Cherokee Insurance Co Purchases New Holdings in International Paper Company $IP

Cherokee Insurance Co purchased a new position in shares of International Paper Company (NYSE:IP) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 228,400 shares of the basic materials company’s stock, valued at approximately $7,576,000. International Paper comprises approximately 2.7% of Cherokee Insurance Co’s holdings, making the stock its 9th biggest holding.

A number of other large investors also recently modified their holdings of the business. BlackRock Inc. bought a new stake in shares of International Paper in the second quarter valued at approximately $1,940,896,000. State Street Corp increased its position in International Paper by 7.1% during the second quarter. State Street Corp now owns 32,999,909 shares of the basic materials company’s stock worth $1,257,297,000 after acquiring an additional 2,189,597 shares during the period. Bank of New York Mellon Corp bought a new position in International Paper during the second quarter worth $689,498,000. Atlas FRM LLC acquired a new position in International Paper during the 2nd quarter valued at $374,904,000. Finally, Hill City Capital LP acquired a new position in International Paper during the 2nd quarter valued at $194,310,000. 81.95% of the stock is currently owned by institutional investors and hedge funds.

International Paper Stock Performance

Shares of NYSE IP opened at $34.67 on Thursday. The firm has a market capitalization of $18.36 billion, a price-to-earnings ratio of -5.28, a PEG ratio of 5.15 and a beta of 0.97. International Paper Company has a one year low of $29.26 and a one year high of $50.25. The business has a fifty day simple moving average of $34.22 and a 200 day simple moving average of $37.13. The company has a current ratio of 0.99, a quick ratio of 0.75 and a debt-to-equity ratio of 0.57.

International Paper (NYSE:IP) last posted its quarterly earnings results on Wednesday, October 28th. The basic materials company reported $0.37 earnings per share for the quarter, topping analysts’ consensus estimates of $0.29 by $0.08. International Paper had a negative net margin of 14.32% and a positive return on equity of 1.77%. The firm had revenue of $6.20 billion for the quarter, compared to the consensus estimate of $6.28 billion. During the same quarter in the previous year, the company earned ($0.43) earnings per share. The business’s revenue was down .4% compared to the same quarter last year. Sell-side analysts expect that International Paper Company will post 1.14 EPS for the current year.

International Paper Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Stockholders of record on Monday, November 16th will be paid a $0.4625 dividend. The ex-dividend date is Monday, November 16th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 5.3%. International Paper’s dividend payout ratio is currently -28.20%.

Analyst Ratings Changes

A number of brokerages have weighed in on IP. Citigroup reduced their price target on shares of International Paper from $47.00 to $41.00 and set a “buy” rating for the company in a report on Friday, October 30th. UBS Group cut their price objective on shares of International Paper from $47.00 to $35.00 and set a “neutral” rating for the company in a research report on Monday, October 5th. Truist Financial reaffirmed a “buy” rating and set a $39.00 price objective (down from $41.00) on shares of International Paper in a research report on Thursday, October 29th. Weiss Ratings cut shares of International Paper from a “sell (d)” rating to a “sell (d-)” rating in a research note on Monday. Finally, Wells Fargo & Company decreased their target price on International Paper from $46.00 to $42.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 7th. Ten equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, International Paper has an average rating of “Moderate Buy” and an average target price of $45.44.

International Paper Profile

International Paper is a global producer of fiber-based packaging and pulp products. Its packaging offerings include containerboard and corrugated packaging used to protect and transport goods, while its pulp products serve a range of consumer and industrial applications. The company traces its origins to 1898, when several U.S. paper manufacturers combined to form International Paper. Over time, it has evolved through acquisitions and changes to its business, with a focus on renewable, fiber-based materials and packaging solutions.