Gries Financial LLC Decreases Stake in International Paper (NYSE:IP)

Gries Financial LLC lessened its stake in shares of International Paper (NYSE:IP) by 8.3% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 3,787 shares of the basic materials company’s stock after selling 344 shares during the period. Gries Financial LLC’s holdings in International Paper were worth $204,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Lord Abbett & CO. LLC acquired a new position in shares of International Paper in the 3rd quarter valued at $24,327,000. Aptus Capital Advisors LLC grew its stake in International Paper by 15.1% during the 3rd quarter. Aptus Capital Advisors LLC now owns 5,972 shares of the basic materials company’s stock valued at $292,000 after purchasing an additional 785 shares during the last quarter. Wedmont Private Capital acquired a new position in shares of International Paper in the fourth quarter valued at about $376,000. Curi RMB Capital LLC acquired a new stake in shares of International Paper during the third quarter worth about $4,870,000. Finally, Sumitomo Mitsui Trust Group Inc. lifted its holdings in shares of International Paper by 5.5% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 937,324 shares of the basic materials company’s stock worth $45,788,000 after purchasing an additional 49,125 shares during the period. Institutional investors and hedge funds own 81.95% of the company’s stock.

Insider Buying and Selling

In other news, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The stock was sold at an average price of $58.39, for a total value of $35,034.00. Following the transaction, the director now owns 37,145 shares in the company, valued at $2,168,896.55. This trade represents a 1.59 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.55% of the company’s stock.

International Paper Stock Performance

NYSE IP opened at $57.15 on Friday. The stock has a market capitalization of $19.85 billion, a price-to-earnings ratio of 48.85 and a beta of 1.03. The stock has a 50-day moving average of $56.17 and a 200 day moving average of $51.51. The company has a current ratio of 1.53, a quick ratio of 1.11 and a debt-to-equity ratio of 0.62. International Paper has a twelve month low of $32.70 and a twelve month high of $60.36.

International Paper (NYSE:IP) last announced its earnings results on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). International Paper had a net margin of 2.25% and a return on equity of 6.49%. Sell-side analysts anticipate that International Paper will post 1.18 EPS for the current fiscal year.

International Paper Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, February 24th will be paid a dividend of $0.4625 per share. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.24%. International Paper’s dividend payout ratio is currently 158.12%.

Analyst Ratings Changes

Several brokerages have commented on IP. Truist Financial lifted their price objective on shares of International Paper from $61.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, January 6th. BNP Paribas downgraded shares of International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 target price for the company. in a research report on Wednesday, November 13th. Finally, Royal Bank of Canada lifted their price objective on International Paper from $56.00 to $64.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. One research analyst has rated the stock with a sell rating, two have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $51.99.

International Paper Profile

International Paper Company produces and sells renewable fiber-based packaging and pulp products in North America, Latin America, Europe, and North Africa. It operates through two segments, Industrial Packaging and Global Cellulose Fibers. The company offers linerboard, medium, whitetop, recycled linerboard, recycled medium and saturating kraft; and pulp for a range of applications, such as diapers, towel and tissue products, feminine care, incontinence, and other personal care products, as well as specialty pulps for use in textiles, construction materials, paints, coatings, and others.