Zurcher Kantonalbank Zurich Cantonalbank Cuts Stock Position in International Paper (NYSE:IP)

Zurcher Kantonalbank Zurich Cantonalbank trimmed its position in shares of International Paper (NYSE:IP) by 36.6% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 231,210 shares of the basic materials company’s stock after selling 133,621 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in International Paper were worth $11,295,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Brooklyn Investment Group purchased a new position in shares of International Paper in the third quarter valued at approximately $25,000. Ashton Thomas Securities LLC acquired a new stake in International Paper during the 3rd quarter worth approximately $28,000. Innealta Capital LLC purchased a new position in International Paper in the 2nd quarter valued at approximately $26,000. Eastern Bank acquired a new position in shares of International Paper in the third quarter worth $40,000. Finally, Abich Financial Wealth Management LLC purchased a new stake in shares of International Paper during the third quarter worth $42,000. 81.95% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, SVP Joseph R. Saab sold 2,440 shares of the stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $47.30, for a total transaction of $115,412.00. Following the completion of the sale, the senior vice president now owns 18,668 shares in the company, valued at approximately $882,996.40. This represents a 11.56 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $56.19, for a total value of $33,714.00. Following the transaction, the director now directly owns 37,745 shares in the company, valued at approximately $2,120,891.55. This represents a 1.56 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 10,440 shares of company stock worth $505,070 in the last quarter. 0.55% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

IP has been the subject of several analyst reports. Truist Financial reissued a “buy” rating and set a $61.00 target price (up from $57.00) on shares of International Paper in a research note on Friday, November 1st. BNP Paribas downgraded International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 price objective for the company. in a research report on Wednesday, November 13th. Royal Bank of Canada raised their target price on shares of International Paper from $56.00 to $64.00 and gave the company an “outperform” rating in a report on Friday, November 1st. Finally, Argus upgraded shares of International Paper from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a report on Wednesday, August 14th. One investment analyst has rated the stock with a sell rating, three have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, International Paper presently has a consensus rating of “Moderate Buy” and an average target price of $51.54.

International Paper Stock Performance

Shares of International Paper stock opened at $58.83 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.53 and a debt-to-equity ratio of 0.62. International Paper has a 52 week low of $32.70 and a 52 week high of $60.36. The firm’s 50 day moving average is $52.39 and its two-hundred day moving average is $48.03. The firm has a market capitalization of $20.44 billion, a P/E ratio of 50.28 and a beta of 1.02.

International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, October 31st. The basic materials company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.24 by $0.20. International Paper had a net margin of 2.25% and a return on equity of 6.49%. The firm had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.70 billion. During the same period last year, the business earned $0.64 EPS. International Paper’s revenue for the quarter was up 1.6% compared to the same quarter last year. Research analysts forecast that International Paper will post 1.22 EPS for the current fiscal year.

International Paper Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 15th will be given a $0.4625 dividend. The ex-dividend date of this dividend is Friday, November 15th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.14%. International Paper’s dividend payout ratio (DPR) 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.