Independent Advisor Alliance Trims Position in International Paper Company $IP

Independent Advisor Alliance decreased its holdings in International Paper Company (NYSE:IP) by 66.2% in the third quarter, HoldingsChannel.com reports. The fund owned 7,506 shares of the basic materials company’s stock after selling 14,731 shares during the period. Independent Advisor Alliance’s holdings in International Paper were worth $348,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Bank of New York Mellon Corp boosted its holdings in International Paper by 9.3% in the second quarter. Bank of New York Mellon Corp now owns 18,737,896 shares of the basic materials company’s stock worth $877,496,000 after acquiring an additional 1,592,411 shares in the last quarter. AE Wealth Management LLC raised its position in shares of International Paper by 8.5% in the 3rd quarter. AE Wealth Management LLC now owns 332,310 shares of the basic materials company’s stock worth $15,419,000 after purchasing an additional 26,146 shares during the last quarter. Westfield Capital Management Co. LP boosted its stake in International Paper by 9.7% in the 2nd quarter. Westfield Capital Management Co. LP now owns 2,323,693 shares of the basic materials company’s stock worth $108,819,000 after purchasing an additional 205,888 shares in the last quarter. Norges Bank purchased a new stake in International Paper during the 2nd quarter valued at about $281,735,000. Finally, Whalen Wealth Management Inc. bought a new stake in International Paper during the 2nd quarter valued at about $604,000. 81.95% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other news, SVP Clay R. Ellis sold 18,819 shares of the company’s stock in a transaction on Tuesday, November 18th. The stock was sold at an average price of $36.85, for a total value of $693,480.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Andrew K. Silvernail bought 50,000 shares of the firm’s stock in a transaction that occurred on Friday, January 30th. The stock was bought at an average cost of $39.98 per share, for a total transaction of $1,999,000.00. Following the completion of the acquisition, the chief executive officer owned 50,000 shares in the company, valued at $1,999,000. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 0.35% of the stock is currently owned by corporate insiders.

International Paper Stock Down 0.8%

International Paper stock opened at $44.32 on Friday. International Paper Company has a one year low of $35.56 and a one year high of $57.55. The stock has a fifty day moving average of $40.56 and a 200 day moving average of $43.86. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.02 and a current ratio of 1.28. The stock has a market cap of $23.40 billion, a PE ratio of -6.61, a price-to-earnings-growth ratio of 0.54 and a beta of 1.11.

International Paper (NYSE:IP) last released its quarterly earnings results on Thursday, January 29th. The basic materials company reported ($0.08) EPS for the quarter, missing the consensus estimate of $0.28 by ($0.36). International Paper had a negative net margin of 14.12% and a negative return on equity of 0.35%. The business had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.90 billion. During the same period in the previous year, the company earned ($0.02) EPS. International Paper’s revenue for the quarter was up 53.1% compared to the same quarter last year. As a group, sell-side analysts predict that International Paper Company will post 2.77 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Citigroup increased their price target on shares of International Paper from $46.00 to $47.00 and gave the company a “buy” rating in a report on Friday, January 30th. Wells Fargo & Company upgraded International Paper from an “underweight” rating to an “equal weight” rating and increased their target price for the company from $36.00 to $40.00 in a research note on Friday, January 30th. JPMorgan Chase & Co. boosted their price target on International Paper from $45.00 to $48.00 and gave the stock a “neutral” rating in a research note on Friday, January 30th. Truist Financial dropped their price objective on International Paper from $50.00 to $48.00 and set a “buy” rating on the stock in a research report on Friday, January 30th. Finally, BNP Paribas Exane upgraded International Paper from a “strong sell” rating to an “outperform” rating and set a $44.00 price objective for the company in a report on Monday, November 24th. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $48.89.

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.