Van ECK Associates Corp Sells 400 Shares of International Paper (NYSE:IP)

Posted by Defense World Staff on Aug 8th, 2023

Van ECK Associates Corp lessened its position in International Paper (NYSE:IP – Free Report) by 3.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,226 shares of the basic materials company’s stock after selling 400 shares during the quarter. Van ECK Associates Corp’s holdings in International Paper were worth $369,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Delta Asset Management LLC TN purchased a new position in shares of International Paper in the fourth quarter worth about $27,000. Resurgent Financial Advisors LLC purchased a new position in International Paper in the 4th quarter worth approximately $27,000. Dupont Capital Management Corp lifted its position in International Paper by 133.4% in the fourth quarter. Dupont Capital Management Corp now owns 803 shares of the basic materials company’s stock valued at $28,000 after purchasing an additional 459 shares during the last quarter. Massmutual Trust Co. FSB ADV boosted its stake in shares of International Paper by 98.1% during the first quarter. Massmutual Trust Co. FSB ADV now owns 822 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 407 shares during the period. Finally, Desjardins Global Asset Management Inc. grew its holdings in shares of International Paper by 45.5% in the first quarter. Desjardins Global Asset Management Inc. now owns 675 shares of the basic materials company’s stock worth $31,000 after purchasing an additional 211 shares during the last quarter. Institutional investors own 85.80% of the company’s stock.

Insider Buying and Selling at International Paper

In related news, VP Holly G. Goughnour sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $35.70, for a total value of $89,250.00. Following the sale, the vice president now owns 8,219 shares in the company, valued at $293,418.30. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Holly G. Goughnour sold 2,500 shares of the stock in a transaction that occurred on Friday, July 28th. The shares were sold at an average price of $35.70, for a total value of $89,250.00. Following the transaction, the vice president now owns 8,219 shares in the company, valued at approximately $293,418.30. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Allison B. Magness sold 3,300 shares of the business’s stock in a transaction that occurred on Friday, June 16th. The shares were sold at an average price of $31.75, for a total transaction of $104,775.00. Following the sale, the senior vice president now owns 21,055 shares of the company’s stock, valued at $668,496.25. The disclosure for this sale can be found here. Company insiders own 0.51% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts recently commented on IP shares. UBS Group lowered their price target on shares of International Paper from $33.00 to $32.00 and set a “neutral” rating for the company in a report on Wednesday, July 19th. 58.com reissued a “maintains” rating on shares of International Paper in a research note on Friday, April 28th. Bank of America cut International Paper from a “neutral” rating to an “underperform” rating and dropped their price objective for the stock from $35.00 to $33.00 in a report on Monday, July 10th. Deutsche Bank Aktiengesellschaft decreased their target price on International Paper from $31.00 to $27.00 in a report on Monday, May 1st. Finally, Royal Bank of Canada upgraded shares of International Paper from a “sector perform” rating to an “outperform” rating and cut their price target for the company from $40.00 to $39.00 in a report on Friday, April 28th. They noted that the move was a valuation call. Four 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.com, the company presently has an average rating of “Hold” and an average price target of $35.82.

Check Out Our Latest Analysis on IP

International Paper Price Performance

IP opened at $36.13 on Tuesday. The firm has a market cap of $12.50 billion, a PE ratio of 12.46 and a beta of 1.06. The stock has a 50-day moving average price of $32.10 and a 200-day moving average price of $34.39. International Paper has a 1 year low of $29.00 and a 1 year high of $45.17. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.59 and a quick ratio of 1.12.

International Paper (NYSE:IP – Get Free Report) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.59 EPS for the quarter, beating analysts’ consensus estimates of $0.42 by $0.17. International Paper had a net margin of 5.14% and a return on equity of 12.22%. The firm had revenue of $4.68 billion for the quarter, compared to analysts’ expectations of $4.90 billion. During the same quarter in the prior year, the company posted $1.24 earnings per share. The business’s revenue for the quarter was down 13.1% on a year-over-year basis. Sell-side analysts predict that International Paper will post 2.23 earnings per share for the current fiscal year.

International Paper Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Tuesday, August 15th will be given a dividend of $0.4625 per share. The ex-dividend date is Monday, August 14th. This represents a $1.85 annualized dividend and a dividend yield of 5.12%. International Paper’s dividend payout ratio (DPR) is presently 63.57%.

International Paper Company Profile

(Free Report)

International Paper Company produces renewable fiber-based packaging and pulp products in North America, Latin America, Europe, and North Africa. It operates through Industrial Packaging and Global Cellulose Fibers segment. The company's Industrial Packaging segment manufactures containerboards, including linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft.