Argus Reiterates “Buy” Rating for International Paper (NYSE:IP)

International Paper (NYSE:IP)‘s stock had its “buy” rating reaffirmed by equities research analysts at Argus in a research report issued on Thursday, Benzinga reports. They currently have a $45.00 price objective on the basic materials company’s stock. Argus’ target price would suggest a potential upside of 29.94% from the stock’s current price.

Several other equities analysts have also recently issued reports on IP. Seaport Research Partners reiterated a “buy” rating and issued a $46.00 price objective on shares of International Paper in a research note on Wednesday, August 12th. Truist Financial reiterated a “buy” rating and issued a $49.00 price objective (up from $46.00) on shares of International Paper in a research note on Friday, July 31st. Wells Fargo & Company boosted their target price on International Paper from $42.00 to $46.00 and gave the stock an “overweight” rating in a research note on Friday, July 31st. Wall Street Zen upgraded International Paper from a “sell” rating to a “hold” rating in a research note on Saturday, September 19th. Finally, Loop Capital set a $61.00 target price on International Paper in a research note on Tuesday, July 28th. Ten equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $48.82.

International Paper Stock Down 3.0%

Shares of IP traded down $1.07 during midday trading on Thursday, hitting $34.63. The company had a trading volume of 1,924,215 shares, compared to its average volume of 6,303,479. The company’s 50-day simple moving average is $38.82 and its 200-day simple moving average is $36.46. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.10. The firm has a market capitalization of $18.34 billion, a P/E ratio of -5.31, a P/E/G ratio of 4.49 and a beta of 0.93. International Paper has a 1 year low of $29.26 and a 1 year high of $50.25.

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 business had revenue of $6 billion during the quarter, compared to analysts’ expectations of $6.19 billion. International Paper had a negative return on equity of 1.09% and a negative net margin of 14.20%.The business’s quarterly revenue was down 11.3% compared to the same quarter last year. During the same quarter last year, the business posted $0.20 EPS. As a group, sell-side analysts expect that International Paper will post 1.33 EPS for the current year.

Insider Buying and Selling

In other International Paper news, VP William Hamic sold 24,500 shares of the business’s stock in a transaction that occurred on Friday, August 7th. The stock was 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 owned 106,952 shares in the company, valued at approximately $4,406,422.40. The trade was a 18.64% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Holly G. Goughnour sold 3,500 shares of the business’s stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $41.96, for a total value 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. This represents a 9.27% decrease in their position. The SEC filing for this sale provides additional information. 0.21% of the stock is currently owned by insiders.

Institutional Investors Weigh In On International Paper

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IP. Man Group plc acquired a new position in International Paper during the second quarter worth $24,640,000. HighTower Advisors LLC acquired a new position in International Paper during the second quarter worth $1,603,000. D.A. Davidson & CO. grew its holdings in International Paper by 29.6% during the first quarter. D.A. Davidson & CO. now owns 137,856 shares of the basic materials company’s stock worth $4,921,000 after acquiring an additional 31,518 shares during the period. Amundi acquired a new position in International Paper during the second quarter worth $82,666,000. Finally, Bellwether Advisors LLC acquired a new position in International Paper during the first quarter worth $2,615,000. Hedge funds and other institutional investors own 81.95% of the company’s stock.

International Paper Company Profile

International Paper Company (NYSE: IP) is a global producer of sustainable packaging and paper-based products. The company manufactures containerboard, corrugated packaging, and other fiber-based packaging solutions used to transport and protect goods across a range of industries. Its offerings also include absorbent pulp and cellulose fibers used in products such as diapers, hygiene items, and other consumer and industrial applications.

Founded in 1898, International Paper has grown through the development and operation of paper mills, packaging facilities, and related manufacturing assets.