Redwood Investment Management LLC Makes New Investment in International Paper Company $IP

Redwood Investment Management LLC bought a new stake in shares of 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 fund bought 24,658 shares of the basic materials company’s stock, valued at approximately $939,000.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. McIlrath & Eck LLC increased its stake in International Paper by 452.6% in the fourth 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 period. MV Capital Management Inc. bought a new stake in shares of International Paper during the fourth quarter worth $25,000. Aberdeen Wealth Management LLC purchased a new stake in shares of International Paper during the second quarter valued at $27,000. DV Equities LLC bought a new position in shares of International Paper in the fourth quarter worth about $29,000. Finally, Ascentis Independent Advisors bought a new position in shares of International Paper in the first quarter worth about $28,000. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

International Paper Price Performance

IP opened at $39.86 on Friday. The firm has a market capitalization of $21.11 billion, a PE ratio of -6.11 and a beta of 0.94. 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 business’s 50-day moving average is $39.57 and its two-hundred day moving average is $37.80. International Paper Company has a 1 year low of $29.26 and a 1 year high of $50.25.

International Paper (NYSE:IP) last released its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.08. International Paper had a negative net margin of 14.20% and a negative return on equity of 1.09%. The business had revenue of $6 billion during the quarter, compared to analyst estimates of $6.19 billion. During the same period in the prior year, the firm posted $0.20 earnings per share. The company’s quarterly revenue was down 11.3% on a year-over-year basis. Research analysts anticipate that International Paper Company will post 1.34 earnings per share for the current fiscal year.

International Paper Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Friday, August 14th will be given a dividend of $0.4625 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.85 dividend on an annualized basis and a yield of 4.6%. International Paper’s dividend payout ratio is presently -28.37%.

Insider Buying and Selling

In other International Paper news, VP William Thomas Hamic sold 24,500 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $41.20, for a total value of $1,009,400.00. Following the completion of the sale, the vice president directly owned 106,952 shares in the company, valued at $4,406,422.40. This trade represents a 18.64% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Holly G. Goughnour sold 3,500 shares of International Paper stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $41.96, for a total transaction of $146,860.00. Following the completion of the transaction, the chief accounting officer directly owned 34,248 shares in the company, valued at $1,437,046.08. This represents a 9.27% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.21% of the company’s stock.

Analyst Ratings Changes

IP has been the subject of a number of research analyst reports. Seaport Research Partners reiterated a “buy” rating and set a $46.00 price objective on shares of International Paper in a report on Wednesday, August 12th. Truist Financial reaffirmed a “buy” rating and set a $49.00 target price (up from $46.00) on shares of International Paper in a research report on Friday, July 31st. Citigroup lifted their price target on shares of International Paper from $43.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Bank of America lowered International Paper from a “buy” rating to a “neutral” rating and set a $41.00 price target for the company. in a report on Tuesday, July 14th. Finally, Wall Street Zen downgraded International Paper from a “hold” rating to a “sell” rating in a report on Tuesday. Nine investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $48.75.

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.