International Paper (NYSE:IP) Shares Gap Up - Here's What Happened

International Paper (NYSE:IP - Get Free Report)'s stock price gapped up before the market opened on Thursday . The stock had previously closed at $50.63, but opened at $51.94. International Paper shares last traded at $51.45, with a volume of 402,497 shares trading hands.

Analyst Ratings Changes

IP has been the subject of several recent analyst reports. Truist Financial reissued a "buy" rating and issued a $64.00 price target (down previously from $65.00) on shares of International Paper in a research note on Friday, January 31st. Bank of America started coverage on International Paper in a research report on Thursday, February 13th. They set a "neutral" rating for the company. Citigroup assumed coverage on International Paper in a report on Wednesday, March 5th. They set a "buy" rating and a $60.00 target price on the stock. BNP Paribas cut International Paper from a "neutral" rating to an "underperform" rating and set a $48.20 price objective for the company. in a research report on Wednesday, November 13th. Finally, Royal Bank of Canada restated an "outperform" rating and set a $64.00 target price on shares of International Paper in a research report on Friday, January 31st. One research analyst has rated the stock with a sell rating, three have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $54.86.

International Paper Stock Down 1.7 %

The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.08 and a current ratio of 1.49. The firm's 50-day moving average is $55.26 and its 200 day moving average is $53.30. The firm has a market capitalization of $26.19 billion, a P/E ratio of 31.70, a PEG ratio of 0.39 and a beta of 1.02.

Remove Ads

International Paper (NYSE:IP - Get Free Report) last posted its quarterly earnings results on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share 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%. As a group, equities research analysts predict that International Paper will post 2.77 EPS for the current fiscal year.

International Paper Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, February 24th will be issued a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a yield of 3.72%. The ex-dividend date is Monday, February 24th. International Paper's payout ratio is 117.83%.

Hedge Funds Weigh In On International Paper

Institutional investors and hedge funds have recently made changes to their positions in the stock. Brooklyn Investment Group bought a new stake in shares of International Paper during the third quarter valued at approximately $25,000. Sierra Ocean LLC acquired a new stake in International Paper in the 4th quarter valued at $26,000. Centricity Wealth Management LLC bought a new stake in International Paper during the 4th quarter valued at $26,000. Ashton Thomas Securities LLC acquired a new position in International Paper during the third quarter worth $28,000. Finally, Legacy Investment Solutions LLC bought a new position in shares of International Paper in the third quarter valued at $28,000. Institutional investors own 81.95% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.