International Paper (NYSE:IP) Shares Gap Down to $35.26

International Paper (NYSE:IP)’s share price gapped down prior to trading on Friday . The stock had previously closed at $35.26, but opened at $34.51. International Paper shares last traded at $35.37, with a volume of 2,535,610 shares traded.

Analyst Ratings Changes

Several brokerages recently issued reports on IP. Royal Bank of Canada reiterated an “outperform” rating and issued a $43.00 price target on shares of International Paper in a research note on Friday, February 2nd. Citigroup upgraded shares of International Paper from a “neutral” rating to a “buy” rating and increased their price target for the stock from $36.00 to $46.00 in a research note on Wednesday, March 20th. Bank of America upgraded shares of International Paper from an “underperform” rating to a “buy” rating and increased their price target for the stock from $37.00 to $42.00 in a research note on Monday, March 4th. Argus lowered shares of International Paper from a “buy” rating to a “hold” rating in a research note on Monday, February 26th. Finally, StockNews.com lowered shares of International Paper from a “buy” rating to a “hold” rating in a research note on Sunday, January 14th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $37.13.

International Paper Price Performance

The business’s 50 day moving average price is $36.73 and its 200 day moving average price is $35.83. The stock has a market capitalization of $12.30 billion, a P/E ratio of 42.61 and a beta of 0.99. The company has a debt-to-equity ratio of 0.65, a current ratio of 1.67 and a quick ratio of 1.19.

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

Insider Buying and Selling

In related news, SVP James P. Jr. Royalty sold 5,800 shares of the firm’s 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 transaction, the senior vice president now owns 69,488 shares of the company’s stock, valued at $2,414,708. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last quarter, insiders have sold 8,800 shares of company stock valued at $310,438. 0.55% of the stock is owned by insiders.

Hedge Funds Weigh In On International Paper

Several large investors have recently added to or reduced their stakes in IP. Franklin Resources Inc. lifted its holdings in shares of International Paper by 61.5% in the fourth quarter. Franklin Resources Inc. now owns 13,030,839 shares of the basic materials company’s stock worth $471,065,000 after buying an additional 4,960,005 shares in the last quarter. Mizuho Markets Americas LLC purchased a new position in shares of International Paper in the third quarter worth $144,509,000. Norges Bank purchased a new position in shares of International Paper in the fourth quarter worth $94,913,000. BlackRock Inc. lifted its holdings in shares of International Paper by 4.0% in the first quarter. BlackRock Inc. now owns 36,929,748 shares of the basic materials company’s stock worth $1,331,687,000 after buying an additional 1,436,757 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in shares of International Paper by 208.0% in the third quarter. Acadian Asset Management LLC now owns 1,610,933 shares of the basic materials company’s stock worth $57,129,000 after buying an additional 1,087,933 shares in the last quarter. Hedge funds and other institutional investors own 81.95% of the company’s stock.

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.