Thurston Springer Miller Herd & Titak Inc. Takes $37,000 Position in International Paper (NYSE:IP)

Thurston Springer Miller Herd & Titak Inc. purchased a new position in International Paper (NYSE:IP) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 860 shares of the basic materials company’s stock, valued at approximately $37,000.

Other hedge funds also recently bought and sold shares of the company. Ables Iannone Moore & Associates Inc. purchased a new stake in shares of International Paper during the fourth quarter worth about $37,000. Janney Montgomery Scott LLC lifted its position in shares of International Paper by 20.0% in the first quarter. Janney Montgomery Scott LLC now owns 105,061 shares of the basic materials company’s stock valued at $4,100,000 after acquiring an additional 17,516 shares in the last quarter. Wellington Management Group LLP boosted its stake in shares of International Paper by 1,896.7% in the fourth quarter. Wellington Management Group LLP now owns 210,215 shares of the basic materials company’s stock worth $7,599,000 after acquiring an additional 199,687 shares during the last quarter. Franklin Resources Inc. increased its position in shares of International Paper by 61.5% during the fourth quarter. Franklin Resources Inc. now owns 13,030,839 shares of the basic materials company’s stock worth $471,065,000 after purchasing an additional 4,960,005 shares in the last quarter. Finally, Los Angeles Capital Management LLC acquired a new position in International Paper in the 1st quarter valued at $1,312,000. Hedge funds and other institutional investors own 81.95% of the company’s stock.

International Paper Stock Up 1.4 %

Shares of International Paper stock traded up $0.60 on Tuesday, reaching $45.03. 3,943,405 shares of the company were exchanged, compared to its average volume of 5,794,813. The stock’s 50 day moving average price is $45.04 and its 200-day moving average price is $39.85. The company has a market cap of $15.64 billion, a P/E ratio of 91.55 and a beta of 1.06. International Paper has a 1-year low of $31.76 and a 1-year high of $47.40. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.59 and a quick ratio of 1.17.

International Paper (NYSE:IP) last issued its earnings results on Wednesday, July 24th. The basic materials company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates 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 the consensus estimate of $4.78 billion. During the same quarter in the previous year, the firm posted $0.59 earnings per share. The company’s revenue was up 1.1% compared to the same quarter last year. As a group, equities analysts forecast that International Paper will post 1.64 EPS for the current year.

International Paper Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Thursday, August 15th will be issued a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 4.11%. The ex-dividend date of this dividend is Thursday, August 15th. International Paper’s payout ratio is 377.55%.

Insider Activity at International Paper

In other International Paper news, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $46.26, for a total transaction of $27,756.00. Following the transaction, the director now owns 41,602 shares of the company’s stock, valued at $1,924,508.52. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold 3,600 shares of company stock valued at $157,386 in the last ninety days. Insiders own 0.55% of the company’s stock.

Analyst Ratings Changes

A number of research firms have weighed in on IP. Royal Bank of Canada raised their target price on shares of International Paper from $52.00 to $56.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Seaport Res Ptn raised International Paper from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 28th. Jefferies Financial Group raised International Paper from a “hold” rating to a “buy” rating and raised their target price for the stock from $38.00 to $57.00 in a research note on Thursday, May 23rd. Truist Financial boosted their price target on shares of International Paper from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, July 16th. Finally, Wells Fargo & Company upped their price objective on shares of International Paper from $43.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, July 25th. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, International Paper currently has an average rating of “Moderate Buy” and an average target price of $49.96.

International Paper Company Profile

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.