Patrick M Sweeney & Associates Inc. Purchases Shares of 8,544 International Paper (NYSE:IP)

Patrick M Sweeney & Associates Inc. purchased a new position in International Paper (NYSE:IP) during the 4th quarter, HoldingsChannel reports. The fund purchased 8,544 shares of the basic materials company’s stock, valued at approximately $309,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Pathstone Family Office LLC purchased a new position in International Paper in the third quarter worth $1,164,000. StrategIQ Financial Group LLC purchased a new position in shares of International Paper during the 4th quarter valued at about $2,271,000. Metis Global Partners LLC raised its holdings in shares of International Paper by 6.7% during the 3rd quarter. Metis Global Partners LLC now owns 21,824 shares of the basic materials company’s stock valued at $774,000 after buying an additional 1,376 shares in the last quarter. SteelPeak Wealth LLC lifted its position in International Paper by 40.5% in the 3rd quarter. SteelPeak Wealth LLC now owns 20,935 shares of the basic materials company’s stock worth $743,000 after buying an additional 6,033 shares during the last quarter. Finally, Mackenzie Financial Corp grew its position in International Paper by 263.1% during the fourth quarter. Mackenzie Financial Corp now owns 114,824 shares of the basic materials company’s stock valued at $4,151,000 after acquiring an additional 83,203 shares during the last quarter. Hedge funds and other institutional investors own 81.95% of the company’s stock.

International Paper Stock Up 5.2 %

Shares of IP stock traded up $1.92 during trading hours on Tuesday, hitting $38.84. 28,854,045 shares of the company’s stock traded hands, compared to its average volume of 5,380,797. The company has a quick ratio of 1.22, a current ratio of 1.68 and a debt-to-equity ratio of 0.66. The stock’s fifty day simple moving average is $36.84 and its two-hundred day simple moving average is $35.88. International Paper has a 12-month low of $29.00 and a 12-month high of $41.30. The stock has a market cap of $13.49 billion, a price-to-earnings ratio of 79.27 and a beta of 1.01.

International Paper (NYSE:IP) last issued its earnings results on Thursday, April 25th. The basic materials company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.06). The firm had revenue of $4.62 billion during the quarter, compared to analysts’ expectations of $4.56 billion. International Paper had a return on equity of 7.45% and a net margin of 0.93%. The firm’s quarterly revenue was down 8.0% on a year-over-year basis. During the same period last year, the firm posted $0.53 earnings per share. On average, analysts expect that International Paper will post 1.88 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on IP shares. Bank of America raised shares of International Paper from an “underperform” rating to a “buy” rating and increased their target price for the company from $37.00 to $42.00 in a report on Monday, March 4th. StockNews.com lowered International Paper from a “buy” rating to a “hold” rating in a research note on Sunday, January 14th. Truist Financial reaffirmed a “buy” rating and issued a $40.00 target price on shares of International Paper in a research note on Wednesday, April 17th. Royal Bank of Canada reissued an “outperform” rating and set a $43.00 price target 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 objective for the company from $36.00 to $46.00 in a research report on Wednesday, March 20th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $38.57.

Insider Activity at International Paper

In other news, SVP James P. Jr. Royalty sold 5,800 shares of International Paper stock in a transaction that occurred 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 completion of the sale, the senior vice president now directly owns 69,488 shares in the company, valued at $2,414,708. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last three months, insiders have sold 9,400 shares of company stock valued at $331,402. 0.55% of the stock is owned by corporate insiders.

International Paper Company 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.