JPMorgan Chase & Co. Sells 638,555 Shares of International Paper Company $IP

JPMorgan Chase & Co. reduced its stake in International Paper Company (NYSE:IP) by 8.3% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 7,042,214 shares of the basic materials company’s stock after selling 638,555 shares during the quarter. JPMorgan Chase & Co. owned about 1.33% of International Paper worth $326,759,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in IP. AlphaQuest LLC raised its holdings in International Paper by 63,400.0% during the 2nd quarter. AlphaQuest LLC now owns 635 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 634 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of International Paper during the second quarter worth $33,000. Elevation Point Wealth Partners LLC bought a new position in International Paper during the second quarter worth $35,000. CYBER HORNET ETFs LLC bought a new position in International Paper during the second quarter worth $43,000. Finally, City Holding Co. acquired a new position in International Paper in the third quarter valued at $46,000. Institutional investors and hedge funds own 81.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on IP shares. Stifel Nicolaus decreased their price target on International Paper from $51.80 to $50.70 and set a “buy” rating for the company in a report on Monday, February 9th. Citigroup upped their target price on International Paper from $46.00 to $47.00 and gave the company a “buy” rating in a research report on Friday, January 30th. Royal Bank Of Canada lowered their target price on International Paper from $55.00 to $54.00 and set an “outperform” rating for the company in a report on Friday, January 30th. JPMorgan Chase & Co. boosted their price target on International Paper from $45.00 to $48.00 and gave the company a “neutral” rating in a research note on Friday, January 30th. Finally, Zacks Research cut International Paper from a “hold” rating to a “strong sell” rating in a report on Monday, January 12th. Eight research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $48.25.

Insider Activity

In other International Paper news, CEO Andrew K. Silvernail purchased 50,000 shares of International Paper stock in a transaction that occurred on Friday, January 30th. The stock was acquired at an average price of $39.98 per share, with a total value of $1,999,000.00. Following the transaction, the chief executive officer owned 50,000 shares in the company, valued at $1,999,000. This trade represents a ? increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.35% of the stock is currently owned by corporate insiders.

International Paper Stock Performance

Shares of International Paper stock opened at $46.98 on Friday. The business has a 50-day simple moving average of $42.46 and a 200 day simple moving average of $43.57. International Paper Company has a one year low of $35.56 and a one year high of $57.09. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.28 and a quick ratio of 1.02. The firm has a market capitalization of $24.81 billion, a price-to-earnings ratio of -7.00 and a beta of 1.11.

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

About International Paper

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.