International Paper Co (NYSE:IP) was the target of a significant drop in short interest in May. As of May 15th, there was short interest totalling 9,370,000 shares, a drop of 8.4% from the April 30th total of 10,230,000 shares. Based on an average trading volume of 3,860,000 shares, the days-to-cover ratio is presently 2.4 days. Approximately 2.4% of the shares of the stock are short sold.
In related news, VP Vincent P. Bonnot acquired 656 shares of International Paper stock in a transaction that occurred on Tuesday, February 25th. The shares were purchased at an average price of $40.42 per share, for a total transaction of $26,515.52. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP William Thomas Hamic sold 4,000 shares of International Paper stock in a transaction that occurred on Wednesday, March 18th. The stock was sold at an average price of $32.41, for a total value of $129,640.00. The disclosure for this sale can be found here. Company insiders own 0.37% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of IP. Evoke Wealth LLC grew its stake in shares of International Paper by 158.7% in the first quarter. Evoke Wealth LLC now owns 807 shares of the basic materials company’s stock valued at $25,000 after buying an additional 495 shares in the last quarter. Citizens Financial Group Inc RI boosted its holdings in International Paper by 207.1% in the first quarter. Citizens Financial Group Inc RI now owns 823 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 555 shares during the period. Balentine LLC purchased a new position in International Paper in the first quarter valued at $28,000. Ancora Advisors LLC purchased a new position in International Paper in the fourth quarter valued at $29,000. Finally, Orion Portfolio Solutions LLC purchased a new position in International Paper in the fourth quarter valued at $35,000. 82.10% of the stock is owned by institutional investors and hedge funds.
IP has been the topic of a number of analyst reports. Credit Suisse Group initiated coverage on International Paper in a research report on Friday, February 14th. They set a “neutral” rating and a $48.00 price objective on the stock. Wells Fargo & Co lifted their price objective on International Paper from $32.00 to $34.00 and gave the stock an “equal weight” rating in a research report on Friday, May 1st. Cfra reduced their price objective on International Paper from $45.00 to $36.00 and set a “hold” rating on the stock in a research report on Friday, May 1st. ValuEngine downgraded International Paper from a “hold” rating to a “sell” rating in a research report on Friday, May 1st. Finally, KeyCorp cut their target price on International Paper from $38.00 to $29.00 and set an “underweight” rating for the company in a research note on Thursday, April 9th. They noted that the move was a valuation call. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $42.83.
Shares of NYSE IP traded down $0.29 during trading on Friday, reaching $32.64. The stock had a trading volume of 2,981,803 shares, compared to its average volume of 3,265,539. International Paper has a fifty-two week low of $26.38 and a fifty-two week high of $47.64. The company has a debt-to-equity ratio of 1.44, a quick ratio of 0.56 and a current ratio of 0.77. The business’s 50-day moving average price is $32.31 and its 200-day moving average price is $39.68. The company has a market cap of $12.94 billion, a P/E ratio of 19.66 and a beta of 1.35.
International Paper (NYSE:IP) last issued its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.57 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.42 by $0.15. International Paper had a return on equity of 20.98% and a net margin of 2.99%. The business had revenue of $5.35 billion during the quarter, compared to analysts’ expectations of $5.32 billion. During the same period in the previous year, the firm posted $1.11 earnings per share. The company’s revenue was down 5.2% on a year-over-year basis. Analysts forecast that International Paper will post 2.1 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Wednesday, May 27th will be paid a $0.5125 dividend. The ex-dividend date of this dividend is Tuesday, May 26th. This represents a $2.05 dividend on an annualized basis and a dividend yield of 6.28%. International Paper’s payout ratio is presently 46.28%.
International Paper Company Profile
International Paper Co engages in the manufacture of paper and packaging products. It operates through the following segments: Industrial Packaging, Global Cellulose Fibers, and Printing Papers. The Industrial Packaging segment involves in the manufacturing of containerboards, which include linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft.
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