Diamond Hill Capital Management Inc. Acquires 2,354,341 Shares of International Paper (NYSE:IP)

Diamond Hill Capital Management Inc. grew its stake in shares of International Paper (NYSE:IP - Free Report) by 125.1% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,235,846 shares of the basic materials company's stock after buying an additional 2,354,341 shares during the quarter. Diamond Hill Capital Management Inc. owned 1.22% of International Paper worth $206,921,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in IP. Innealta Capital LLC bought a new position in shares of International Paper during the 2nd quarter valued at $26,000. Ashton Thomas Securities LLC bought a new position in shares of International Paper during the 3rd quarter valued at $28,000. Crewe Advisors LLC bought a new position in shares of International Paper during the 1st quarter valued at $29,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of International Paper during the 2nd quarter valued at $37,000. Finally, Eastern Bank bought a new position in shares of International Paper during the 3rd quarter valued at $40,000. Hedge funds and other institutional investors own 81.95% of the company's stock.

International Paper Trading Up 0.3 %

Shares of IP traded up $0.17 during trading hours on Monday, reaching $57.55. 830,497 shares of the company traded hands, compared to its average volume of 5,339,965. The company's fifty day moving average price is $49.41 and its two-hundred day moving average price is $45.86. The company has a market capitalization of $19.99 billion, a price-to-earnings ratio of 49.04 and a beta of 1.02. The company has a quick ratio of 1.11, a current ratio of 1.53 and a debt-to-equity ratio of 0.62. International Paper has a 12 month low of $31.76 and a 12 month high of $59.52.

International Paper (NYSE:IP - Get Free Report) last announced its earnings results on Thursday, October 31st. The basic materials company reported $0.44 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.20. The firm had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.70 billion. International Paper had a net margin of 2.25% and a return on equity of 6.49%. The company's revenue for the quarter was up 1.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.64 EPS. Equities research analysts predict that International Paper will post 1.24 earnings per share for the current fiscal year.

International Paper Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 15th will be given a dividend of $0.4625 per share. The ex-dividend date is Friday, November 15th. This represents a $1.85 dividend on an annualized basis and a yield of 3.21%. International Paper's dividend payout ratio (DPR) is currently 158.12%.

Insider Activity at International Paper

In related news, Director Kathryn D. Sullivan sold 600 shares of International Paper stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $46.10, for a total transaction of $27,660.00. Following the completion of the transaction, the director now directly owns 41,002 shares of the company's stock, valued at $1,890,192.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other International Paper news, Director Kathryn D. Sullivan sold 600 shares of International Paper stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $46.10, for a total value of $27,660.00. Following the completion of the transaction, the director now directly owns 41,002 shares of the company's stock, valued at approximately $1,890,192.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Joseph R. Saab sold 2,440 shares of International Paper stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $47.30, for a total transaction of $115,412.00. Following the completion of the transaction, the senior vice president now directly owns 18,668 shares of the company's stock, valued at $882,996.40. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 19,440 shares of company stock valued at $938,486 in the last three months. Company insiders own 0.55% of the company's stock.

Analysts Set New Price Targets

Several equities analysts recently commented on IP shares. Royal Bank of Canada increased their target price on shares of International Paper from $56.00 to $64.00 and gave the company an "outperform" rating in a report on Friday, November 1st. Argus raised shares of International Paper from a "hold" rating to a "buy" rating and set a $52.00 price target on the stock in a report on Wednesday, August 14th. Truist Financial reissued a "buy" rating and issued a $61.00 price target (up previously from $57.00) on shares of International Paper in a report on Friday, November 1st. Finally, Wells Fargo & Company raised their price target on shares of International Paper from $43.00 to $45.00 and gave the stock an "equal weight" rating in a report on Thursday, July 25th. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, International Paper has an average rating of "Moderate Buy" and a consensus target price of $51.96.

International Paper Company Profile

International Paper Company produces and sells renewable fiber-based packaging and pulp products in North America, Latin America, Europe, and North Africa. It operates through two segments, Industrial Packaging and Global Cellulose Fibers. The company offers linerboard, medium, whitetop, recycled linerboard, recycled medium and saturating kraft; and pulp for a range of applications, such as diapers, towel and tissue products, feminine care, incontinence, and other personal care products, as well as specialty pulps for use in textiles, construction materials, paints, coatings, and others.