Verition Fund Management LLC Has $6.10 Million Stake in International Paper (NYSE:IP)

Verition Fund Management LLC lessened its holdings in International Paper (NYSE:IP - Free Report) by 73.1% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 124,865 shares of the basic materials company's stock after selling 338,932 shares during the period. Verition Fund Management LLC's holdings in International Paper were worth $6,100,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of IP. Brooklyn Investment Group purchased a new stake in International Paper in the 3rd quarter worth approximately $25,000. Ashton Thomas Securities LLC bought a new position in International Paper during the 3rd quarter valued at about $28,000. Innealta Capital LLC purchased a new position in shares of International Paper during the second quarter valued at approximately $26,000. Eastern Bank purchased a new stake in International Paper in the third quarter worth approximately $40,000. Finally, Abich Financial Wealth Management LLC purchased a new stake in International Paper during the 3rd quarter valued at $42,000. Hedge funds and other institutional investors own 81.95% of the company's stock.

Analysts Set New Price Targets

IP has been the topic of a number of research reports. Royal Bank of Canada raised their price objective on shares of International Paper from $56.00 to $64.00 and gave the stock an "outperform" rating in a report 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 report on Wednesday, August 14th. 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. Finally, Truist Financial reaffirmed 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. One research analyst has rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, International Paper presently has an average rating of "Moderate Buy" and an average price target of $51.54.

Insiders Place Their Bets

In other news, Director Kathryn D. Sullivan sold 600 shares of the business's stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $58.39, for a total transaction of $35,034.00. Following the completion of the transaction, the director now directly owns 37,145 shares in the company, valued at approximately $2,168,896.55. The trade was a 1.59 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Holly G. Goughnour sold 5,000 shares of the company's stock in a transaction dated Friday, September 6th. The stock was 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 directly owns 16,788 shares of the company's stock, valued at $792,729.36. The trade was a 22.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 11,040 shares of company stock valued at $540,104 over the last quarter. Company insiders own 0.55% of the company's stock.

International Paper Stock Up 0.5 %

International Paper stock traded up $0.29 during mid-day trading on Tuesday, hitting $58.75. The company had a trading volume of 2,803,556 shares, compared to its average volume of 5,275,297. The stock has a market cap of $20.41 billion, a price-to-earnings ratio of 50.21 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 1 year low of $32.70 and a 1 year high of $60.36. The business has a fifty day moving average of $52.79 and a 200 day moving average of $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 (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.20. International Paper had a net margin of 2.25% and a return on equity of 6.49%. The business had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.70 billion. During the same period last year, the firm posted $0.64 earnings per share. The company's revenue for the quarter was up 1.6% compared to the same quarter last year. On average, sell-side analysts expect that International Paper will post 1.22 earnings per share for the current fiscal year.

International Paper Dividend Announcement

The business 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. This represents a $1.85 annualized dividend and a yield of 3.15%. The ex-dividend date is Friday, November 15th. International Paper's dividend payout ratio (DPR) is 158.12%.

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.