CIBC Asset Management Inc Buys 2,313 Shares of International Paper (NYSE:IP)

CIBC Asset Management Inc grew its stake in International Paper (NYSE:IP) by 4.6% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 53,016 shares of the basic materials company’s stock after acquiring an additional 2,313 shares during the quarter. CIBC Asset Management Inc’s holdings in International Paper were worth $2,853,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in IP. Creative Planning boosted its holdings in International Paper by 6.6% in the third quarter. Creative Planning now owns 72,925 shares of the basic materials company’s stock worth $3,562,000 after acquiring an additional 4,500 shares in the last quarter. Bleakley Financial Group LLC boosted its position in shares of International Paper by 15.6% during the third quarter. Bleakley Financial Group LLC now owns 5,402 shares of the basic materials company’s stock valued at $264,000 after buying an additional 731 shares during the last quarter. Blue Trust Inc. boosted its position in shares of International Paper by 240.7% during the third quarter. Blue Trust Inc. now owns 5,471 shares of the basic materials company’s stock valued at $267,000 after buying an additional 3,865 shares during the last quarter. Raymond James & Associates boosted 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 buying an additional 73,367 shares during the last quarter. Finally, Foundations Investment Advisors LLC purchased a new stake in shares of International Paper during the third quarter valued at $411,000. 81.95% of the stock is owned by institutional investors.

International Paper Stock Down 1.8 %

IP stock opened at $56.10 on Friday. International Paper has a fifty-two week low of $33.16 and a fifty-two week high of $60.36. The business’s 50-day moving average is $55.57 and its two-hundred day moving average is $52.52. 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 company has a market cap of $19.49 billion, a price-to-earnings ratio of 35.73, 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) earnings per share 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%. As a group, analysts forecast that International Paper will post 2.77 earnings per share for the current year.

International Paper Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Monday, February 24th will be paid a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 3.30%. The ex-dividend date of this dividend is Monday, February 24th. International Paper’s dividend payout ratio (DPR) is currently 117.84%.

Insider Transactions at International Paper

In other news, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction dated Friday, November 29th. The stock was sold at an average price of $58.39, for a total value of $35,034.00. Following the transaction, the director now owns 37,145 shares of the company’s stock, valued at $2,168,896.55. This trade represents a 1.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.55% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Royal Bank of Canada reaffirmed an “outperform” rating and set a $64.00 price objective on shares of International Paper in a research report on Friday, January 31st. Truist Financial reaffirmed a “buy” rating and set a $64.00 price objective (down from $65.00) on shares of International Paper in a research report on Friday, January 31st. Bank of America assumed coverage on International Paper in a research report on Thursday, February 13th. They set a “neutral” rating on the stock. Finally, BNP Paribas cut International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 price objective on the stock. in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $51.88.

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.