Eventide Asset Management LLC Buys 117,838 Shares of International Paper (NYSE:IP)

Eventide Asset Management LLC increased its position in shares of International Paper (NYSE:IP - Free Report) by 34.7% in the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 457,235 shares of the basic materials company's stock after buying an additional 117,838 shares during the quarter. Eventide Asset Management LLC owned 0.13% of International Paper worth $22,336,000 as of its most recent SEC filing.

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

Insider Activity

In related news, VP Holly G. Goughnour sold 5,000 shares of the company's stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $47.22, for a total transaction of $236,100.00. Following the completion of the sale, the vice president now owns 16,788 shares of the company's stock, valued at $792,729.36. This represents a 22.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Kathryn D. Sullivan sold 600 shares of the business's stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $49.48, for a total transaction of $29,688.00. Following the completion of the transaction, the director now owns 39,802 shares of the company's stock, valued at $1,969,402.96. The trade was a 1.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,440 shares of company stock valued at $505,070. 0.55% of the stock is owned by company insiders.

International Paper Stock Performance

International Paper stock traded up $0.45 during trading hours on Friday, hitting $58.83. The company had a trading volume of 1,819,835 shares, compared to its average volume of 5,295,982. The firm has a 50-day moving average of $52.39 and a 200 day moving average of $48.03. 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 firm has a market cap of $20.44 billion, a PE ratio of 50.28 and a beta of 1.02. International Paper has a one year low of $32.70 and a one year high of $60.36.

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, topping analysts' consensus estimates of $0.24 by $0.20. The company had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.70 billion. International Paper had a return on equity of 6.49% and a net margin of 2.25%. The firm's quarterly revenue was up 1.6% compared to the same quarter last year. During the same quarter last year, the company earned $0.64 earnings per share. On average, sell-side analysts expect that International Paper will post 1.22 earnings per share for the current year.

International Paper Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date is Friday, November 15th. International Paper's dividend payout ratio is currently 158.12%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. BNP Paribas downgraded shares of International Paper from a "neutral" rating to an "underperform" rating and set a $48.20 target price on the stock. in a report on Wednesday, November 13th. Truist Financial restated a "buy" rating and set a $61.00 price objective (up from $57.00) on shares of International Paper in a research note on Friday, November 1st. Argus upgraded shares of International Paper from a "hold" rating to a "buy" rating and set a $52.00 target price for the company in a research note on Wednesday, August 14th. Finally, Royal Bank of Canada boosted their price target on International Paper from $56.00 to $64.00 and gave the stock an "outperform" rating in a research report on Friday, November 1st. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus 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.