Independence Bank of Kentucky Sells 1,511 Shares of International Paper (NYSE:IP)

Independence Bank of Kentucky lessened its holdings in shares of International Paper (NYSE:IP) by 47.4% in the first quarter, HoldingsChannel.com reports. The firm owned 1,675 shares of the basic materials company’s stock after selling 1,511 shares during the period. Independence Bank of Kentucky’s holdings in International Paper were worth $65,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Franklin Resources Inc. increased its stake in International Paper by 61.5% during the 4th quarter. Franklin Resources Inc. now owns 13,030,839 shares of the basic materials company’s stock valued at $471,065,000 after purchasing an additional 4,960,005 shares in the last quarter. Greenhaven Associates Inc. grew its stake in shares of International Paper by 0.3% in the 4th quarter. Greenhaven Associates Inc. now owns 9,835,395 shares of the basic materials company’s stock worth $355,550,000 after acquiring an additional 25,640 shares in the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of International Paper by 0.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 8,847,682 shares of the basic materials company’s stock worth $319,844,000 after acquiring an additional 35,930 shares in the last quarter. AQR Capital Management LLC grew its stake in shares of International Paper by 35.6% in the 3rd quarter. AQR Capital Management LLC now owns 2,961,232 shares of the basic materials company’s stock worth $105,035,000 after acquiring an additional 777,273 shares in the last quarter. Finally, Norges Bank bought a new stake in shares of International Paper in the 4th quarter worth $94,913,000. Institutional investors own 81.95% of the company’s stock.

International Paper Price Performance

Shares of IP traded down $0.10 during midday trading on Friday, hitting $43.15. 11,239,874 shares of the company traded hands, compared to its average volume of 5,787,934. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.68 and a quick ratio of 1.22. The stock has a 50-day moving average of $41.76 and a 200-day moving average of $38.37. The firm has a market cap of $14.99 billion, a P/E ratio of 88.10 and a beta of 1.06. International Paper has a one year low of $30.78 and a one year high of $47.40.

International Paper (NYSE:IP) last posted its quarterly earnings data on Thursday, April 25th. The basic materials company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.06). The company had revenue of $4.62 billion during the quarter, compared to the consensus estimate of $4.56 billion. International Paper had a return on equity of 7.45% and a net margin of 0.93%. The firm’s revenue for the quarter was down 8.0% on a year-over-year basis. During the same quarter last year, the company posted $0.53 earnings per share. As a group, sell-side analysts predict that International Paper will post 1.85 EPS for the current fiscal year.

International Paper Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 24th. Shareholders of record on Friday, May 24th were given a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a yield of 4.29%. The ex-dividend date of this dividend was Thursday, May 23rd. International Paper’s payout ratio is currently 377.55%.

Wall Street Analysts Forecast Growth

IP has been the subject of several recent analyst reports. Bank of America upgraded shares of International Paper from an “underperform” rating to a “buy” rating and upped their target price for the stock from $37.00 to $42.00 in a research note on Monday, March 4th. Truist Financial reiterated a “buy” rating and issued a $52.00 target price on shares of International Paper in a research note on Thursday. Wells Fargo & Company boosted their price target on shares of International Paper from $37.00 to $41.00 and gave the stock an “equal weight” rating in a report on Thursday, May 30th. Citigroup raised shares of International Paper from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $36.00 to $46.00 in a report on Wednesday, March 20th. Finally, Jefferies Financial Group raised shares of International Paper from a “hold” rating to a “buy” rating and boosted their price target for the stock from $38.00 to $57.00 in a report on Thursday, May 23rd. Four investment analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $44.71.

Insider Buying and Selling at International Paper

In other news, Director Kathryn D. Sullivan sold 600 shares of the stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $44.58, for a total transaction of $26,748.00. Following the completion of the sale, the director now owns 45,479 shares of the company’s stock, valued at $2,027,453.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders have sold 3,600 shares of company stock worth $144,744 over the last ninety days. Insiders own 0.55% of the company’s stock.

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.