International Paper (NYSE:IP) Shares Sold by Meyer Handelman Co.

Meyer Handelman Co. reduced its stake in shares of International Paper (NYSE:IP) by 6.0% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 186,094 shares of the basic materials company’s stock after selling 11,790 shares during the period. Meyer Handelman Co. owned approximately 0.05% of International Paper worth $8,030,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in IP. MCF Advisors LLC raised its stake in shares of International Paper by 1,094.7% during the 1st quarter. MCF Advisors LLC now owns 681 shares of the basic materials company’s stock worth $27,000 after buying an additional 624 shares during the period. Jones Financial Companies Lllp boosted its stake in shares of International Paper by 208.3% in the fourth quarter. Jones Financial Companies Lllp now owns 703 shares of the basic materials company’s stock worth $25,000 after acquiring an additional 475 shares during the last quarter. Crewe Advisors LLC purchased a new stake in shares of International Paper during the first quarter worth approximately $29,000. Assetmark Inc. raised its stake in International Paper by 309.0% in the 4th quarter. Assetmark Inc. now owns 859 shares of the basic materials company’s stock valued at $31,000 after purchasing an additional 649 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in International Paper in the 2nd quarter valued at $37,000. 81.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Seaport Res Ptn upgraded International Paper from a “hold” rating to a “strong-buy” rating in a report on Friday, June 28th. Stifel Nicolaus started coverage on International Paper in a research report on Tuesday, July 9th. They set a “hold” rating and a $48.70 price objective for the company. Wells Fargo & Company increased their price objective on shares of International Paper from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 25th. Jefferies Financial Group raised International Paper from a “hold” rating to a “buy” rating and increased their target price for the stock from $38.00 to $57.00 in a research note on Thursday, May 23rd. Finally, Truist Financial lifted their target price on International Paper from $52.00 to $55.00 and gave the company a “buy” rating in a research report on Tuesday, July 16th. Four investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, International Paper has a consensus rating of “Moderate Buy” and a consensus price target of $49.96.

Insiders Place Their Bets

In other news, Director Kathryn D. Sullivan sold 600 shares of the stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $45.11, for a total value of $27,066.00. Following the completion of the transaction, the director now owns 43,402 shares in the company, valued at approximately $1,957,864.22. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Over the last quarter, insiders sold 3,600 shares of company stock worth $157,386. 0.55% of the stock is owned by corporate insiders.

International Paper Stock Performance

Shares of NYSE IP traded up $0.72 during trading hours on Tuesday, reaching $45.23. The stock had a trading volume of 3,211,834 shares, compared to its average volume of 5,706,758. The firm has a 50-day moving average of $45.03 and a 200-day moving average of $40.19. The firm has a market cap of $15.71 billion, a price-to-earnings ratio of 92.31 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 fifty-two week low of $31.76 and a fifty-two week high of $47.40.

International Paper (NYSE:IP) last announced its earnings results on Wednesday, July 24th. The basic materials company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.14. International Paper had a net margin of 2.34% and a return on equity of 7.28%. The business had revenue of $4.73 billion for the quarter, compared to analysts’ expectations of $4.78 billion. During the same period in the previous year, the company posted $0.59 EPS. The company’s quarterly revenue was up 1.1% on a year-over-year basis. Equities research analysts predict that International Paper will post 1.64 earnings per share for the current year.

International Paper Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Thursday, August 15th will be issued a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a yield of 4.09%. The ex-dividend date is Thursday, August 15th. International Paper’s dividend payout ratio is presently 377.55%.

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.