Norges Bank Purchases Shares of 2,029,000 International Paper (NYSE:IP)

Norges Bank acquired a new position in International Paper (NYSE:IP) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 2,029,000 shares of the basic materials company’s stock, valued at approximately $109,201,000. Norges Bank owned about 0.58% of International Paper at the end of the most recent quarter.

Several other large investors have also modified their holdings of the company. Sierra Ocean LLC acquired a new position in International Paper during the 4th quarter worth $26,000. Centricity Wealth Management LLC bought a new position in shares of International Paper in the fourth quarter worth about $26,000. Legacy Investment Solutions LLC acquired a new position in shares of International Paper during the 3rd quarter worth about $28,000. Picton Mahoney Asset Management boosted its stake in International Paper by 67.0% during the 4th quarter. Picton Mahoney Asset Management now owns 536 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 215 shares during the period. Finally, Versant Capital Management Inc grew its holdings in International Paper by 313.3% in the 4th quarter. Versant Capital Management Inc now owns 591 shares of the basic materials company’s stock valued at $32,000 after buying an additional 448 shares during the last quarter. 81.95% of the stock is owned by institutional investors.

International Paper Stock Up 0.5 %

Shares of NYSE IP opened at $53.62 on Wednesday. International Paper has a 52-week low of $33.16 and a 52-week high of $60.36. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.08 and a current ratio of 1.49. The business has a fifty day moving average of $54.69 and a two-hundred day moving average of $53.83. The stock has a market cap of $28.21 billion, a PE ratio of 34.15, a PEG ratio of 0.39 and a beta of 1.02.

International Paper (NYSE:IP) last issued its quarterly earnings data on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.05). International Paper had a return on equity of 4.75% and a net margin of 2.99%. As a group, equities research analysts expect that International Paper will post 2.77 earnings per share for the current fiscal year.

International Paper Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, February 24th were issued a $0.4625 dividend. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.45%. International Paper’s dividend payout ratio is 117.83%.

Analysts Set New Price Targets

IP has been the subject of several research reports. Royal Bank of Canada reissued an “outperform” rating and issued a $64.00 price objective on shares of International Paper in a research report on Wednesday, March 26th. Truist Financial restated a “buy” rating and issued a $64.00 price target (down from $65.00) on shares of International Paper in a research report on Friday, January 31st. StockNews.com lowered shares of International Paper from a “buy” rating to a “hold” rating in a research report on Friday, March 28th. JPMorgan Chase & Co. started coverage on International Paper in a research report on Thursday, March 20th. They set an “overweight” rating and a $59.00 target price on the stock. Finally, Bank of America initiated coverage on International Paper in a research report on Thursday, February 13th. They issued a “neutral” rating for the company. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $55.32.

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.