International Paper (NYSE:IP) Downgraded to Neutral Rating by Bank of America

Bank of America downgraded shares of International Paper (NYSE:IP) from a buy rating to a neutral rating in a report released on Tuesday, MarketBeat Ratings reports. They currently have $41.00 target price on the basic materials company’s stock.

Several other equities analysts have also weighed in on the company. JPMorgan Chase & Co. increased their target price on International Paper from $43.00 to $51.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Zacks Research cut International Paper from a “hold” rating to a “strong sell” rating in a research note on Thursday, April 23rd. Truist Financial cut their price target on shares of International Paper from $48.00 to $44.00 and set a “buy” rating on the stock in a research report on Wednesday, April 15th. Citigroup boosted their price objective on shares of International Paper from $36.00 to $43.00 and gave the company a “buy” rating in a report on Thursday, July 9th. Finally, Royal Bank Of Canada lowered their target price on shares of International Paper from $48.00 to $45.00 and set an “outperform” rating for the company in a research note on Friday, May 1st. Eight research analysts have rated the stock with a Buy rating, four have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $43.89.

International Paper Stock Performance

Shares of IP opened at $36.51 on Tuesday. The company’s fifty day moving average is $34.79 and its 200-day moving average is $38.08. International Paper has a 12 month low of $29.26 and a 12 month high of $56.13. The firm has a market cap of $19.33 billion, a price-to-earnings ratio of -5.74 and a beta of 0.94. The company has a quick ratio of 0.94, a current ratio of 1.21 and a debt-to-equity ratio of 0.55.

International Paper (NYSE:IP) last posted its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.03). International Paper had a negative return on equity of 0.49% and a negative net margin of 13.42%.The company had revenue of $5.97 billion during the quarter, compared to analyst estimates of $6.02 billion. During the same quarter in the prior year, the business earned $0.17 earnings per share. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. Equities analysts expect that International Paper will post 1.38 EPS for the current fiscal year.

International Paper Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Shareholders of record on Friday, May 22nd were given a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a yield of 5.1%. The ex-dividend date of this dividend was Friday, May 22nd. International Paper’s payout ratio is -29.09%.

Insider Buying and Selling at International Paper

In other news, Director Scott Tozier bought 10,000 shares of the stock in a transaction dated Friday, May 1st. The shares were bought at an average price of $31.30 per share, for a total transaction of $313,000.00. Following the completion of the purchase, the director owned 10,025 shares in the company, valued at approximately $313,782.50. This trade represents a 40,000.00% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.21% of the stock is owned by insiders.

Hedge Funds Weigh In On International Paper

Institutional investors and hedge funds have recently modified their holdings of the business. McIlrath & Eck LLC grew its position in International Paper by 452.6% during the fourth quarter. McIlrath & Eck LLC now owns 641 shares of the basic materials company’s stock worth $25,000 after buying an additional 525 shares in the last quarter. MV Capital Management Inc. bought a new stake in shares of International Paper during the 4th quarter valued at $25,000. Sound Income Strategies LLC lifted its position in shares of International Paper by 94.0% during the 4th quarter. Sound Income Strategies LLC now owns 710 shares of the basic materials company’s stock valued at $31,000 after acquiring an additional 344 shares during the period. DV Equities LLC acquired a new stake in shares of International Paper during the 4th quarter worth $29,000. Finally, Ascentis Independent Advisors bought a new position in shares of International Paper in the first quarter worth $28,000. 81.95% of the stock is currently owned by institutional investors and hedge funds.

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.