Carret Asset Management LLC Sells 2,450 Shares of International Paper (NYSE:IP)

Carret Asset Management LLC cut its holdings in International Paper (NYSE:IP) by 4.8% in the fourth quarter, Holdings Channel reports. The fund owned 48,651 shares of the basic materials company’s stock after selling 2,450 shares during the quarter. Carret Asset Management LLC’s holdings in International Paper were worth $1,759,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in IP. NewSquare Capital LLC raised its position in shares of International Paper by 2.1% in the 4th quarter. NewSquare Capital LLC now owns 174,709 shares of the basic materials company’s stock valued at $6,233,000 after purchasing an additional 3,671 shares during the last quarter. GAMMA Investing LLC acquired a new position in International Paper in the 4th quarter worth approximately $61,000. Illinois Municipal Retirement Fund increased its holdings in International Paper by 30.3% in the 4th quarter. Illinois Municipal Retirement Fund now owns 195,884 shares of the basic materials company’s stock worth $7,081,000 after buying an additional 45,555 shares during the period. Wedge Capital Management L L P NC grew its stake in shares of International Paper by 16.2% during the 4th quarter. Wedge Capital Management L L P NC now owns 238,194 shares of the basic materials company’s stock worth $8,611,000 after purchasing an additional 33,128 shares during the period. Finally, Capital Investment Advisory Services LLC grew its stake in shares of International Paper by 4.8% during the 4th quarter. Capital Investment Advisory Services LLC now owns 12,018 shares of the basic materials company’s stock worth $434,000 after purchasing an additional 545 shares during the period. 81.95% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at International Paper

In other International Paper news, SVP James P. Jr. Royalty sold 5,800 shares of International Paper stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $34.75, for a total transaction of $201,550.00. Following the sale, the senior vice president now directly owns 69,488 shares in the company, valued at approximately $2,414,708. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders have sold 8,800 shares of company stock worth $310,438. 0.55% of the stock is currently owned by company insiders.

Analyst Ratings Changes

IP has been the topic of a number of recent analyst reports. Wells Fargo & Company decreased their target price on International Paper from $39.00 to $35.00 and set an “equal weight” rating on the stock in a research report on Friday, February 2nd. Truist Financial reiterated a “buy” rating and set a $40.00 price target on shares of International Paper in a report on Wednesday, April 17th. Argus downgraded International Paper from a “buy” rating to a “hold” rating in a research report on Monday, February 26th. Royal Bank of Canada reissued an “outperform” rating and set a $43.00 price objective on shares of International Paper in a research report on Friday, February 2nd. Finally, Citigroup upgraded shares of International Paper from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $36.00 to $46.00 in a research note on Wednesday, March 20th. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, International Paper presently has an average rating of “Hold” and an average target price of $37.13.

International Paper Price Performance

Shares of IP stock traded up $0.02 during mid-day trading on Wednesday, reaching $34.43. The stock had a trading volume of 8,135,417 shares, compared to its average volume of 4,885,861. International Paper has a 12-month low of $29.00 and a 12-month high of $41.28. The company has a market cap of $11.96 billion, a P/E ratio of 41.99 and a beta of 0.99. The business has a 50-day simple moving average of $36.72 and a 200 day simple moving average of $35.84. The company has a current ratio of 1.67, a quick ratio of 1.19 and a debt-to-equity ratio of 0.65.

International Paper (NYSE:IP) last posted its quarterly earnings data on Thursday, February 1st. The basic materials company reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.07. International Paper had a return on equity of 8.87% and a net margin of 1.52%. The business had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.67 billion. During the same quarter last year, the company earned $0.87 earnings per share. The business’s revenue for the quarter was down 10.4% compared to the same quarter last year. On average, sell-side analysts anticipate that International Paper will post 1.91 earnings per share for the current year.

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.