Artemis Investment Management LLP Invests $9.02 Million in International Paper (NYSE:IP)

Artemis Investment Management LLP acquired a new stake in shares of International Paper (NYSE:IP) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm acquired 209,051 shares of the basic materials company’s stock, valued at approximately $9,021,000. Artemis Investment Management LLP owned approximately 0.06% of International Paper as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also modified their holdings of IP. Ables Iannone Moore & Associates Inc. purchased a new position in shares of International Paper in the fourth quarter worth about $37,000. Janney Montgomery Scott LLC increased its position in International Paper by 20.0% during the first quarter. Janney Montgomery Scott LLC now owns 105,061 shares of the basic materials company’s stock worth $4,100,000 after buying an additional 17,516 shares during the period. Wellington Management Group LLP boosted its stake in shares of International Paper by 1,896.7% during the fourth quarter. Wellington Management Group LLP now owns 210,215 shares of the basic materials company’s stock worth $7,599,000 after buying an additional 199,687 shares during the period. Franklin Resources Inc. increased its stake 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 acquiring an additional 4,960,005 shares during the period. Finally, Los Angeles Capital Management LLC purchased a new stake in International Paper during the first quarter worth about $1,312,000. 81.95% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at International Paper

In other news, Director Kathryn D. Sullivan sold 600 shares of the business’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 completion of 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders sold 3,600 shares of company stock worth $157,386. 0.55% of the stock is owned by company insiders.

International Paper Price Performance

Shares of IP stock traded up $0.14 during trading hours on Monday, reaching $44.49. The company’s stock had a trading volume of 831,207 shares, compared to its average volume of 5,715,052. International Paper has a fifty-two week low of $31.76 and a fifty-two week high of $47.40. The company has a quick ratio of 1.17, a current ratio of 1.59 and a debt-to-equity ratio of 0.62. The firm’s 50 day simple moving average is $45.03 and its 200-day simple moving average is $40.08. The company has a market capitalization of $15.45 billion, a price-to-earnings ratio of 91.06 and a beta of 1.06.

International Paper (NYSE:IP) last announced its earnings results on Wednesday, July 24th. The basic materials company reported $0.55 EPS for the quarter, beating the consensus estimate of $0.41 by $0.14. The business had revenue of $4.73 billion for the quarter, compared to analysts’ expectations of $4.78 billion. International Paper had a return on equity of 7.28% and a net margin of 2.34%. The firm’s revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.59 earnings per share. Sell-side analysts forecast that International Paper will post 1.64 earnings per share for the current year.

International Paper Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Thursday, August 15th will be paid a $0.4625 dividend. The ex-dividend date is Thursday, August 15th. This represents a $1.85 annualized dividend and a yield of 4.16%. International Paper’s payout ratio is 377.55%.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Royal Bank of Canada boosted their price target on International Paper from $52.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Wells Fargo & Company raised their price objective on shares of International Paper from $43.00 to $45.00 and gave the company an “equal weight” rating in a research note on Thursday, July 25th. Truist Financial lifted their price objective on shares of International Paper from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, July 16th. Stifel Nicolaus assumed coverage on shares of International Paper in a report on Tuesday, July 9th. They issued a “hold” rating and a $48.70 target price for the company. Finally, Seaport Res Ptn upgraded International Paper from a “hold” rating to a “strong-buy” rating in a research report on Friday, June 28th. Four research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $49.96.

International Paper 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.