Erste Asset Management GmbH Invests $6.70 Million in International Paper (NYSE:IP)

Erste Asset Management GmbH purchased a new position in shares of International Paper (NYSE:IP - Free Report) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 136,600 shares of the basic materials company's stock, valued at approximately $6,699,000.

A number of other large investors also recently modified their holdings of IP. Aptus Capital Advisors LLC raised its stake in shares of International Paper by 15.1% in the third quarter. Aptus Capital Advisors LLC now owns 5,972 shares of the basic materials company's stock valued at $292,000 after purchasing an additional 785 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of International Paper by 5.5% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 937,324 shares of the basic materials company's stock worth $45,788,000 after acquiring an additional 49,125 shares during the period. Curi RMB Capital LLC acquired a new stake in shares of International Paper during the 3rd quarter valued at about $4,870,000. Diamond Hill Capital Management Inc. increased its stake in International Paper by 125.1% in the third quarter. Diamond Hill Capital Management Inc. now owns 4,235,846 shares of the basic materials company's stock valued at $206,921,000 after acquiring an additional 2,354,341 shares during the period. Finally, Raymond James & Associates raised its position in International Paper by 29.6% in the third quarter. Raymond James & Associates now owns 321,468 shares of the basic materials company's stock worth $15,704,000 after purchasing an additional 73,367 shares in the last quarter. 81.95% of the stock is currently owned by institutional investors and hedge funds.

International Paper Price Performance

Shares of NYSE:IP traded up $0.29 during midday trading on Tuesday, reaching $58.75. The company's stock had a trading volume of 2,803,556 shares, compared to its average volume of 5,275,297. International Paper has a fifty-two week low of $32.70 and a fifty-two week high of $60.36. The company has a market capitalization of $20.41 billion, a P/E ratio of 50.21 and a beta of 1.02. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.53 and a quick ratio of 1.11. The business's fifty day simple moving average is $52.79 and its 200-day simple moving average is $48.34.

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. International Paper had a return on equity of 6.49% and a net margin of 2.25%. The company had revenue of $4.69 billion during the quarter, compared to analyst estimates of $4.70 billion. During the same period last year, the company posted $0.64 earnings per share. The firm's quarterly revenue was up 1.6% compared to the same quarter last year. As a group, equities research analysts expect that International Paper will post 1.22 EPS for the current fiscal year.

International Paper Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 15th will be paid a $0.4625 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.15%. International Paper's dividend payout ratio (DPR) is presently 158.12%.

Insider Activity

In other International Paper news, SVP Joseph R. Saab sold 2,440 shares of International Paper stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $47.30, for a total transaction of $115,412.00. Following the completion of the sale, the senior vice president now owns 18,668 shares of the company's stock, valued at approximately $882,996.40. The trade was a 11.56 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Holly G. Goughnour sold 5,000 shares of International Paper stock in a transaction on Friday, September 6th. The stock was sold at an average price of $47.22, for a total transaction of $236,100.00. Following the sale, the vice president now directly owns 16,788 shares of the company's stock, valued at $792,729.36. This represents a 22.95 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 11,040 shares of company stock worth $540,104. 0.55% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

IP has been the topic of a number of recent research reports. Truist Financial reaffirmed a "buy" rating and set a $61.00 price objective (up from $57.00) on shares of International Paper in a report on Friday, November 1st. Royal Bank of Canada lifted their price objective on International Paper from $56.00 to $64.00 and gave the company an "outperform" rating in a report on Friday, November 1st. Argus raised International Paper from a "hold" rating to a "buy" rating and set a $52.00 price objective on the stock in a report on Wednesday, August 14th. Finally, BNP Paribas downgraded International Paper from a "neutral" rating to an "underperform" rating and set a $48.20 price objective on the stock. in a report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $51.54.

About International Paper

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.