Cohen Klingenstein LLC Sells 1,500 Shares of International Paper (NYSE:IP)

Cohen Klingenstein LLC reduced its holdings in shares of International Paper (NYSE:IP) by 14.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,000 shares of the basic materials company’s stock after selling 1,500 shares during the quarter. Cohen Klingenstein LLC’s holdings in International Paper were worth $388,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Artemis Investment Management LLP purchased a new position in International Paper in the second quarter valued at about $9,021,000. Czech National Bank lifted its stake in International Paper by 8.7% in the second quarter. Czech National Bank now owns 66,187 shares of the basic materials company’s stock valued at $2,856,000 after purchasing an additional 5,290 shares during the last quarter. Unison Advisors LLC grew its holdings in International Paper by 1.2% during the second quarter. Unison Advisors LLC now owns 56,762 shares of the basic materials company’s stock valued at $2,449,000 after purchasing an additional 697 shares during the period. SG Americas Securities LLC increased its position in International Paper by 172.7% in the second quarter. SG Americas Securities LLC now owns 124,700 shares of the basic materials company’s stock worth $5,381,000 after buying an additional 78,980 shares during the last quarter. Finally, Kwmg LLC raised its stake in shares of International Paper by 5.9% in the second quarter. Kwmg LLC now owns 140,263 shares of the basic materials company’s stock valued at $6,052,000 after buying an additional 7,809 shares during the period. Hedge funds and other institutional investors own 81.95% of the company’s stock.

Insider Buying and Selling

In other news, Director Kathryn D. Sullivan sold 600 shares of International Paper stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $46.26, for a total value of $27,756.00. Following the sale, the director now directly owns 41,602 shares in the company, valued at approximately $1,924,508.52. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders have sold 3,600 shares of company stock valued at $157,386 over the last ninety days. 0.55% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. 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. Royal Bank of Canada increased their target price on International Paper from $52.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Seaport Res Ptn upgraded International Paper from a “hold” rating to a “strong-buy” rating in a research report on Friday, June 28th. Jefferies Financial Group raised International Paper from a “hold” rating to a “buy” rating and increased their price objective for the stock from $38.00 to $57.00 in a report on Thursday, May 23rd. Finally, Wells Fargo & Company lifted their target price on International Paper from $43.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, July 25th. Four research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, International Paper currently has an average rating of “Moderate Buy” and an average target price of $49.96.

International Paper Price Performance

Shares of IP stock traded up $0.16 during trading hours on Monday, hitting $44.51. 2,013,555 shares of the company’s stock were exchanged, compared to its average volume of 5,722,958. The company has a market capitalization of $15.46 billion, a PE ratio of 90.84 and a beta of 1.06. The company has a current ratio of 1.59, a quick ratio of 1.17 and a debt-to-equity ratio of 0.62. International Paper has a 12-month low of $31.76 and a 12-month high of $47.40. The business’s 50 day simple moving average is $45.01 and its 200-day simple moving average is $40.13.

International Paper (NYSE:IP) last released its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.41 by $0.14. International Paper had a return on equity of 7.28% and a net margin of 2.34%. The firm had revenue of $4.73 billion for the quarter, compared to the consensus estimate of $4.78 billion. During the same quarter in the previous year, the business earned $0.59 earnings per share. The company’s quarterly revenue was up 1.1% on a year-over-year basis. On average, equities research analysts anticipate that International Paper will post 1.64 earnings per share for the current year.

International Paper Dividend Announcement

The company 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 dividend of $0.4625 per share. The ex-dividend date of this dividend is Thursday, August 15th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 4.16%. International Paper’s dividend payout ratio is currently 377.55%.

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.