Geode Capital Management LLC Grows Stock Holdings in International Paper (NYSE:IP)

Geode Capital Management LLC boosted its holdings in International Paper (NYSE:IP - Free Report) by 1.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,368,401 shares of the basic materials company's stock after acquiring an additional 99,720 shares during the quarter. Geode Capital Management LLC owned 2.41% of International Paper worth $407,463,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Brooklyn Investment Group bought a new stake in shares of International Paper in the third quarter worth approximately $25,000. Innealta Capital LLC bought a new stake in International Paper in the 2nd quarter worth approximately $26,000. Ashton Thomas Securities LLC bought a new stake in International Paper in the 3rd quarter worth approximately $28,000. Legacy Investment Solutions LLC purchased a new stake in International Paper during the 3rd quarter valued at $28,000. Finally, Eastern Bank bought a new position in shares of International Paper during the 3rd quarter valued at $40,000. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other International Paper news, Director Kathryn D. Sullivan sold 600 shares of the stock in a transaction dated Friday, November 29th. The shares were 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 owns 37,145 shares of the company's stock, valued at $2,168,896.55. This represents a 1.59 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last 90 days, insiders sold 3,600 shares of company stock worth $188,592. 0.55% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on IP. Truist Financial reiterated a "buy" rating and set a $61.00 price objective (up previously from $57.00) on shares of International Paper in a research report on Friday, November 1st. BNP Paribas downgraded International Paper from a "neutral" rating to an "underperform" rating and set a $48.20 price target for the company. in a research note on Wednesday, November 13th. Finally, Royal Bank of Canada increased their price objective on shares of International Paper from $56.00 to $64.00 and gave the stock an "outperform" rating in a research note on Friday, November 1st. 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 given a strong buy rating to the company. According to data from MarketBeat, International Paper has a consensus rating of "Moderate Buy" and a consensus price target of $51.54.

International Paper Stock Performance

NYSE IP traded up $0.68 on Friday, reaching $55.54. 3,254,901 shares of the stock were exchanged, compared to its average volume of 5,211,820. The firm has a market capitalization of $19.30 billion, a PE ratio of 47.47 and a beta of 1.02. International Paper has a one year low of $32.70 and a one year high of $60.36. The company's 50-day simple moving average is $53.95 and its two-hundred day simple moving average is $48.99. The company has a current ratio of 1.53, a quick ratio of 1.11 and a debt-to-equity ratio of 0.62.

International Paper (NYSE:IP - Get Free Report) last announced its quarterly earnings data on Thursday, October 31st. The basic materials company reported $0.44 EPS for the quarter, beating the consensus estimate of $0.24 by $0.20. International Paper had a net margin of 2.25% and a return on equity of 6.49%. The firm had revenue of $4.69 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same period last year, the firm earned $0.64 EPS. The company's revenue was up 1.6% on a year-over-year basis. Analysts expect that International Paper will post 1.18 EPS for the current fiscal year.

International Paper Dividend Announcement

The firm also recently disclosed 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. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date of this dividend 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.