Meyer Handelman Co. Sells 6,720 Shares of International Paper (NYSE:IP)

Meyer Handelman Co. trimmed its stake in shares of International Paper (NYSE:IP - Free Report) by 3.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 176,944 shares of the basic materials company's stock after selling 6,720 shares during the period. Meyer Handelman Co. owned about 0.05% of International Paper worth $9,523,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Lord Abbett & CO. LLC acquired a new position in shares of International Paper during the 3rd quarter worth approximately $24,327,000. Aptus Capital Advisors LLC increased its holdings in International Paper by 15.1% during the third quarter. Aptus Capital Advisors LLC now owns 5,972 shares of the basic materials company's stock worth $292,000 after buying an additional 785 shares during the last quarter. Curi RMB Capital LLC bought a new stake in International Paper during the third quarter worth $4,870,000. Sumitomo Mitsui Trust Group Inc. lifted 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 acquiring an additional 49,125 shares during the last quarter. Finally, Everence Capital Management Inc. bought a new position in shares of International Paper in the 4th quarter valued at about $828,000. 81.95% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

IP has been the topic of a number of research analyst reports. BNP Paribas cut 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 raised their price objective on International Paper from $61.00 to $65.00 and gave the company a "buy" rating in a research report on Monday, January 6th. Finally, Royal Bank of Canada boosted their target price on International Paper from $56.00 to $64.00 and gave the stock an "outperform" rating in a report on Friday, November 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $51.99.

International Paper Stock Performance

Shares of IP traded up $0.22 during mid-day trading on Wednesday, hitting $55.64. 2,388,062 shares of the company's stock were exchanged, compared to its average volume of 3,919,900. The company has a quick ratio of 1.11, a current ratio of 1.53 and a debt-to-equity ratio of 0.62. The firm has a market cap of $19.33 billion, a price-to-earnings ratio of 47.56 and a beta of 1.03. The stock's 50-day simple moving average is $56.12 and its 200-day simple moving average is $50.42. International Paper has a 52 week low of $32.70 and a 52 week high of $60.36.

International Paper (NYSE:IP - Get Free Report) last released its earnings results on Thursday, October 31st. The basic materials company reported $0.44 earnings per share for the quarter, beating analysts' consensus estimates of $0.24 by $0.20. International Paper had a return on equity of 6.49% and a net margin of 2.25%. The firm had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $4.70 billion. The company's revenue was up 1.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.64 EPS. On average, equities research analysts expect that International Paper will post 1.18 EPS for the current year.

Insiders Place Their Bets

In other International Paper news, Director Kathryn D. Sullivan sold 600 shares of International Paper stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $56.19, for a total value of $33,714.00. Following the transaction, the director now owns 37,745 shares in the company, valued at $2,120,891.55. The trade was a 1.56 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders have sold 1,800 shares of company stock worth $100,848 over the last ninety days. Corporate insiders own 0.55% of the company's stock.

International Paper 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.