Short Interest in International Paper Co (NYSE:IP) Declines By 8.4%

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.

Read More: What are the advantages to having securities held in street name?

Receive News & Ratings for International Paper Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for International Paper and related companies with MarketBeat.com's FREE daily email newsletter.



Leave a Reply