Sound Shore Management Inc CT Purchases 73,579 Shares of International Paper Company $IP

Sound Shore Management Inc CT raised its position in International Paper Company (NYSE:IP) by 5.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,551,437 shares of the basic materials company’s stock after acquiring an additional 73,579 shares during the period. Sound Shore Management Inc CT owned about 0.29% of International Paper worth $71,987,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp increased its holdings in International Paper by 9.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 18,737,896 shares of the basic materials company’s stock valued at $877,496,000 after buying an additional 1,592,411 shares during the period. AE Wealth Management LLC boosted its position in shares of International Paper by 8.5% during the 3rd quarter. AE Wealth Management LLC now owns 332,310 shares of the basic materials company’s stock valued at $15,419,000 after acquiring an additional 26,146 shares in the last quarter. Westfield Capital Management Co. LP boosted its position in shares of International Paper by 9.7% during the 2nd quarter. Westfield Capital Management Co. LP now owns 2,323,693 shares of the basic materials company’s stock valued at $108,819,000 after acquiring an additional 205,888 shares in the last quarter. Norges Bank bought a new stake in International Paper in the second quarter valued at about $281,735,000. Finally, Whalen Wealth Management Inc. acquired a new position in International Paper in the second quarter worth about $604,000. Institutional investors and hedge funds own 81.95% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of International Paper in a report on Monday, December 29th. BNP Paribas Exane upgraded International Paper from a “strong sell” rating to an “outperform” rating and set a $44.00 price objective for the company in a research note on Monday, November 24th. Wall Street Zen lowered shares of International Paper from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. JPMorgan Chase & Co. increased their target price on shares of International Paper from $45.00 to $48.00 and gave the stock a “neutral” rating in a research report on Friday, January 30th. Finally, Wells Fargo & Company upgraded shares of International Paper from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $36.00 to $40.00 in a research report on Friday, January 30th. Eight investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat, International Paper presently has an average rating of “Hold” and an average target price of $48.89.

International Paper Stock Performance

International Paper stock opened at $49.13 on Thursday. The stock has a 50-day simple moving average of $41.27 and a 200 day simple moving average of $43.63. The stock has a market capitalization of $25.94 billion, a price-to-earnings ratio of -7.32 and a beta of 1.11. The company has a quick ratio of 1.02, a current ratio of 1.28 and a debt-to-equity ratio of 0.60. International Paper Company has a 12-month low of $35.56 and a 12-month high of $57.55.

International Paper (NYSE:IP) last issued its quarterly earnings data on Thursday, January 29th. The basic materials company reported ($0.08) EPS for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.36). The company had revenue of $6.01 billion for the quarter, compared to the consensus estimate of $5.90 billion. International Paper had a negative return on equity of 0.35% and a negative net margin of 14.12%.The firm’s revenue was up 53.1% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.02) EPS. On average, research analysts anticipate that International Paper Company will post 2.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, SVP Clay R. Ellis sold 18,819 shares of the firm’s stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $36.85, for a total value of $693,480.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Andrew K. Silvernail acquired 50,000 shares of the firm’s stock in a transaction on Friday, January 30th. The stock was purchased at an average price of $39.98 per share, for a total transaction of $1,999,000.00. Following the completion of the transaction, the chief executive officer directly owned 50,000 shares in the company, valued at approximately $1,999,000. The trade was a ? increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 0.35% of the company’s stock.

International Paper Profile

International Paper is a global producer of renewable fiber-based products, focused primarily on pulp, paper, and packaging. The company manufactures containerboard and corrugated packaging used for shipping and retail display, as well as a range of specialty papers and pulp products that serve industrial, consumer goods, and e-commerce customers. Its product portfolio is oriented toward large-scale packaging solutions, tissue and paper grades, and raw pulp for a variety of manufacturing uses.

Founded in 1898, International Paper is headquartered in Memphis, Tennessee, and is one of the largest and longest-established companies in the forest products sector.