OLD National Bancorp IN Has $683,000 Stock Holdings in International Paper (NYSE:IP)

OLD National Bancorp IN reduced its position in shares of International Paper (NYSE:IP) by 17.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,832 shares of the basic materials company’s stock after selling 3,397 shares during the period. OLD National Bancorp IN’s holdings in International Paper were worth $683,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in IP. Jones Financial Companies Lllp lifted its holdings in International Paper by 208.3% during the 4th quarter. Jones Financial Companies Lllp now owns 703 shares of the basic materials company’s stock worth $25,000 after buying an additional 475 shares during the period. MCF Advisors LLC boosted its holdings in International Paper by 1,094.7% in the first quarter. MCF Advisors LLC now owns 681 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 624 shares during the last quarter. Crewe Advisors LLC acquired a new stake in International Paper during the 1st quarter valued at approximately $29,000. Assetmark Inc. raised its holdings in International Paper by 309.0% during the 4th quarter. Assetmark Inc. now owns 859 shares of the basic materials company’s stock worth $31,000 after purchasing an additional 649 shares during the last quarter. Finally, Ables Iannone Moore & Associates Inc. acquired a new position in shares of International Paper in the 4th quarter worth approximately $37,000. Institutional investors and hedge funds own 81.95% of the company’s stock.

Insider Activity

In other news, Director Kathryn D. Sullivan sold 600 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $45.11, for a total transaction of $27,066.00. Following the completion of the sale, the director now directly owns 43,402 shares in the company, valued at approximately $1,957,864.22. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders sold a total of 3,600 shares of company stock valued at $157,386 over the last 90 days. Insiders own 0.55% of the company’s stock.

International Paper Stock Performance

Shares of NYSE IP traded down $0.50 during midday trading on Friday, reaching $44.35. The company had a trading volume of 2,214,283 shares, compared to its average volume of 5,746,971. The stock has a market cap of $15.40 billion, a P/E ratio of 90.51 and a beta of 1.06. International Paper has a 1 year low of $31.76 and a 1 year high of $47.40. The business’s 50-day simple moving average is $45.03 and its 200 day simple moving average is $40.03. 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 (NYSE:IP) last announced its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.14. International Paper had a return on equity of 7.28% and a net margin of 2.34%. The business had revenue of $4.73 billion during the quarter, compared to the consensus estimate of $4.78 billion. During the same period in the previous year, the company posted $0.59 earnings per share. The business’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, analysts forecast that International Paper will post 1.64 earnings per share for the current fiscal year.

International Paper Announces Dividend

The company also recently announced 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. This represents a $1.85 annualized dividend and a yield of 4.17%. The ex-dividend date is Thursday, August 15th. International Paper’s payout ratio is 377.55%.

Analyst Ratings Changes

Several brokerages have issued reports on IP. Jefferies Financial Group raised International Paper from a “hold” rating to a “buy” rating and boosted their price target for the company from $38.00 to $57.00 in a research note on Thursday, May 23rd. Stifel Nicolaus started coverage on shares of International Paper in a research note on Tuesday, July 9th. They set a “hold” rating and a $48.70 target price on the stock. Truist Financial raised their price target on shares of International Paper from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, July 16th. Royal Bank of Canada increased their price objective on shares of International Paper from $52.00 to $56.00 and gave the stock an “outperform” rating in a research report on Thursday, July 25th. Finally, Wells Fargo & Company increased their target price on International Paper from $43.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, July 25th. Four equities research analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $49.96.

International Paper Company 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.