Truist Financial Reaffirms “Buy” Rating for International Paper (NYSE:IP)

International Paper (NYSE:IP)‘s stock had its “buy” rating reiterated by equities research analysts at Truist Financial in a research note issued on Wednesday, Benzinga reports. They currently have a $40.00 target price on the basic materials company’s stock. Truist Financial’s price target points to a potential upside of 13.35% from the stock’s current price.

A number of other brokerages have also issued reports on IP. Bank of America upgraded International Paper from an “underperform” rating to a “buy” rating and boosted their price target for the company from $37.00 to $42.00 in a report on Monday, March 4th. Argus lowered shares of International Paper from a “buy” rating to a “hold” rating in a report on Monday, February 26th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $43.00 price objective on shares of International Paper in a report on Friday, February 2nd. Wells Fargo & Company decreased their price target on shares of International Paper from $39.00 to $35.00 and set an “equal weight” rating on the stock in a research note on Friday, February 2nd. Finally, StockNews.com downgraded shares of International Paper from a “buy” rating to a “hold” rating in a research note on Sunday, January 14th. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $37.13.

International Paper Stock Performance

NYSE IP traded down $0.62 on Wednesday, hitting $35.29. 3,957,910 shares of the company traded hands, compared to its average volume of 4,611,345. The company has a current ratio of 1.67, a quick ratio of 1.19 and a debt-to-equity ratio of 0.65. The business’s 50 day moving average price is $36.70 and its 200-day moving average price is $35.84. The company has a market capitalization of $12.26 billion, a price-to-earnings ratio of 43.05 and a beta of 0.99. International Paper has a 52-week low of $29.00 and a 52-week high of $41.28.

International Paper (NYSE:IP) last released its quarterly earnings results on Thursday, February 1st. The basic materials company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.34 by $0.07. The company had revenue of $4.60 billion during the quarter, compared to analyst estimates of $4.67 billion. International Paper had a return on equity of 8.87% and a net margin of 1.52%. The firm’s revenue was down 10.4% on a year-over-year basis. During the same quarter last year, the business posted $0.87 earnings per share. Equities analysts expect that International Paper will post 1.88 earnings per share for the current year.

Insider Transactions at International Paper

In other news, SVP James P. Jr. Royalty sold 5,800 shares of International Paper stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $34.75, for a total value of $201,550.00. Following the transaction, the senior vice president now directly owns 69,488 shares of the company’s stock, valued at approximately $2,414,708. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last quarter, insiders sold 8,800 shares of company stock worth $310,438. 0.55% of the stock is currently owned by insiders.

Hedge Funds Weigh In On International Paper

A number of institutional investors and hedge funds have recently made changes to their positions in IP. Desjardins Global Asset Management Inc. lifted its holdings in International Paper by 45.5% in the 1st quarter. Desjardins Global Asset Management Inc. now owns 675 shares of the basic materials company’s stock valued at $31,000 after purchasing an additional 211 shares in the last quarter. Venturi Wealth Management LLC increased its position in International Paper by 37.5% during the 4th quarter. Venturi Wealth Management LLC now owns 1,081 shares of the basic materials company’s stock worth $39,000 after purchasing an additional 295 shares in the last quarter. Czech National Bank grew its position in International Paper by 0.5% in the first quarter. Czech National Bank now owns 60,897 shares of the basic materials company’s stock valued at $2,376,000 after acquiring an additional 295 shares in the last quarter. Kentucky Retirement Systems grew its position in International Paper by 1.1% in the fourth quarter. Kentucky Retirement Systems now owns 27,685 shares of the basic materials company’s stock valued at $1,001,000 after acquiring an additional 298 shares in the last quarter. Finally, Pinnacle West Asset Management Inc. grew its position in International Paper by 3.9% in the second quarter. Pinnacle West Asset Management Inc. now owns 7,925 shares of the basic materials company’s stock valued at $252,000 after acquiring an additional 300 shares in the last quarter. 81.95% of the stock is owned by institutional investors and hedge funds.

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.