Allspring Global Investments Holdings LLC Sells 4,207 Shares of International Paper (NYSE:IP)

Allspring Global Investments Holdings LLC trimmed its holdings in shares of International Paper (NYSE:IP) by 13.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 27,364 shares of the basic materials company’s stock after selling 4,207 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in International Paper were worth $989,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of IP. Manchester Capital Management LLC bought a new position in International Paper in the 3rd quarter valued at about $25,000. CVA Family Office LLC bought a new position in International Paper in the 4th quarter valued at about $27,000. Venturi Wealth Management LLC increased its holdings in International Paper by 2,281.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 786 shares of the basic materials company’s stock valued at $28,000 after buying an additional 753 shares during the period. Princeton Global Asset Management LLC acquired a new stake in shares of International Paper in the 4th quarter valued at approximately $36,000. Finally, First Command Advisory Services Inc. acquired a new stake in shares of International Paper in the 3rd quarter valued at approximately $39,000. 81.95% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on IP shares. Citigroup upgraded shares of International Paper from a “neutral” rating to a “buy” rating and raised their price target for the company from $36.00 to $46.00 in a research note on Wednesday, March 20th. Truist Financial restated a “buy” rating and issued a $40.00 price target on shares of International Paper in a research note on Wednesday, April 17th. Bank of America upgraded shares of International Paper from an “underperform” rating to a “buy” rating and raised their price target for the company from $37.00 to $42.00 in a research note on Monday, March 4th. Argus downgraded shares of International Paper from a “buy” rating to a “hold” rating in a research note on Monday, February 26th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $43.00 price target on shares of International Paper in a research note on Friday, February 2nd. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, International Paper currently has an average rating of “Hold” and a consensus price target of $37.13.

International Paper Stock Down 1.0 %

NYSE:IP opened at $34.41 on Wednesday. The firm’s 50 day simple moving average is $36.72 and its 200 day simple moving average is $35.84. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.67 and a quick ratio of 1.19. International Paper has a one year low of $29.00 and a one year high of $41.28. The company has a market cap of $11.95 billion, a PE ratio of 41.96 and a beta of 0.99.

International Paper (NYSE:IP) last issued its quarterly earnings results on Thursday, February 1st. The basic materials company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.07. The firm had revenue of $4.60 billion for the quarter, compared to the consensus estimate of $4.67 billion. International Paper had a net margin of 1.52% and a return on equity of 8.87%. The company’s revenue for the quarter was down 10.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.87 EPS. On average, research analysts anticipate that International Paper will post 1.91 earnings per share for the current year.

Insider Transactions at International Paper

In other news, SVP James P. Jr. Royalty sold 5,800 shares of the business’s stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $34.75, for a total value of $201,550.00. Following the transaction, the senior vice president now owns 69,488 shares in the company, valued at approximately $2,414,708. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders have sold 8,800 shares of company stock worth $310,438. Company insiders own 0.55% of the company’s stock.

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.