Raymond James Financial Inc. Buys Shares of 395,895 International Paper (NYSE:IP)

Raymond James Financial Inc. bought a new stake in shares of International Paper (NYSE:IP) during the 4th quarter, Holdings Channel reports. The firm bought 395,895 shares of the basic materials company’s stock, valued at approximately $21,307,000.

Several other hedge funds have also recently added to or reduced their stakes in the business. FMR LLC raised its stake in International Paper by 88.4% during the 3rd quarter. FMR LLC now owns 17,839,237 shares of the basic materials company’s stock valued at $871,447,000 after acquiring an additional 8,370,273 shares in the last quarter. Geode Capital Management LLC raised its stake in International Paper by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 8,368,401 shares of the basic materials company’s stock valued at $407,463,000 after acquiring an additional 99,720 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in International Paper by 0.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,579,679 shares of the basic materials company’s stock valued at $174,867,000 after acquiring an additional 9,774 shares in the last quarter. Massachusetts Financial Services Co. MA raised its stake in International Paper by 19.5% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 3,295,926 shares of the basic materials company’s stock valued at $161,006,000 after acquiring an additional 537,825 shares in the last quarter. Finally, Point72 Asset Management L.P. raised its stake in International Paper by 511.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,970,432 shares of the basic materials company’s stock valued at $145,106,000 after acquiring an additional 2,484,386 shares in the last quarter. Institutional investors own 81.95% of the company’s stock.

International Paper Stock Performance

Shares of NYSE IP opened at $51.44 on Monday. The company has a quick ratio of 1.08, a current ratio of 1.49 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $27.06 billion, a price-to-earnings ratio of 32.76, a PEG ratio of 0.39 and a beta of 1.02. The stock’s fifty day simple moving average is $55.18 and its 200 day simple moving average is $53.36. International Paper has a 52-week low of $33.16 and a 52-week high of $60.36.

International Paper (NYSE:IP) last issued its earnings results on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). International Paper had a return on equity of 4.75% and a net margin of 2.99%. As a group, sell-side analysts forecast that International Paper will post 2.77 earnings per share for the current fiscal year.

International Paper Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, February 24th will be issued a dividend of $0.4625 per share. The ex-dividend date of this dividend is Monday, February 24th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.60%. International Paper’s dividend payout ratio is 117.83%.

Analysts Set New Price Targets

IP has been the topic of several recent analyst reports. Citigroup began coverage on International Paper in a research note on Wednesday, March 5th. They set a “buy” rating and a $60.00 target price on the stock. Bank of America began coverage on International Paper in a research note on Thursday, February 13th. They issued a “neutral” rating on the stock. Truist Financial reissued a “buy” rating and issued a $64.00 price objective (down previously from $65.00) on shares of International Paper in a research note on Friday, January 31st. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $64.00 price objective on shares of International Paper in a research note on Friday, January 31st. One analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $54.86.

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.