Garner Asset Management Corp Sells 3,832 Shares of International Paper (NYSE:IP)

Garner Asset Management Corp lowered its holdings in shares of International Paper (NYSE:IP) by 4.4% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 82,584 shares of the basic materials company’s stock after selling 3,832 shares during the period. International Paper comprises about 1.8% of Garner Asset Management Corp’s portfolio, making the stock its 10th biggest holding. Garner Asset Management Corp’s holdings in International Paper were worth $4,034,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. CreativeOne Wealth LLC bought a new stake in International Paper in the first quarter valued at approximately $431,000. Gabelli Funds LLC bought a new stake in shares of International Paper in the 1st quarter worth $215,000. Quadrature Capital Ltd lifted its position in shares of International Paper by 51.1% during the 1st quarter. Quadrature Capital Ltd now owns 32,659 shares of the basic materials company’s stock worth $1,274,000 after buying an additional 11,049 shares in the last quarter. Ascent Group LLC boosted its position in International Paper by 1.0% in the first quarter. Ascent Group LLC now owns 63,018 shares of the basic materials company’s stock worth $2,459,000 after purchasing an additional 620 shares during the last quarter. Finally, Paloma Partners Management Co bought a new position in International Paper during the first quarter valued at about $1,111,000. 81.95% of the stock is currently owned by institutional investors and hedge funds.

International Paper Trading Up 0.2 %

Shares of IP stock opened at $59.32 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. The business has a 50-day moving average price of $51.45 and a two-hundred day moving average price of $47.35. International Paper has a 12-month low of $32.51 and a 12-month high of $60.22. The firm has a market cap of $20.61 billion, a P/E ratio of 50.70 and a beta of 1.02.

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

International Paper Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 15th will be paid a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date of this dividend is Friday, November 15th. International Paper’s dividend payout ratio (DPR) is presently 158.12%.

Insider Activity

In other news, SVP Clay R. Ellis sold 9,000 shares of the business’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 transaction, the senior vice president now owns 49,832 shares in the company, valued at $2,433,296.56. The trade was a 15.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Kathryn D. Sullivan sold 600 shares of International Paper stock in a transaction on Friday, November 15th. The stock was sold at an average price of $56.19, for a total value of $33,714.00. Following the completion of the sale, the director now directly owns 37,745 shares of the company’s stock, valued at $2,120,891.55. The trade was a 1.56 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 19,440 shares of company stock valued at $944,540. Insiders own 0.55% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have issued reports on IP shares. Royal Bank of Canada raised their target price on International Paper from $56.00 to $64.00 and gave the stock an “outperform” rating in a research report on Friday, November 1st. BNP Paribas cut International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 price target for the company. in a research report on Wednesday, November 13th. Truist Financial reiterated a “buy” rating and issued a $61.00 price target (up from $57.00) on shares of International Paper in a research report on Friday, November 1st. Finally, Argus upgraded International Paper from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a research report on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $51.54.

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.