Shell Asset Management Co. Cuts Stake in International Paper Company $IP

Shell Asset Management Co. decreased its position in shares of International Paper Company (NYSE:IP) by 67.1% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,395 shares of the basic materials company’s stock after selling 25,271 shares during the quarter. Shell Asset Management Co.’s holdings in International Paper were worth $575,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its holdings in shares of International Paper by 2.0% in the second quarter. Vanguard Group Inc. now owns 63,879,190 shares of the basic materials company’s stock worth $2,991,462,000 after acquiring an additional 1,255,650 shares during the period. State Street Corp grew its stake in shares of International Paper by 3.2% during the 2nd quarter. State Street Corp now owns 29,386,616 shares of the basic materials company’s stock valued at $1,376,175,000 after purchasing an additional 902,741 shares during the period. Bank of New York Mellon Corp increased its position in shares of International Paper by 9.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 18,737,896 shares of the basic materials company’s stock valued at $877,496,000 after purchasing an additional 1,592,411 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of International Paper by 2.3% in the 2nd quarter. Geode Capital Management LLC now owns 13,340,382 shares of the basic materials company’s stock worth $622,133,000 after purchasing an additional 294,296 shares during the period. Finally, Invesco Ltd. boosted its holdings in shares of International Paper by 1.5% in the second quarter. Invesco Ltd. now owns 8,160,930 shares of the basic materials company’s stock worth $382,176,000 after buying an additional 120,802 shares during the last quarter. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other International Paper news, CEO Andrew K. Silvernail bought 50,000 shares of the company’s stock in a transaction on Friday, January 30th. The stock was acquired at an average price of $39.98 per share, for a total transaction of $1,999,000.00. Following the completion of the transaction, the chief executive officer directly owned 50,000 shares of the company’s stock, valued at approximately $1,999,000. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on IP. Citigroup boosted their price objective on shares of International Paper from $46.00 to $47.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Royal Bank Of Canada cut their price target on International Paper from $55.00 to $54.00 and set an “outperform” rating for the company in a report on Friday, January 30th. Wells Fargo & Company upgraded International Paper from an “underweight” rating to an “equal weight” rating and upped their price target for the stock from $36.00 to $40.00 in a research report on Friday, January 30th. Truist Financial lowered their price objective on International Paper from $50.00 to $48.00 and set a “buy” rating on the stock in a research report on Friday, January 30th. Finally, Weiss Ratings reissued a “sell (d+)” rating on shares of International Paper in a report on Monday, December 29th. Eight research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $48.25.

International Paper Price Performance

NYSE:IP opened at $49.17 on Tuesday. The business’s 50-day moving average is $41.88 and its 200 day moving average is $43.49. International Paper Company has a 12 month low of $35.56 and a 12 month high of $57.55. The company has a market capitalization of $25.96 billion, a P/E ratio of -7.33 and a beta of 1.11. The company has a current ratio of 1.28, a quick ratio of 1.02 and a debt-to-equity ratio of 0.60.

International Paper (NYSE:IP) last released its quarterly earnings results on Thursday, January 29th. The basic materials company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.36). The business had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.90 billion. International Paper had a negative net margin of 14.12% and a negative return on equity of 0.35%. International Paper’s revenue for the quarter was up 53.1% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.02) EPS. On average, equities research analysts forecast that International Paper Company will post 2.77 earnings per share for the current fiscal year.

About International Paper

International Paper is a global producer of renewable fiber-based products, focused primarily on pulp, paper, and packaging. The company manufactures containerboard and corrugated packaging used for shipping and retail display, as well as a range of specialty papers and pulp products that serve industrial, consumer goods, and e-commerce customers. Its product portfolio is oriented toward large-scale packaging solutions, tissue and paper grades, and raw pulp for a variety of manufacturing uses.

Founded in 1898, International Paper is headquartered in Memphis, Tennessee, and is one of the largest and longest-established companies in the forest products sector.