Assenagon Asset Management S.A. Acquires 188,357 Shares of International Paper Company $IP

Assenagon Asset Management S.A. lifted its holdings in International Paper Company (NYSE:IP) by 764.4% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 212,999 shares of the basic materials company’s stock after purchasing an additional 188,357 shares during the period. Assenagon Asset Management S.A.’s holdings in International Paper were worth $8,390,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Migdal Insurance & Financial Holdings Ltd. bought a new position in International Paper in the 2nd quarter valued at $33,000. Elevation Point Wealth Partners LLC purchased a new stake in International Paper in the second quarter worth $35,000. Kelleher Financial Advisors bought a new stake in shares of International Paper during the third quarter worth $36,000. CYBER HORNET ETFs LLC purchased a new stake in shares of International Paper during the second quarter valued at $43,000. Finally, City Holding Co. purchased a new stake in shares of International Paper during the third quarter valued at $46,000. 81.95% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other International Paper news, CEO Andrew K. Silvernail bought 50,000 shares of the company’s stock in a transaction that occurred on Friday, January 30th. The shares were purchased at an average cost of $39.98 per share, for a total transaction of $1,999,000.00. Following the purchase, the chief executive officer directly owned 50,000 shares in the company, valued at $1,999,000. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Anders Gustafsson bought 13,217 shares of International Paper stock in a transaction that occurred on Thursday, March 12th. The shares were acquired at an average cost of $37.83 per share, for a total transaction of $499,999.11. Following the completion of the transaction, the director directly owned 26,092 shares in the company, valued at $987,060.36. This represents a 102.66% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have bought 76,092 shares of company stock worth $2,999,064. Insiders own 0.35% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on IP shares. Royal Bank Of Canada reduced their price target on shares of International Paper from $55.00 to $54.00 and set an “outperform” rating on the stock in a research note on Friday, January 30th. Wells Fargo & Company dropped their target price on shares of International Paper from $40.00 to $38.00 and set an “equal weight” rating on the stock in a research note on Friday, March 20th. Jefferies Financial Group raised their target price on shares of International Paper from $47.00 to $48.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Citigroup lifted their price target on shares of International Paper from $46.00 to $47.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Finally, Truist Financial set a $48.00 price target on International Paper in a report on Thursday, February 26th. Eight analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $48.06.

International Paper Stock Down 1.9%

Shares of International Paper stock opened at $35.46 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.28 and a debt-to-equity ratio of 0.60. The company has a market cap of $18.78 billion, a P/E ratio of -5.29 and a beta of 1.09. The firm’s 50 day moving average price is $41.91 and its 200-day moving average price is $41.96. International Paper Company has a 52-week low of $33.57 and a 52-week high of $56.13.

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

International Paper Profile

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.