State of Alaska Department of Revenue Trims Stock Holdings in International Paper (NYSE:IP)

State of Alaska Department of Revenue reduced its position in shares of International Paper (NYSE:IP) by 36.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 39,638 shares of the basic materials company’s stock after selling 23,140 shares during the period. State of Alaska Department of Revenue’s holdings in International Paper were worth $2,133,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in IP. Brooklyn Investment Group purchased a new position in shares of International Paper during the 3rd quarter valued at $25,000. Ashton Thomas Securities LLC bought a new stake in shares of International Paper during the 3rd quarter worth $28,000. Legacy Investment Solutions LLC bought a new stake in shares of International Paper during the 3rd quarter worth $28,000. Versant Capital Management Inc lifted its holdings in shares of International Paper by 313.3% during the 4th quarter. Versant Capital Management Inc now owns 591 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 448 shares during the last quarter. Finally, City State Bank lifted its holdings in shares of International Paper by 107.7% during the 4th quarter. City State Bank now owns 675 shares of the basic materials company’s stock worth $36,000 after acquiring an additional 350 shares during the last quarter. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

IP has been the subject of a number of research analyst reports. BNP Paribas downgraded shares of International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 price objective for the company. in a report on Wednesday, November 13th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $64.00 price objective on shares of International Paper in a report on Friday, January 31st. Finally, Truist Financial reaffirmed a “buy” rating and set a $64.00 price objective (down from $65.00) on shares of International Paper in a report on Friday, January 31st. 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 given a strong buy rating to the company’s stock. According to data from MarketBeat, International Paper currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.88.

International Paper Price Performance

IP stock opened at $54.75 on Tuesday. The firm’s 50-day moving average price is $55.68 and its two-hundred day moving average price is $52.03. International Paper has a 12-month low of $33.16 and a 12-month high of $60.36. The stock has a market capitalization of $19.02 billion, a price-to-earnings ratio of 34.87 and a beta of 1.02. The company has a current ratio of 1.49, a quick ratio of 1.08 and a debt-to-equity ratio of 0.66.

International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share (EPS) 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 2.89 earnings per share for the current year.

International Paper Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, February 24th will be given a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a dividend yield of 3.38%. The ex-dividend date of this dividend is Monday, February 24th. International Paper’s dividend payout ratio is currently 117.84%.

Insider Activity at International Paper

In other International Paper news, Director Kathryn D. Sullivan sold 600 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $56.19, for a total value of $33,714.00. Following the sale, the director now owns 37,745 shares in the company, valued at approximately $2,120,891.55. This represents a 1.56 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.55% of the stock is owned by corporate insiders.

International Paper Company 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.