Saudi Central Bank Increases Stock Position in International Paper Company $IP

Saudi Central Bank raised its stake in International Paper Company (NYSE:IP) by 90.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 35,211 shares of the basic materials company’s stock after acquiring an additional 16,695 shares during the period. Saudi Central Bank’s holdings in International Paper were worth $1,342,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also made changes to their positions in the company. MV Capital Management Inc. purchased a new position in International Paper during the 4th quarter worth approximately $25,000. Aberdeen Wealth Management LLC acquired a new position in International Paper during the second quarter worth approximately $27,000. Ascentis Independent Advisors purchased a new stake in International Paper in the first quarter valued at approximately $28,000. DV Equities LLC purchased a new stake in International Paper in the fourth quarter valued at approximately $29,000. Finally, Delta Asset Management LLC TN acquired a new stake in shares of International Paper in the second quarter valued at approximately $31,000. Institutional investors and hedge funds own 81.95% of the company’s stock.

International Paper Stock Down 2.0%

IP stock opened at $36.51 on Wednesday. International Paper Company has a one year low of $29.26 and a one year high of $50.25. The stock has a market capitalization of $19.34 billion, a PE ratio of -5.60, a price-to-earnings-growth ratio of 4.63 and a beta of 0.93. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.10. The company has a fifty day moving average of $39.46 and a 200-day moving average of $37.15.

International Paper (NYSE:IP) last issued its earnings results on Thursday, July 30th. The basic materials company reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.08. The business had revenue of $6 billion for the quarter, compared to the consensus estimate of $6.19 billion. International Paper had a negative net margin of 14.20% and a negative return on equity of 1.09%. The business’s quarterly revenue was down 11.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.20 earnings per share. As a group, analysts expect that International Paper Company will post 1.34 EPS for the current year.

International Paper Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, August 14th will be paid a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 5.1%. The ex-dividend date of this dividend is Friday, August 14th. International Paper’s dividend payout ratio is -28.37%.

Insider Buying and Selling

In other news, VP William Hamic sold 24,500 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $41.20, for a total value of $1,009,400.00. Following the completion of the sale, the vice president directly owned 106,952 shares of the company’s stock, valued at $4,406,422.40. This trade represents a 18.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Holly G. Goughnour sold 3,500 shares of the company’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $41.96, for a total value of $146,860.00. Following the transaction, the chief accounting officer directly owned 34,248 shares in the company, valued at $1,437,046.08. This represents a 9.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.21% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on IP shares. Zacks Research raised shares of International Paper from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Weiss Ratings raised shares of International Paper from a “sell (d)” rating to a “sell (d+)” rating in a research report on Friday, August 21st. Citigroup lifted their price objective on shares of International Paper from $43.00 to $48.00 and gave the company a “buy” rating in a research note on Friday, July 31st. Loop Capital set a $61.00 target price on shares of International Paper in a report on Tuesday, July 28th. Finally, Truist Financial reiterated a “buy” rating and set a $49.00 target price (up from $46.00) on shares of International Paper in a research note on Friday, July 31st. Nine analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, International Paper currently has an average rating of “Moderate Buy” and a consensus target price of $48.75.

International Paper Company 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.