Clearline Capital LP Lowers Stake in International Paper Company $IP

Clearline Capital LP lowered its holdings in shares of International Paper Company (NYSE:IP) by 47.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 150,411 shares of the basic materials company’s stock after selling 134,183 shares during the period. Clearline Capital LP’s holdings in International Paper were worth $6,979,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in IP. Atalanta Sosnoff Capital LLC lifted its holdings in shares of International Paper by 3.8% during the second quarter. Atalanta Sosnoff Capital LLC now owns 6,759 shares of the basic materials company’s stock valued at $317,000 after purchasing an additional 245 shares during the last quarter. Evergreen Capital Management LLC grew its stake in shares of International Paper by 1.7% in the 3rd quarter. Evergreen Capital Management LLC now owns 15,856 shares of the basic materials company’s stock worth $736,000 after buying an additional 263 shares during the last quarter. Rafferty Asset Management LLC grew its stake in shares of International Paper by 0.6% in the 3rd quarter. Rafferty Asset Management LLC now owns 44,996 shares of the basic materials company’s stock worth $2,088,000 after buying an additional 268 shares during the last quarter. Ballentine Partners LLC increased its position in International Paper by 5.2% during the 3rd quarter. Ballentine Partners LLC now owns 5,450 shares of the basic materials company’s stock valued at $253,000 after buying an additional 271 shares in the last quarter. Finally, Gentry Private Wealth LLC increased its position in International Paper by 3.1% during the 3rd quarter. Gentry Private Wealth LLC now owns 9,651 shares of the basic materials company’s stock valued at $448,000 after buying an additional 294 shares in the last quarter. Institutional investors own 81.95% of the company’s stock.

Analyst Ratings Changes

Several research firms have commented on IP. Jefferies Financial Group boosted their target price on International Paper from $47.00 to $48.00 and gave the stock a “buy” rating in a report on Thursday, January 22nd. Citigroup raised their price target on International Paper from $46.00 to $47.00 and gave the company a “buy” rating in a report on Friday, January 30th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of International Paper in a research report on Monday, December 29th. UBS Group cut shares of International Paper from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $51.00 to $44.00 in a research note on Monday, February 2nd. Finally, Truist Financial set a $48.00 price objective on shares of International Paper in a research note on Thursday, February 26th. Eight investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $48.25.

International Paper Stock Up 4.6%

International Paper stock opened at $37.30 on Friday. The firm has a market cap of $19.75 billion, a price-to-earnings ratio of -5.56 and a beta of 1.09. The stock has a fifty day simple moving average of $43.17 and a two-hundred day simple moving average of $42.85. International Paper Company has a 12 month low of $35.45 and a 12 month high of $56.64. 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 posted its quarterly earnings results on Thursday, January 29th. The basic materials company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.36). The business had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.90 billion. International Paper had a negative return on equity of 0.35% and a negative net margin of 14.12%.The firm’s revenue for the quarter was up 53.1% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.02) EPS. Equities analysts predict that International Paper Company will post 2.77 EPS for the current fiscal year.

Insider Activity

In other International Paper news, Director Anders Gustafsson bought 13,217 shares of the firm’s stock in a transaction on Thursday, March 12th. The stock was acquired at an average price of $37.83 per share, with a total value of $499,999.11. Following the transaction, the director owned 26,092 shares in the company, valued at $987,060.36. This represents a 102.66% increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Andrew K. Silvernail bought 50,000 shares of the stock in a transaction on Friday, January 30th. The shares were bought at an average price of $39.98 per share, for a total transaction of $1,999,000.00. Following the purchase, the chief executive officer directly owned 50,000 shares in the company, valued at approximately $1,999,000. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased a total of 76,092 shares of company stock valued at $2,999,064 over the last quarter. 0.35% of the stock is owned by corporate insiders.

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.