International Paper (NYSE:IP) Shares Sold by Rhumbline Advisers

Rhumbline Advisers lowered its stake in International Paper (NYSE:IP - Free Report) by 2.0% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 642,620 shares of the basic materials company's stock after selling 13,159 shares during the period. Rhumbline Advisers owned 0.18% of International Paper worth $27,729,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Van ECK Associates Corp lifted its holdings in shares of International Paper by 59.3% during the fourth quarter. Van ECK Associates Corp now owns 17,019 shares of the basic materials company's stock worth $615,000 after purchasing an additional 6,333 shares during the period. Victory Capital Management Inc. increased its stake in shares of International Paper by 24.3% in the fourth quarter. Victory Capital Management Inc. now owns 585,228 shares of the basic materials company's stock worth $21,156,000 after acquiring an additional 114,462 shares during the period. Natixis Advisors L.P. increased its stake in shares of International Paper by 17.0% in the fourth quarter. Natixis Advisors L.P. now owns 207,699 shares of the basic materials company's stock worth $7,508,000 after acquiring an additional 30,132 shares during the period. Amalgamated Bank raised its holdings in shares of International Paper by 1.1% during the fourth quarter. Amalgamated Bank now owns 89,020 shares of the basic materials company's stock worth $3,218,000 after purchasing an additional 970 shares during the last quarter. Finally, Apollon Wealth Management LLC lifted its position in International Paper by 18.5% during the fourth quarter. Apollon Wealth Management LLC now owns 9,692 shares of the basic materials company's stock valued at $350,000 after purchasing an additional 1,515 shares during the period. 81.95% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

IP has been the topic of several analyst reports. Wells Fargo & Company increased their price target on International Paper from $43.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 25th. Truist Financial lifted their price target on International Paper from $52.00 to $55.00 and gave the company a "buy" rating in a research report on Tuesday, July 16th. Royal Bank of Canada upped their price objective on International Paper from $52.00 to $56.00 and gave the stock an "outperform" rating in a research report on Thursday, July 25th. Seaport Res Ptn raised shares of International Paper from a "hold" rating to a "strong-buy" rating in a report on Friday, June 28th. Finally, Stifel Nicolaus assumed coverage on shares of International Paper in a report on Tuesday, July 9th. They set a "hold" rating and a $48.70 price target on the stock. Three analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $50.21.

International Paper Trading Down 0.9 %

NYSE:IP traded down $0.41 during trading hours on Friday, hitting $47.11. The company had a trading volume of 3,593,640 shares, compared to its average volume of 5,519,839. International Paper has a 1 year low of $31.76 and a 1 year high of $49.24. The company has a market cap of $16.36 billion, a P/E ratio of 96.14 and a beta of 1.04. The company has a 50-day moving average of $45.92 and a 200 day moving average of $41.73. The company has a current ratio of 1.59, a quick ratio of 1.17 and a debt-to-equity ratio of 0.62.

International Paper (NYSE:IP - Get Free Report) last released its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.14. International Paper had a net margin of 2.34% and a return on equity of 7.28%. The firm had revenue of $4.73 billion during the quarter, compared to analysts' expectations of $4.78 billion. During the same period last year, the business earned $0.59 earnings per share. International Paper's revenue was up 1.1% compared to the same quarter last year. Sell-side analysts expect that International Paper will post 1.55 earnings per share for the current year.

International Paper Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Thursday, August 15th will be given a dividend of $0.4625 per share. The ex-dividend date is Thursday, August 15th. This represents a $1.85 annualized dividend and a dividend yield of 3.93%. International Paper's dividend payout ratio is currently 377.55%.

Insider Activity

In related news, Director Kathryn D. Sullivan sold 600 shares of the company's stock in a transaction that occurred on Friday, June 28th. The shares were sold at an average price of $42.77, for a total transaction of $25,662.00. Following the sale, the director now directly owns 42,802 shares of the company's stock, valued at approximately $1,830,641.54. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other International Paper news, Director Kathryn D. Sullivan sold 600 shares of the company's stock in a transaction dated Friday, June 28th. The stock was sold at an average price of $42.77, for a total transaction of $25,662.00. Following the sale, the director now owns 42,802 shares in the company, valued at approximately $1,830,641.54. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, SVP Clay R. Ellis sold 9,000 shares of International Paper stock in a transaction dated Wednesday, August 28th. The shares were sold at an average price of $48.83, for a total value of $439,470.00. Following the completion of the transaction, the senior vice president now owns 49,832 shares of the company's stock, valued at approximately $2,433,296.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 17,000 shares of company stock valued at $809,922. 0.55% of the stock is currently owned by corporate insiders.

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.