Convergence Investment Partners LLC Sells 219 Shares of International Paper (NYSE:IP)

Convergence Investment Partners LLC trimmed its position in International Paper (NYSE:IP) by 0.7% in the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 33,139 shares of the basic materials company’s stock after selling 219 shares during the period. Convergence Investment Partners LLC’s holdings in International Paper were worth $1,784,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in IP. FMR LLC grew its position in shares of International Paper by 88.4% during the 3rd quarter. FMR LLC now owns 17,839,237 shares of the basic materials company’s stock valued at $871,447,000 after acquiring an additional 8,370,273 shares during the period. Point72 Asset Management L.P. grew its position in shares of International Paper by 511.1% during the 3rd quarter. Point72 Asset Management L.P. now owns 2,970,432 shares of the basic materials company’s stock valued at $145,106,000 after acquiring an additional 2,484,386 shares during the period. Diamond Hill Capital Management Inc. grew its position in shares of International Paper by 125.1% during the 3rd 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 acquiring an additional 2,354,341 shares during the period. Ceredex Value Advisors LLC bought a new position in shares of International Paper during the 3rd quarter valued at approximately $84,526,000. Finally, Artemis Investment Management LLP grew its position in shares of International Paper by 147.2% during the 4th quarter. Artemis Investment Management LLP now owns 2,019,806 shares of the basic materials company’s stock valued at $108,706,000 after acquiring an additional 1,202,632 shares during the period. 81.95% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently weighed in on IP. BNP Paribas downgraded shares of International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 target price for the company. in a research report on Wednesday, November 13th. Bank of America initiated coverage on shares of International Paper in a research note on Thursday, February 13th. They set a “neutral” rating on the stock. Royal Bank of Canada restated an “outperform” rating and set a $64.00 price target on shares of International Paper in a research note on Friday, January 31st. Finally, Truist Financial restated a “buy” rating and set a $64.00 price target (down from $65.00) on shares of International Paper in a research note on Friday, January 31st. One research analyst has rated the stock with a sell rating, three have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, International Paper currently has a consensus rating of “Moderate Buy” and an average price target of $51.88.

Insiders Place Their Bets

In other news, Director Kathryn D. Sullivan sold 600 shares of the stock in a transaction on Friday, November 29th. The shares were sold at an average price of $58.39, for a total value of $35,034.00. Following the transaction, the director now owns 37,145 shares of the company’s stock, valued at $2,168,896.55. This represents a 1.59 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.55% of the company’s stock.

International Paper Stock Performance

NYSE IP opened at $57.26 on Wednesday. International Paper has a 1 year low of $33.16 and a 1 year high of $60.36. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.49 and a quick ratio of 1.08. The stock has a market capitalization of $19.89 billion, a PE ratio of 36.47, a P/E/G ratio of 0.39 and a beta of 1.02. The company’s 50 day simple moving average is $55.46 and its two-hundred day simple moving average is $52.41.

International Paper (NYSE:IP) last posted its earnings results on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.03 by ($0.05). International Paper had a return on equity of 4.75% and a net margin of 2.99%. Analysts predict that International Paper will post 2.77 earnings per share for the current fiscal year.

International Paper Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Monday, February 24th will be paid a $0.4625 dividend. This represents a $1.85 annualized dividend and a yield of 3.23%. The ex-dividend date is Monday, February 24th. International Paper’s dividend payout ratio is presently 117.84%.

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.