International Paper (NYSE:IP) Cut to “Hold” at StockNews.com

StockNews.com cut shares of International Paper (NYSE:IP) from a buy rating to a hold rating in a research report sent to investors on Friday.

IP has been the subject of several other research reports. JPMorgan Chase & Co. began coverage on shares of International Paper in a research report on Thursday, March 20th. They issued an “overweight” rating and a $59.00 price target for the company. Royal Bank of Canada restated an “outperform” rating and set a $64.00 target price on shares of International Paper in a report on Wednesday, March 26th. Citigroup assumed coverage on International Paper in a report on Wednesday, March 5th. They issued a “buy” rating and a $60.00 price target on the stock. Truist Financial restated a “buy” rating and set a $64.00 price objective (down from $65.00) on shares of International Paper in a research note on Friday, January 31st. Finally, Bank of America began coverage on International Paper in a research note on Thursday, February 13th. They issued a “neutral” rating on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $55.32.

International Paper Stock Down 2.5 %

Shares of IP opened at $53.23 on Friday. International Paper has a 52-week low of $33.16 and a 52-week high of $60.36. The business has a fifty day moving average of $54.86 and a 200 day moving average of $53.76. The company has a market cap of $28.01 billion, a PE ratio of 33.90, a P/E/G ratio of 0.39 and a beta of 1.02. The company has a quick ratio of 1.08, a current ratio of 1.49 and a debt-to-equity ratio of 0.66.

International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.05). International Paper had a net margin of 2.99% and a return on equity of 4.75%. On average, sell-side analysts expect that International Paper will post 2.77 EPS for the current year.

International Paper Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, February 24th were paid a dividend of $0.4625 per share. The ex-dividend date was Monday, February 24th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.48%. International Paper’s payout ratio is 117.83%.

Hedge Funds Weigh In On International Paper

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Cerity Partners LLC raised its holdings in shares of International Paper by 7.3% in the third quarter. Cerity Partners LLC now owns 38,050 shares of the basic materials company’s stock worth $1,859,000 after buying an additional 2,588 shares during the last quarter. Daiwa Securities Group Inc. grew its holdings in shares of International Paper by 1.1% during the third quarter. Daiwa Securities Group Inc. now owns 40,947 shares of the basic materials company’s stock valued at $2,000,000 after buying an additional 442 shares during the last quarter. Private Trust Co. NA increased its position in shares of International Paper by 15.9% in the 3rd quarter. Private Trust Co. NA now owns 5,627 shares of the basic materials company’s stock valued at $275,000 after acquiring an additional 771 shares during the period. Brooklyn Investment Group purchased a new position in International Paper in the 3rd quarter worth $25,000. Finally, Townsquare Capital LLC acquired a new stake in International Paper during the 3rd quarter worth about $336,000. 81.95% of the stock is owned by hedge funds and other institutional investors.

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.