Franklin Resources Inc. Sells 1,476,558 Shares of International Paper (NYSE:IP)

Franklin Resources Inc. decreased its holdings in International Paper (NYSE:IP - Free Report) by 25.8% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 4,248,032 shares of the basic materials company's stock after selling 1,476,558 shares during the quarter. Franklin Resources Inc. owned 1.22% of International Paper worth $228,629,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in IP. Sierra Ocean LLC bought a new position in International Paper during the fourth quarter valued at approximately $26,000. Centricity Wealth Management LLC purchased a new stake in International Paper during the 4th quarter valued at $26,000. Picton Mahoney Asset Management lifted its holdings in shares of International Paper by 67.0% during the 4th quarter. Picton Mahoney Asset Management now owns 536 shares of the basic materials company's stock valued at $29,000 after buying an additional 215 shares during the period. Legacy Investment Solutions LLC purchased a new position in shares of International Paper in the 3rd quarter worth $28,000. Finally, Versant Capital Management Inc grew its holdings in shares of International Paper by 313.3% in the fourth quarter. Versant Capital Management Inc now owns 591 shares of the basic materials company's stock worth $32,000 after acquiring an additional 448 shares during the period. Hedge funds and other institutional investors own 81.95% of the company's stock.

Analysts Set New Price Targets

A number of research analysts have weighed in on the company. StockNews.com downgraded International Paper from a "buy" rating to a "hold" rating in a report on Friday, March 28th. Bank of America began coverage on shares of International Paper in a report on Thursday, February 13th. They issued a "neutral" rating on the stock. Royal Bank of Canada reaffirmed an "outperform" rating and set a $64.00 target price on shares of International Paper in a report on Wednesday, March 26th. Truist Financial reiterated a "buy" rating and set a $64.00 price target (down previously from $65.00) on shares of International Paper in a research note on Friday, January 31st. Finally, Citigroup began coverage on International Paper in a research note on Wednesday, March 5th. They issued a "buy" rating and a $60.00 price objective for the company. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $55.32.

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International Paper Price Performance

IP stock traded down $5.44 during trading on Thursday, reaching $49.02. The company's stock had a trading volume of 9,255,894 shares, compared to its average volume of 9,502,517. The company's fifty day moving average is $54.43 and its 200-day moving average is $53.80. The company has a quick ratio of 1.08, a current ratio of 1.49 and a debt-to-equity ratio of 0.66. International Paper has a 1 year low of $33.16 and a 1 year high of $60.36. The company has a market capitalization of $25.79 billion, a P/E ratio of 31.22, a price-to-earnings-growth ratio of 0.39 and a beta of 1.02.

International Paper (NYSE:IP - Get Free Report) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.05). International Paper had a net margin of 2.99% and a return on equity of 4.75%. On average, research analysts expect that International Paper will post 2.77 earnings per share for the current fiscal year.

International Paper Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, February 24th were paid a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a yield of 3.77%. The ex-dividend date was Monday, February 24th. International Paper's payout ratio is 117.83%.

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.