Harvest Fund Management Co. Ltd Takes $726,000 Position in International Paper (NYSE:IP)

Harvest Fund Management Co. Ltd bought a new stake in shares of International Paper (NYSE:IP) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 13,497 shares of the basic materials company’s stock, valued at approximately $726,000.

Other institutional investors have also recently made changes to their positions in the company. Brooklyn Investment Group purchased a new position in shares of International Paper during the 3rd quarter valued at approximately $25,000. Sierra Ocean LLC purchased a new stake in International Paper in the 4th quarter worth $26,000. Centricity Wealth Management LLC purchased a new stake in International Paper in the 4th quarter worth $26,000. Legacy Investment Solutions LLC purchased a new stake in International Paper in the 3rd quarter worth $28,000. Finally, Picton Mahoney Asset Management increased its holdings in International Paper by 67.0% in the 4th quarter. Picton Mahoney Asset Management now owns 536 shares of the basic materials company’s stock worth $29,000 after acquiring an additional 215 shares in the last quarter. 81.95% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities research analysts recently commented on IP shares. Royal Bank of Canada reissued an “outperform” rating and issued a $64.00 price target on shares of International Paper in a report on Friday, January 31st. JPMorgan Chase & Co. initiated coverage on shares of International Paper in a report on Thursday. They issued an “overweight” rating and a $59.00 price target for the company. StockNews.com raised shares of International Paper from a “hold” rating to a “buy” rating in a research note on Thursday. Truist Financial reaffirmed a “buy” rating and set a $64.00 target price (down previously from $65.00) on shares of International Paper in a research note on Friday, January 31st. Finally, Bank of America initiated coverage on shares of International Paper in a research note on Thursday, February 13th. They set a “neutral” rating on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $55.32.

International Paper Trading Down 0.8 %

Shares of IP stock opened at $52.18 on Friday. The company’s 50-day moving average price is $55.02 and its 200-day moving average price is $53.40. The company has a current ratio of 1.49, a quick ratio of 1.08 and a debt-to-equity ratio of 0.66. The stock has a market cap of $27.45 billion, a price-to-earnings ratio of 33.24, a PEG ratio of 0.39 and a beta of 1.02. International Paper has a twelve month low of $33.16 and a twelve month high of $60.36.

International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.05). International Paper had a net margin of 2.99% and a return on equity of 4.75%. As a group, equities analysts predict that International Paper will post 2.77 earnings per share for the current year.

International Paper Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, February 24th were issued a $0.4625 dividend. The ex-dividend date was Monday, February 24th. This represents a $1.85 annualized dividend and a yield of 3.55%. International Paper’s dividend payout ratio (DPR) is currently 117.83%.

About International Paper

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.