Prudential Financial Inc. Sells 23,440 Shares of International Paper (NYSE:IP)

Prudential Financial Inc. trimmed its position in shares of International Paper (NYSE:IP) by 10.9% during the 4th quarter, Holdings Channel reports. The firm owned 191,610 shares of the basic materials company’s stock after selling 23,440 shares during the period. Prudential Financial Inc.’s holdings in International Paper were worth $10,312,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Brooklyn Investment Group bought a new stake in International Paper during the third quarter valued at about $25,000. Sierra Ocean LLC purchased a new stake in shares of International Paper during the fourth quarter worth about $26,000. Centricity Wealth Management LLC bought a new stake in International Paper during the 4th quarter valued at approximately $26,000. Legacy Investment Solutions LLC purchased a new position in International Paper in the 3rd quarter worth approximately $28,000. Finally, Picton Mahoney Asset Management boosted its stake 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 purchasing an additional 215 shares during the period. Hedge funds and other institutional investors own 81.95% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on IP shares. Citigroup started coverage on shares of International Paper in a research report on Wednesday, March 5th. They set a “buy” rating and a $60.00 price objective on the stock. Bank of America began coverage on shares of International Paper in a research note on Thursday, February 13th. They issued a “neutral” rating on the stock. Royal Bank of Canada restated an “outperform” rating and set a $64.00 price objective on shares of International Paper in a research report on Wednesday. Truist Financial reaffirmed a “buy” rating and issued a $64.00 target price (down from $65.00) on shares of International Paper in a report on Friday, January 31st. Finally, JPMorgan Chase & Co. began coverage on International Paper in a research note on Thursday, March 20th. They set an “overweight” rating and a $59.00 price target for the company. One analyst has rated the stock with a sell rating, four have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, International Paper currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.32.

International Paper Price Performance

Shares of International Paper stock opened at $53.23 on Friday. The stock has a market cap of $28.01 billion, a price-to-earnings ratio of 33.90, a price-to-earnings-growth ratio of 0.39 and a beta of 1.02. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.08 and a current ratio of 1.49. The stock has a 50 day moving average price of $54.86 and a 200-day moving average price of $53.67. International Paper has a one year low of $33.16 and a one year high of $60.36.

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

International Paper Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, February 24th were given a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a yield of 3.48%. The ex-dividend date was Monday, February 24th. International Paper’s dividend payout ratio (DPR) is currently 117.83%.

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.