Garner Asset Management Corp Has $4.03 Million Stake in International Paper (NYSE:IP)

Garner Asset Management Corp lessened its stake in shares of International Paper (NYSE:IP) by 4.4% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 82,584 shares of the basic materials company’s stock after selling 3,832 shares during the period. International Paper accounts for 1.8% of Garner Asset Management Corp’s holdings, making the stock its 10th biggest position. Garner Asset Management Corp’s holdings in International Paper were worth $4,034,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. Aptus Capital Advisors LLC lifted its position in shares of International Paper by 15.1% in the third quarter. Aptus Capital Advisors LLC now owns 5,972 shares of the basic materials company’s stock worth $292,000 after buying an additional 785 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in International Paper by 5.5% during the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 937,324 shares of the basic materials company’s stock valued at $45,788,000 after purchasing an additional 49,125 shares during the period. Curi RMB Capital LLC purchased a new stake in International Paper during the third quarter valued at approximately $4,870,000. Diamond Hill Capital Management Inc. raised its position in International Paper by 125.1% during the third quarter. Diamond Hill Capital Management Inc. now owns 4,235,846 shares of the basic materials company’s stock valued at $206,921,000 after purchasing an additional 2,354,341 shares during the period. Finally, Raymond James & Associates raised its position in International Paper by 29.6% during the third quarter. Raymond James & Associates now owns 321,468 shares of the basic materials company’s stock valued at $15,704,000 after purchasing an additional 73,367 shares during the period. Institutional investors own 81.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on the company. Royal Bank of Canada upped their target price on International Paper from $56.00 to $64.00 and gave the company an “outperform” rating in a research note on Friday, November 1st. Truist Financial reissued a “buy” rating and issued a $61.00 price objective (up previously from $57.00) on shares of International Paper in a research note on Friday, November 1st. BNP Paribas cut International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 price objective on the stock. in a research note on Wednesday, November 13th. Finally, Argus raised International Paper from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a research note on Wednesday, August 14th. One research analyst has rated the stock with a sell rating, three have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $51.54.

International Paper Stock Up 0.2 %

Shares of NYSE IP opened at $59.32 on Friday. International Paper has a 12-month low of $32.51 and a 12-month high of $60.22. The stock’s fifty day simple moving average is $51.45 and its two-hundred day simple moving average is $47.35. The company has a current ratio of 1.53, a quick ratio of 1.11 and a debt-to-equity ratio of 0.62. The stock has a market capitalization of $20.61 billion, a PE ratio of 50.70 and a beta of 1.02.

International Paper (NYSE:IP) last issued its quarterly earnings data on Thursday, October 31st. The basic materials company reported $0.44 EPS for the quarter, beating 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 prior year, the business posted $0.64 EPS. The business’s revenue for the quarter was up 1.6% compared to the same quarter last year. As a group, analysts expect that International Paper will post 1.22 EPS for the current fiscal year.

International Paper Dividend Announcement

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

Insider Buying and Selling

In other news, VP Holly G. Goughnour sold 5,000 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $47.22, for a total transaction of $236,100.00. Following the sale, the vice president now directly owns 16,788 shares in the company, valued at $792,729.36. This trade represents a 22.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $56.19, for a total transaction of $33,714.00. Following the completion of the transaction, the director now directly owns 37,745 shares in the company, valued at $2,120,891.55. This trade represents a 1.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 19,440 shares of company stock worth $944,540 in the last 90 days. Insiders own 0.55% of the company’s stock.

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.