OneAscent Financial Services LLC Makes New Investment in International Paper (NYSE:IP)

OneAscent Financial Services LLC purchased a new stake in shares of International Paper (NYSE:IP) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 5,973 shares of the basic materials company’s stock, valued at approximately $292,000.

A number of other hedge funds have also recently modified their holdings of IP. Aptus Capital Advisors LLC lifted its stake in shares of International Paper by 15.1% in the 3rd quarter. Aptus Capital Advisors LLC now owns 5,972 shares of the basic materials company’s stock valued at $292,000 after purchasing an additional 785 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. raised its holdings in International Paper by 5.5% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 937,324 shares of the basic materials company’s stock valued at $45,788,000 after buying an additional 49,125 shares during the period. Curi RMB Capital LLC acquired a new position in International Paper in the third quarter valued at about $4,870,000. Diamond Hill Capital Management Inc. boosted its stake in International Paper by 125.1% during the third quarter. Diamond Hill Capital Management Inc. now owns 4,235,846 shares of the basic materials company’s stock worth $206,921,000 after buying an additional 2,354,341 shares during the period. Finally, Raymond James & Associates increased its position in shares of International Paper by 29.6% during the third quarter. Raymond James & Associates now owns 321,468 shares of the basic materials company’s stock valued at $15,704,000 after acquiring an additional 73,367 shares during the last quarter. Hedge funds and other institutional investors own 81.95% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Truist Financial reaffirmed a “buy” rating and set a $61.00 price objective (up previously from $57.00) on shares of International Paper in a research report on Friday, November 1st. Royal Bank of Canada lifted their price objective on International Paper from $56.00 to $64.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. BNP Paribas downgraded International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 price objective on the stock. in a report on Wednesday, November 13th. Argus upgraded International Paper from a “hold” rating to a “buy” rating and set a $52.00 target price for the company in a report on Wednesday, August 14th. Finally, Wells Fargo & Company boosted their price target on shares of International Paper from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $51.54.

International Paper Trading Up 0.2 %

NYSE IP opened at $57.84 on Wednesday. International Paper has a 52 week low of $31.76 and a 52 week high of $59.52. The firm has a 50 day moving average of $50.78 and a two-hundred day moving average of $46.96. The company has a quick ratio of 1.11, a current ratio of 1.53 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $20.09 billion, a PE ratio of 49.44 and a beta of 1.02.

International Paper (NYSE:IP) last issued its earnings results on Thursday, October 31st. The basic materials company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.20. International Paper had a net margin of 2.25% and a return on equity of 6.49%. The firm had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter in the previous year, the firm posted $0.64 earnings per share. The company’s revenue was up 1.6% compared to the same quarter last year. As a group, research analysts expect that International Paper will post 1.29 EPS for the current fiscal year.

International Paper Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 15th will be given a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a dividend yield of 3.20%. The ex-dividend date is Friday, November 15th. International Paper’s dividend payout ratio (DPR) is presently 158.12%.

Insider Buying and Selling

In related news, Director Kathryn D. Sullivan sold 600 shares of International Paper stock in a transaction on Friday, November 15th. The shares were sold at an average price of $56.19, for a total transaction of $33,714.00. Following the sale, the director now directly owns 37,745 shares in the company, valued at $2,120,891.55. This trade represents a 1.56 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Clay R. Ellis sold 9,000 shares of the company’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $48.83, for a total transaction of $439,470.00. Following the completion of the transaction, the senior vice president now owns 49,832 shares of the company’s stock, valued at $2,433,296.56. This represents a 15.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,440 shares of company stock worth $944,540 over the last 90 days. 0.55% of the stock is owned by 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.