Miracle Mile Advisors LLC Increases Stake in International Paper (NYSE:IP)

Posted by on Mar 31st, 2023

Miracle Mile Advisors LLC increased its holdings in shares of International Paper (NYSE:IP – Get Rating) by 2.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 13,638 shares of the basic materials company’s stock after buying an additional 348 shares during the period. Miracle Mile Advisors LLC’s holdings in International Paper were worth $472,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. EverSource Wealth Advisors LLC increased its position in shares of International Paper by 165.8% in the 3rd quarter. EverSource Wealth Advisors LLC now owns 776 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 484 shares during the last quarter. Desjardins Global Asset Management Inc. increased its position in shares of International Paper by 45.5% in the 1st quarter. Desjardins Global Asset Management Inc. now owns 675 shares of the basic materials company’s stock valued at $31,000 after purchasing an additional 211 shares during the last quarter. Tobam purchased a new stake in shares of International Paper in the 3rd quarter valued at approximately $36,000. Eagle Bay Advisors LLC purchased a new stake in shares of International Paper in the 2nd quarter valued at approximately $38,000. Finally, Norwood Financial Corp increased its position in shares of International Paper by 29.1% in the 3rd quarter. Norwood Financial Corp now owns 1,420 shares of the basic materials company’s stock valued at $45,000 after purchasing an additional 320 shares during the last quarter. 83.64% of the stock is owned by hedge funds and other institutional investors.

International Paper Stock Up 0.5 %

Shares of NYSE:IP opened at $35.24 on Friday. The stock has a market cap of $12.34 billion, a P/E ratio of 8.66 and a beta of 1.07. The firm has a fifty day moving average price of $37.09 and a 200 day moving average price of $35.78. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.35 and a quick ratio of 0.97. International Paper has a 1-year low of $30.69 and a 1-year high of $50.23.

International Paper (NYSE:IP – Get Rating) last issued its quarterly earnings results on Tuesday, January 31st. The basic materials company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.69 by $0.18. The firm had revenue of $5.13 billion during the quarter, compared to analysts’ expectations of $5.20 billion. International Paper had a net margin of 7.11% and a return on equity of 15.81%. International Paper’s quarterly revenue was up .9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.78 EPS. Sell-side analysts predict that International Paper will post 2.86 EPS for the current year.

International Paper Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 15th. Stockholders of record on Friday, February 17th were paid a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 5.25%. The ex-dividend date was Thursday, February 16th. International Paper’s dividend payout ratio (DPR) is presently 45.45%.

Insider Transactions at International Paper

In other news, SVP Joseph R. Saab sold 1,705 shares of the firm’s stock in a transaction on Tuesday, March 21st. The shares were sold at an average price of $35.35, for a total value of $60,271.75. Following the completion of the sale, the senior vice president now owns 1,671 shares in the company, valued at approximately $59,069.85. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, SVP Joseph R. Saab sold 1,705 shares of the firm’s stock in a transaction dated Tuesday, March 21st. The shares were sold at an average price of $35.35, for a total value of $60,271.75. Following the completion of the sale, the senior vice president now owns 1,671 shares in the company, valued at $59,069.85. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Timothy S. Nicholls sold 5,000 shares of the firm’s stock in a transaction dated Thursday, February 16th. The shares were sold at an average price of $38.95, for a total transaction of $194,750.00. Following the completion of the sale, the senior vice president now owns 129,261 shares of the company’s stock, valued at approximately $5,034,715.95. The disclosure for this sale can be found here. In the last quarter, insiders sold 93,567 shares of company stock worth $3,261,447. Company insiders own 0.42% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on IP shares. Argus increased their target price on shares of International Paper from $43.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, February 2nd. StockNews.com started coverage on shares of International Paper in a research report on Thursday, March 16th. They issued a “buy” rating on the stock. Royal Bank of Canada increased their target price on shares of International Paper from $36.00 to $40.00 and gave the company a “sector perform” rating in a research report on Wednesday, February 1st. Citigroup increased their target price on shares of International Paper from $36.00 to $44.00 and gave the company a “neutral” rating in a research report on Thursday, February 2nd. Finally, Wells Fargo & Company increased their target price on shares of International Paper from $32.00 to $38.00 and gave the company an “equal weight” rating in a research report on Wednesday, February 1st. Three investment analysts have rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $38.82.

International Paper Company Profile

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International Paper Co engages in the manufacture of paper and packaging products. It operates through the following segments: Industrial Packaging, Global Cellulose Fibers, and Printing Papers. The Industrial Packaging segment is involved in manufacturing containerboards, which include linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft.

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Institutional Ownership by Quarter for International Paper (NYSE:IP)

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