Norges Bank Buys New Shares in International Paper (NYSE:IP)

Norges Bank acquired a new stake in International Paper (NYSE:IP - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,029,000 shares of the basic materials company's stock, valued at approximately $109,201,000. Norges Bank owned about 0.58% of International Paper as of its most recent SEC filing.

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

International Paper Price Performance

IP traded down $1.29 on Friday, reaching $47.89. The company had a trading volume of 8,125,261 shares, compared to its average volume of 9,480,998. The company has a market capitalization of $25.20 billion, a P/E ratio of 30.50, a PEG ratio of 0.39 and a beta of 0.99. The company has a current ratio of 1.49, a quick ratio of 1.08 and a debt-to-equity ratio of 0.66. The company has a fifty day moving average of $54.18 and a 200-day moving average of $53.85. International Paper has a one year low of $33.16 and a one year high of $60.36.

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International Paper (NYSE:IP - Get Free Report) last posted its quarterly earnings data on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate 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 anticipate that International Paper will post 2.77 earnings per share for the current year.

International Paper Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, February 24th were given a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a dividend yield of 3.86%. The ex-dividend date of this dividend was Monday, February 24th. International Paper's dividend payout ratio (DPR) is presently 117.83%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on IP shares. JPMorgan Chase & Co. started coverage on International Paper in a research note on Thursday, March 20th. They issued an "overweight" rating and a $59.00 target price for the company. StockNews.com lowered International Paper from a "buy" rating to a "hold" rating in a research report on Friday, March 28th. Bank of America started coverage on International Paper in a research report on Thursday, February 13th. They issued a "neutral" rating on the stock. Citigroup started coverage on shares of International Paper in a report on Wednesday, March 5th. They set a "buy" rating and a $60.00 price target for the company. Finally, Truist Financial reaffirmed a "buy" rating and issued a $64.00 price objective (down previously from $65.00) on shares of International Paper in a report on Friday, January 31st. One investment analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $55.32.

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.