Huntington National Bank Has $8.04 Million Stock Position in International Paper (NYSE:IP)

Huntington National Bank boosted its holdings in International Paper (NYSE:IP) by 4.7% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 164,560 shares of the basic materials company’s stock after buying an additional 7,348 shares during the quarter. Huntington National Bank’s holdings in International Paper were worth $8,039,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Diamond Hill Capital Management Inc. boosted its stake in shares of International Paper by 125.1% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 4,235,846 shares of the basic materials company’s stock valued at $206,921,000 after purchasing an additional 2,354,341 shares in the last quarter. Raymond James & Associates lifted its stake in International Paper by 29.6% in the 3rd quarter. Raymond James & Associates now owns 321,468 shares of the basic materials company’s stock valued at $15,704,000 after purchasing an additional 73,367 shares during the last quarter. Comerica Bank lifted its stake in shares of International Paper by 23.6% in the 1st quarter. Comerica Bank now owns 156,596 shares of the basic materials company’s stock valued at $6,110,000 after acquiring an additional 29,904 shares during the last quarter. QRG Capital Management Inc. boosted its holdings in shares of International Paper by 3.8% during the 3rd quarter. QRG Capital Management Inc. now owns 279,288 shares of the basic materials company’s stock valued at $13,643,000 after acquiring an additional 10,260 shares in the last quarter. Finally, Sei Investments Co. increased its holdings in International Paper by 9.2% in the 1st quarter. Sei Investments Co. now owns 426,929 shares of the basic materials company’s stock worth $16,659,000 after purchasing an additional 35,857 shares in the last quarter. Institutional investors own 81.95% of the company’s stock.

Insider Activity

In other International Paper news, SVP Clay R. Ellis sold 9,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $48.83, for a total value of $439,470.00. Following the completion of the sale, the senior vice president now directly owns 49,832 shares of the company’s stock, valued at $2,433,296.56. This trade represents a 15.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Kathryn D. Sullivan sold 600 shares of the company’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $53.50, for a total value of $32,100.00. Following the transaction, the director now directly owns 38,345 shares in the company, valued at $2,051,457.50. This represents a 1.54 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 18,840 shares of company stock worth $910,826 over the last 90 days. 0.55% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on IP. Argus upgraded International Paper from a “hold” rating to a “buy” rating and set a $52.00 price target on the stock in a report on Wednesday, August 14th. Truist Financial restated a “buy” rating and issued a $61.00 price objective (up from $57.00) on shares of International Paper in a report on Friday, November 1st. Wells Fargo & Company lifted their target price on International Paper from $43.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, July 25th. Royal Bank of Canada increased their price target on International Paper from $56.00 to $64.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Finally, BNP Paribas lowered International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 price objective on the stock. in a research note on Wednesday. One analyst has rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $51.54.

International Paper Price Performance

Shares of IP opened at $56.93 on Friday. The business’s 50 day moving average price is $49.96 and its two-hundred day moving average price is $46.27. The firm has a market cap of $19.78 billion, a PE ratio of 48.66 and a beta of 1.02. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.11 and a current ratio of 1.53. International Paper has a 52-week low of $31.76 and a 52-week high of $59.52.

International Paper (NYSE:IP) last posted its quarterly earnings results on Thursday, October 31st. The basic materials company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.20. International Paper had a return on equity of 6.49% and a net margin of 2.25%. The business had revenue of $4.69 billion for the quarter, compared to the consensus estimate of $4.70 billion. During the same period in the prior year, the business earned $0.64 EPS. The firm’s revenue for the quarter was up 1.6% on a year-over-year basis. On average, equities analysts anticipate that International Paper will post 1.29 EPS for the current year.

International Paper Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 15th will be issued a $0.4625 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.25%. International Paper’s dividend payout ratio is presently 158.12%.

International Paper Profile

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.