International Paper (NYSE:IP) Shares Sold by OLD National Bancorp IN

Posted by Defense World Staff on Apr 24th, 2023

OLD National Bancorp IN lessened its stake in International Paper (NYSE:IP – Get Rating) by 6.2% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 39,509 shares of the basic materials company’s stock after selling 2,614 shares during the period. OLD National Bancorp IN’s holdings in International Paper were worth $1,368,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Greenhaven Associates Inc. increased its stake in International Paper by 22.1% in the 4th quarter. Greenhaven Associates Inc. now owns 6,081,825 shares of the basic materials company’s stock valued at $210,614,000 after purchasing an additional 1,099,100 shares in the last quarter. Cowa LLC increased its stake in International Paper by 13,649.1% in the 1st quarter. Cowa LLC now owns 1,002,172 shares of the basic materials company’s stock valued at $463,000 after purchasing an additional 994,883 shares in the last quarter. First Trust Advisors LP increased its stake in International Paper by 117.6% in the 1st quarter. First Trust Advisors LP now owns 1,591,552 shares of the basic materials company’s stock valued at $73,450,000 after purchasing an additional 860,180 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in International Paper by 15.5% in the 1st quarter. Goldman Sachs Group Inc. now owns 4,160,141 shares of the basic materials company’s stock valued at $191,991,000 after purchasing an additional 557,451 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in International Paper by 7.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 6,506,475 shares of the basic materials company’s stock valued at $300,274,000 after purchasing an additional 450,484 shares in the last quarter. Institutional investors and hedge funds own 83.64% of the company’s stock.

International Paper Price Performance

IP stock opened at $36.04 on Monday. International Paper has a 52-week low of $30.69 and a 52-week high of $49.39. The stock’s fifty day simple moving average is $36.17 and its 200-day simple moving average is $35.92. The company has a quick ratio of 0.97, a current ratio of 1.35 and a debt-to-equity ratio of 0.57. The stock has a market capitalization of $12.59 billion, a price-to-earnings ratio of 8.86 and a beta of 1.05.

International Paper (NYSE:IP – Get Rating) last posted its quarterly earnings data on Tuesday, January 31st. The basic materials company reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.69 by $0.18. International Paper had a return on equity of 15.81% and a net margin of 7.11%. The business had revenue of $5.13 billion for the quarter, compared to analysts’ expectations of $5.20 billion. During the same quarter last year, the firm earned $0.78 earnings per share. The business’s revenue was up .9% on a year-over-year basis. Equities research analysts expect that International Paper will post 2.9 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on IP. Truist Financial raised their price objective on International Paper from $30.00 to $38.00 and gave the company a “hold” rating in a research note on Wednesday, February 1st. Argus increased their target price on International Paper from $43.00 to $50.00 and gave the company a “buy” rating in a report on Thursday, February 2nd. Royal Bank of Canada increased their target price on International Paper from $36.00 to $40.00 and gave the company a “sector perform” rating in a report on Wednesday, February 1st. Citigroup increased their target price on International Paper from $36.00 to $44.00 and gave the company a “neutral” rating in a report on Thursday, February 2nd. Finally, Wells Fargo & Company increased their target price on International Paper from $32.00 to $38.00 and gave the company an “equal weight” rating in a report on Wednesday, February 1st. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $38.82.

Insider Activity at International Paper

In related news, CEO Mark S. Sutton sold 85,000 shares of International Paper stock in a transaction on Thursday, March 16th. The stock was sold at an average price of $34.58, for a total value of $2,939,300.00. Following the transaction, the chief executive officer now owns 143,000 shares in the company, valued at $4,944,940. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other International Paper news, CEO Mark S. Sutton sold 85,000 shares of the firm’s stock in a transaction dated Thursday, March 16th. The stock was sold at an average price of $34.58, for a total value of $2,939,300.00. Following the transaction, the chief executive officer now directly owns 143,000 shares of the company’s stock, valued at $4,944,940. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Aimee K. Gregg sold 1,862 shares of the firm’s stock in a transaction dated Wednesday, February 22nd. The shares were sold at an average price of $36.05, for a total value of $67,125.10. Following the completion of the transaction, the senior vice president now directly owns 4,260 shares in the company, valued at $153,573. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 93,567 shares of company stock worth $3,261,447. 0.51% of the stock is owned by insiders.

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.