809,000 after buying an additional 164,724 shares during the last quarter. Hedge funds and other institutional investors own 81.95% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently commented on IP shares. Jefferies Financial Group lifted their price objective on International Paper from $47.00 to $48.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Royal Bank Of Canada reduced their price target on International Paper from $55.00 to $54.00 and set an “outperform” rating on the stock in a research report on Friday, January 30th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of International Paper in a research note on Monday, December 29th. JPMorgan Chase & Co. boosted their price objective on International Paper from $45.00 to $48.00 and gave the company a “neutral” rating in a research report on Friday, January 30th. Finally, Stifel Nicolaus dropped their price objective on International Paper from $51.80 to $50.70 and set a “buy” rating for the company in a research note on Monday, February 9th. Eight analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $48.25.

International Paper Price Performance

Shares of NYSE IP opened at $37.30 on Friday. International Paper Company has a 1 year low of $35.45 and a 1 year high of $56.64. The stock has a market capitalization of $19.75 billion, a P/E ratio of -5.56 and a beta of 1.09. The company’s 50-day moving average is $43.17 and its 200 day moving average is $42.85. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.28 and a quick ratio of 1.02.

International Paper (NYSE:IP) last issued its quarterly earnings data 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). The company had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.90 billion. International Paper had a negative return on equity of 0.35% and a negative net margin of 14.12%.The business’s quarterly revenue was up 53.1% on a year-over-year basis. During the same quarter last year, the business earned ($0.02) earnings per share. On average, sell-side analysts expect that International Paper Company will post 2.77 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Anders Gustafsson bought 13,217 shares of the stock in a transaction dated Thursday, March 12th. The stock was bought at an average price of $37.83 per share, for a total transaction of $499,999.11. Following the purchase, the director directly owned 26,092 shares in the company, valued at $987,060.36. This trade represents a 102.66% increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Andrew K. Silvernail purchased 50,000 shares of the company’s stock in a transaction that occurred on Friday, January 30th. The shares were purchased at an average price of $39.98 per share, for a total transaction of $1,999,000.00. Following the completion of the transaction, the chief executive officer directly owned 50,000 shares of the company’s stock, valued at $1,999,000. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last 90 days, insiders bought 76,092 shares of company stock valued at $2,999,064. 0.35% of the stock is currently owned by company insiders.

International Paper Company Profile

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.