Parallel Advisors LLC Acquires 342 Shares of International Paper (NYSE:IP)

Posted by Defense World Staff on May 3rd, 2023

Parallel Advisors LLC raised its position in shares of International Paper (NYSE:IP – Get Rating) by 14.5% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,698 shares of the basic materials company’s stock after acquiring an additional 342 shares during the period. Parallel Advisors LLC’s holdings in International Paper were worth $93,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of IP. Greenhaven Associates Inc. boosted its holdings in International Paper by 22.1% during the fourth quarter. Greenhaven Associates Inc. now owns 6,081,825 shares of the basic materials company’s stock valued at $210,614,000 after acquiring an additional 1,099,100 shares during the period. Cowa LLC boosted its holdings in International Paper by 13,649.1% during the first quarter. Cowa LLC now owns 1,002,172 shares of the basic materials company’s stock valued at $463,000 after acquiring an additional 994,883 shares during the period. First Trust Advisors LP boosted its holdings in International Paper by 117.6% during the first quarter. First Trust Advisors LP now owns 1,591,552 shares of the basic materials company’s stock valued at $73,450,000 after acquiring an additional 860,180 shares during the period. Goldman Sachs Group Inc. boosted its holdings in International Paper by 15.5% during the first quarter. Goldman Sachs Group Inc. now owns 4,160,141 shares of the basic materials company’s stock valued at $191,991,000 after acquiring an additional 557,451 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in International Paper by 7.4% during the first 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 acquiring an additional 450,484 shares during the period. 83.64% of the stock is currently owned by institutional investors.

Insider Transactions at International Paper

In other news, CEO Mark S. Sutton sold 85,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 16th. The shares were sold at an average price of $34.58, for a total transaction of $2,939,300.00. Following the completion of the sale, the chief executive officer now owns 143,000 shares of the company’s stock, valued at $4,944,940. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Mark S. Sutton sold 85,000 shares of the stock in a transaction that occurred on Thursday, March 16th. The shares were sold at an average price of $34.58, for a total transaction of $2,939,300.00. Following the sale, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Joseph R. Saab sold 1,705 shares of the stock in a transaction that occurred on Tuesday, March 21st. The shares were sold at an average price of $35.35, for a total transaction of $60,271.75. Following the sale, the senior vice president now directly owns 1,671 shares in the company, valued at $59,069.85. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 93,567 shares of company stock valued at $3,261,447. Corporate insiders own 0.51% of the company’s stock.

International Paper Stock Performance

NYSE IP opened at $32.32 on Wednesday. The firm has a market cap of $11.29 billion, a price-to-earnings ratio of 8.95 and a beta of 1.05. The company has a 50 day moving average of $35.53 and a 200-day moving average of $36.02. The company has a current ratio of 1.55, a quick ratio of 0.97 and a debt-to-equity ratio of 0.65. International Paper has a 1-year low of $30.69 and a 1-year high of $49.32.

International Paper (NYSE:IP – Get Rating) last posted its quarterly earnings data on Thursday, April 27th. The basic materials company reported $0.53 earnings per share for the quarter, topping the consensus estimate of $0.49 by $0.04. The company had revenue of $5.02 billion during the quarter, compared to analyst estimates of $5.03 billion. International Paper had a net margin of 6.28% and a return on equity of 14.87%. The company’s revenue was down 4.1% on a year-over-year basis. During the same quarter last year, the business posted $0.76 earnings per share. On average, equities analysts forecast that International Paper will post 2.84 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

IP has been the subject of several research reports. Truist Financial increased their target price on shares of International Paper from $30.00 to $38.00 and gave the company a “hold” rating in a research note on Wednesday, February 1st. Royal Bank of Canada upgraded shares of International Paper from a “sector perform” rating to an “outperform” rating and reduced their target price for the company from $40.00 to $39.00 in a research note on Friday, April 28th. They noted that the move was a valuation call. 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 note on Wednesday, February 1st. 58.com reiterated a “maintains” rating on shares of International Paper in a research note on Friday, April 28th. Finally, 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 note on Thursday, February 2nd. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat, International Paper presently has a consensus rating of “Hold” and a consensus target price of $38.55.

About International Paper

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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.