Zurcher Kantonalbank Zurich Cantonalbank Buys 249,804 Shares of International Paper (NYSE:IP)

Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in International Paper (NYSE:IP) by 97.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 506,153 shares of the basic materials company’s stock after purchasing an additional 249,804 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.15% of International Paper worth $18,297,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Mackenzie Financial Corp boosted its position in shares of International Paper by 263.1% during the 4th quarter. Mackenzie Financial Corp now owns 114,824 shares of the basic materials company’s stock valued at $4,151,000 after acquiring an additional 83,203 shares during the last quarter. Louisiana State Employees Retirement System bought a new stake in shares of International Paper during the 4th quarter valued at about $756,000. Sapient Capital LLC bought a new stake in shares of International Paper during the 4th quarter valued at about $1,461,000. Cerity Partners LLC boosted its position in shares of International Paper by 1,323.6% during the 4th quarter. Cerity Partners LLC now owns 172,005 shares of the basic materials company’s stock valued at $6,218,000 after acquiring an additional 159,923 shares during the last quarter. Finally, Sequoia Financial Advisors LLC bought a new stake in shares of International Paper during the 4th quarter valued at about $310,000. Institutional investors own 81.95% of the company’s stock.

Wall Street Analyst Weigh In

IP has been the subject of a number of research analyst reports. Citigroup upgraded International Paper from a “neutral” rating to a “buy” rating and lifted their price target for the company from $36.00 to $46.00 in a research report on Wednesday, March 20th. Argus cut International Paper from a “buy” rating to a “hold” rating in a report on Monday, February 26th. Bank of America raised International Paper from an “underperform” rating to a “buy” rating and raised their price objective for the company from $37.00 to $42.00 in a report on Monday, March 4th. StockNews.com cut International Paper from a “buy” rating to a “hold” rating in a report on Sunday, January 14th. Finally, Truist Financial reissued a “buy” rating and set a $40.00 price objective on shares of International Paper in a report on Wednesday. Five analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, International Paper presently has a consensus rating of “Hold” and an average target price of $37.13.

Insiders Place Their Bets

In other International Paper news, SVP James P. Jr. Royalty sold 5,800 shares of International Paper stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $34.75, for a total value of $201,550.00. Following the transaction, the senior vice president now directly owns 69,488 shares of the company’s stock, valued at approximately $2,414,708. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 8,800 shares of company stock valued at $310,438 in the last ninety days. Company insiders own 0.55% of the company’s stock.

International Paper Price Performance

Shares of International Paper stock opened at $35.26 on Friday. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.67 and a quick ratio of 1.19. The business’s 50 day simple moving average is $36.73 and its two-hundred day simple moving average is $35.83. The stock has a market capitalization of $12.25 billion, a P/E ratio of 43.00 and a beta of 0.99. International Paper has a one year low of $29.00 and a one year high of $41.28.

International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, February 1st. The basic materials company reported $0.41 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.07. The business had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.67 billion. International Paper had a return on equity of 8.87% and a net margin of 1.52%. The business’s quarterly revenue was down 10.4% on a year-over-year basis. During the same period in the previous year, the firm earned $0.87 EPS. Analysts forecast that International Paper will post 1.88 EPS for the current year.

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.