Carret Asset Management LLC Lowers Holdings in International Paper (NYSE:IP)

Carret Asset Management LLC trimmed its holdings in shares of International Paper (NYSE:IP) by 2.4% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 47,498 shares of the basic materials company’s stock after selling 1,153 shares during the period. Carret Asset Management LLC’s holdings in International Paper were worth $1,853,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently modified their holdings of the business. Jones Financial Companies Lllp increased its holdings in shares of International Paper by 208.3% in the 4th quarter. Jones Financial Companies Lllp now owns 703 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 475 shares during the period. CVA Family Office LLC bought a new position in shares of International Paper during the 4th quarter worth approximately $27,000. MCF Advisors LLC boosted its stake in International Paper by 1,094.7% in the first quarter. MCF Advisors LLC now owns 681 shares of the basic materials company’s stock valued at $27,000 after acquiring an additional 624 shares in the last quarter. Assetmark Inc. lifted its holdings in shares of International Paper by 309.0% during the 4th quarter. Assetmark Inc. now owns 859 shares of the basic materials company’s stock valued at $31,000 after purchasing an additional 649 shares during the last quarter. Finally, Princeton Global Asset Management LLC purchased a new position in International Paper during the 4th quarter worth $36,000. Hedge funds and other institutional investors own 81.95% of the company’s stock.

International Paper Price Performance

IP traded up $0.04 during midday trading on Wednesday, hitting $43.54. 3,210,283 shares of the company traded hands, compared to its average volume of 5,814,462. The company has a market capitalization of $15.12 billion, a price-to-earnings ratio of 89.51 and a beta of 1.06. The business has a 50 day simple moving average of $42.11 and a two-hundred day simple moving average of $38.48. The company has a current ratio of 1.68, a quick ratio of 1.22 and a debt-to-equity ratio of 0.66. International Paper has a 52-week low of $30.78 and a 52-week high of $47.40.

International Paper (NYSE:IP) last announced its earnings results on Thursday, April 25th. The basic materials company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.06). International Paper had a return on equity of 7.45% and a net margin of 0.93%. The business had revenue of $4.62 billion for the quarter, compared to analyst estimates of $4.56 billion. During the same period last year, the firm earned $0.53 EPS. The company’s revenue for the quarter was down 8.0% compared to the same quarter last year. On average, equities analysts forecast that International Paper will post 1.87 earnings per share for the current fiscal year.

International Paper Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 24th. Stockholders of record on Friday, May 24th were given a dividend of $0.4625 per share. The ex-dividend date was Thursday, May 23rd. This represents a $1.85 annualized dividend and a dividend yield of 4.25%. International Paper’s payout ratio is 377.55%.

Insider Activity at International Paper

In related news, Director Kathryn D. Sullivan sold 600 shares of the company’s stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $45.11, for a total value of $27,066.00. Following the transaction, the director now directly owns 43,402 shares in the company, valued at $1,957,864.22. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Over the last quarter, insiders sold 3,600 shares of company stock valued at $147,054. 0.55% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of brokerages have issued reports on IP. Jefferies Financial Group upgraded shares of International Paper from a “hold” rating to a “buy” rating and upped their price target for the company from $38.00 to $57.00 in a research note on Thursday, May 23rd. Citigroup upgraded International Paper from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $36.00 to $46.00 in a research note on Wednesday, March 20th. Truist Financial reissued a “buy” rating and set a $52.00 price target on shares of International Paper in a research report on Thursday, June 27th. Seaport Res Ptn upgraded shares of International Paper from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 28th. Finally, Wells Fargo & Company increased their price target on International Paper from $37.00 to $41.00 and gave the stock an “equal weight” rating in a research report on Thursday, May 30th. Four research analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $44.71.

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.