55,090 Shares in International Paper Company $IP Bought by Bank of Nova Scotia

Bank of Nova Scotia acquired a new stake in International Paper Company (NYSE:IP) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 55,090 shares of the basic materials company’s stock, valued at approximately $2,100,000.

Several other hedge funds also recently made changes to their positions in the company. McIlrath & Eck LLC boosted its position in shares of International Paper by 452.6% in the 4th quarter. McIlrath & Eck LLC now owns 641 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 525 shares during the period. MV Capital Management Inc. acquired a new position in International Paper during the fourth quarter worth approximately $25,000. DV Equities LLC purchased a new stake in International Paper in the fourth quarter valued at approximately $29,000. Ascentis Independent Advisors purchased a new stake in International Paper in the first quarter valued at approximately $28,000. Finally, Kelleher Financial Advisors acquired a new stake in shares of International Paper in the third quarter valued at approximately $36,000. Hedge funds and other institutional investors own 81.95% of the company’s stock.

Insider Activity

In related news, VP William Thomas Hamic sold 24,500 shares of the stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $41.20, for a total transaction of $1,009,400.00. Following the completion of the transaction, the vice president directly owned 106,952 shares of the company’s stock, valued at $4,406,422.40. This represents a 18.64% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CAO Holly G. Goughnour sold 3,500 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $41.96, for a total transaction of $146,860.00. Following the completion of the sale, the chief accounting officer owned 34,248 shares of the company’s stock, valued at approximately $1,437,046.08. The trade was a 9.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.21% of the company’s stock.

Wall Street Analyst Weigh In

IP has been the topic of a number of recent research reports. Seaport Research Partners reaffirmed a “buy” rating and issued a $46.00 target price on shares of International Paper in a report on Wednesday, August 12th. Truist Financial reissued a “buy” rating and set a $49.00 price objective (up from $46.00) on shares of International Paper in a research report on Friday, July 31st. Wall Street Zen lowered shares of International Paper from a “hold” rating to a “sell” rating in a research note on Tuesday. Zacks Research upgraded shares of International Paper from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. Finally, UBS Group raised their price target on International Paper from $40.00 to $47.00 and gave the stock a “neutral” rating in a report on Friday, July 31st. Nine research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, International Paper has a consensus rating of “Moderate Buy” and an average price target of $48.75.

International Paper Price Performance

Shares of NYSE IP opened at $41.31 on Thursday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.10 and a quick ratio of 0.84. The stock has a fifty day moving average price of $39.51 and a 200 day moving average price of $37.85. International Paper Company has a 1-year low of $29.26 and a 1-year high of $50.25. The company has a market cap of $21.88 billion, a PE ratio of -6.34 and a beta of 0.94.

International Paper (NYSE:IP) last announced its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.08. The company had revenue of $6 billion for the quarter, compared to analysts’ expectations of $6.19 billion. International Paper had a negative net margin of 14.20% and a negative return on equity of 1.09%. International Paper’s revenue was down 11.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.20 EPS. Sell-side analysts forecast that International Paper Company will post 1.34 EPS for the current year.

International Paper Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, August 14th will be paid a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date is Friday, August 14th. International Paper’s payout ratio is -28.37%.

International Paper 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.