Envestnet Portfolio Solutions Inc. Sells 1,565 Shares of International Paper (NYSE:IP)

Envestnet Portfolio Solutions Inc. cut its position in International Paper (NYSE:IP) by 7.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 19,554 shares of the basic materials company’s stock after selling 1,565 shares during the quarter. Envestnet Portfolio Solutions Inc.’s holdings in International Paper were worth $1,052,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Pacer Advisors Inc. grew its stake in International Paper by 28.7% during the 4th quarter. Pacer Advisors Inc. now owns 33,330 shares of the basic materials company’s stock worth $1,794,000 after buying an additional 7,424 shares during the last quarter. Lord Abbett & CO. LLC purchased a new stake in shares of International Paper during the third quarter worth about $24,327,000. Wedmont Private Capital acquired a new position in shares of International Paper during the fourth quarter valued at about $376,000. Everence Capital Management Inc. purchased a new position in shares of International Paper in the 4th quarter valued at approximately $828,000. Finally, Allspring Global Investments Holdings LLC boosted its stake in International Paper by 1.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 878,221 shares of the basic materials company’s stock worth $46,686,000 after purchasing an additional 15,904 shares in the last quarter. 81.95% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have issued reports on IP shares. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $64.00 price target on shares of International Paper in a report on Friday, January 31st. Truist Financial reaffirmed a “buy” rating and set a $64.00 price target (down previously from $65.00) on shares of International Paper in a research report on Friday, January 31st. JPMorgan Chase & Co. assumed coverage on International Paper in a report on Thursday. They issued an “overweight” rating and a $59.00 price objective on the stock. Citigroup assumed coverage on International Paper in a report on Wednesday, March 5th. They set a “buy” rating and a $60.00 target price for the company. Finally, Bank of America assumed coverage on shares of International Paper in a report on Thursday, February 13th. They issued a “neutral” rating on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating, seven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $55.32.

International Paper Stock Down 1.9 %

IP stock opened at $51.29 on Friday. International Paper has a one year low of $33.16 and a one year high of $60.36. 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 firm’s fifty day moving average is $54.96 and its 200 day moving average is $53.46. The firm has a market cap of $26.99 billion, a PE ratio of 32.67, a P/E/G ratio of 0.39 and a beta of 1.02.

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

International Paper Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, February 24th were given a dividend of $0.4625 per share. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.61%. International Paper’s dividend payout ratio (DPR) is 117.83%.

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.