Truist Financial Corp Sells 61,366 Shares of International Paper Company $IP

Truist Financial Corp cut its holdings in International Paper Company (NYSE:IP) by 67.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 29,848 shares of the basic materials company’s stock after selling 61,366 shares during the period. Truist Financial Corp’s holdings in International Paper were worth $1,176,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. International Private Wealth Advisors LLC grew its holdings in International Paper by 4.1% during the 4th quarter. International Private Wealth Advisors LLC now owns 6,175 shares of the basic materials company’s stock worth $243,000 after acquiring an additional 243 shares in the last quarter. Evergreen Capital Management LLC grew its holdings in International Paper by 1.7% during the 3rd quarter. Evergreen Capital Management LLC now owns 15,856 shares of the basic materials company’s stock worth $736,000 after acquiring an additional 263 shares in the last quarter. Horizon Investments LLC grew its holdings in International Paper by 3.3% during the 4th quarter. Horizon Investments LLC now owns 8,456 shares of the basic materials company’s stock worth $333,000 after acquiring an additional 267 shares in the last quarter. Rafferty Asset Management LLC grew its holdings in International Paper by 0.6% during the 3rd quarter. Rafferty Asset Management LLC now owns 44,996 shares of the basic materials company’s stock worth $2,088,000 after acquiring an additional 268 shares in the last quarter. Finally, Ballentine Partners LLC grew its holdings in International Paper by 5.2% during the 3rd quarter. Ballentine Partners LLC now owns 5,450 shares of the basic materials company’s stock worth $253,000 after acquiring an additional 271 shares in the last quarter. 81.95% of the stock is currently owned by institutional investors.

International Paper Stock Performance

Shares of IP opened at $30.21 on Friday. The company has a 50-day simple moving average of $35.20 and a 200-day simple moving average of $39.12. The company has a quick ratio of 0.94, a current ratio of 1.21 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $16.00 billion, a PE ratio of -4.75 and a beta of 0.93. International Paper Company has a 52-week low of $29.45 and a 52-week high of $56.13.

International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.03). The company had revenue of $5.97 billion during the quarter, compared to analysts’ expectations of $6.02 billion. International Paper had a negative net margin of 13.42% and a negative return on equity of 0.49%. The business’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.17 EPS. Equities research analysts predict that International Paper Company will post 1.43 earnings per share for the current fiscal year.

International Paper Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 22nd will be paid a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a yield of 6.1%. The ex-dividend date of this dividend is Friday, May 22nd. International Paper’s dividend payout ratio is presently -29.09%.

Insider Transactions at International Paper

In other International Paper news, Director Scott Tozier acquired 10,000 shares of the stock in a transaction that occurred on Friday, May 1st. The shares were purchased at an average cost of $31.30 per share, with a total value of $313,000.00. Following the purchase, the director owned 10,025 shares in the company, valued at approximately $313,782.50. The trade was a 40,000.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Anders Gustafsson purchased 13,217 shares of the firm’s stock in a transaction on Thursday, March 12th. The shares were purchased at an average cost of $37.83 per share, for a total transaction of $499,999.11. Following the completion of the purchase, the director directly owned 26,092 shares in the company, valued at $987,060.36. The trade was a 102.66% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last three months, insiders purchased 36,092 shares of company stock worth $1,313,064. 0.21% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages have recently issued reports on IP. Zacks Research cut shares of International Paper from a “hold” rating to a “strong sell” rating in a report on Thursday, April 23rd. Royal Bank Of Canada lowered their target price on shares of International Paper from $48.00 to $45.00 and set an “outperform” rating for the company in a report on Friday, May 1st. JPMorgan Chase & Co. decreased their price target on shares of International Paper from $46.00 to $43.00 and set a “neutral” rating for the company in a research note on Friday, May 1st. BNP Paribas Exane decreased their price target on shares of International Paper from $44.00 to $42.00 and set an “outperform” rating for the company in a research note on Wednesday, March 25th. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of International Paper in a research note on Wednesday, April 1st. They set a “hold” rating and a $38.00 price target for the company. Nine equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $43.73.

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.