Wedge Capital Management L L P NC Has $8.61 Million Stock Position in International Paper (NYSE:IP)

Wedge Capital Management L L P NC lifted its stake in International Paper (NYSE:IP) by 16.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 238,194 shares of the basic materials company’s stock after buying an additional 33,128 shares during the period. Wedge Capital Management L L P NC owned about 0.07% of International Paper worth $8,611,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of IP. Mizuho Markets Americas LLC acquired a new position in shares of International Paper in the 3rd quarter worth approximately $144,509,000. Acadian Asset Management LLC raised its holdings in shares of International Paper by 208.0% in the 3rd 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. Charles Schwab Investment Management Inc. grew its position in International Paper by 13.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 8,811,752 shares of the basic materials company’s stock worth $312,553,000 after acquiring an additional 1,011,315 shares during the last quarter. AQR Capital Management LLC increased its holdings in International Paper by 35.6% during the 3rd quarter. AQR Capital Management LLC now owns 2,961,232 shares of the basic materials company’s stock valued at $105,035,000 after purchasing an additional 777,273 shares in the last quarter. Finally, Atlas FRM LLC increased its holdings in International Paper by 30.0% during the 3rd quarter. Atlas FRM LLC now owns 2,600,000 shares of the basic materials company’s stock valued at $92,222,000 after purchasing an additional 600,000 shares in the last quarter. 81.95% of the stock is owned by institutional investors and hedge funds.

International Paper Stock Down 1.0 %

Shares of NYSE IP opened at $34.41 on Wednesday. The firm has a market capitalization of $11.95 billion, a PE ratio of 41.96 and a beta of 0.99. 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 has a 1 year low of $29.00 and a 1 year high of $41.28. The firm’s 50-day moving average is $36.72 and its 200-day moving average is $35.84.

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

Analyst Ratings Changes

IP has been the topic of several research reports. Citigroup upgraded shares of International Paper from a “neutral” rating to a “buy” rating and upped their price target for the stock from $36.00 to $46.00 in a research report on Wednesday, March 20th. Bank of America raised shares of International Paper from an “underperform” rating to a “buy” rating and increased their price objective for the stock from $37.00 to $42.00 in a report on Monday, March 4th. StockNews.com lowered shares of International Paper from a “buy” rating to a “hold” rating in a report on Sunday, January 14th. Truist Financial reissued a “buy” rating and set a $40.00 price objective on shares of International Paper in a report on Wednesday, April 17th. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $43.00 price objective on shares of International Paper in a report on Friday, February 2nd. Five analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $37.13.

Insider Buying and Selling

In related 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 transaction of $201,550.00. Following the transaction, the senior vice president now owns 69,488 shares of the company’s stock, valued at approximately $2,414,708. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders have sold 8,800 shares of company stock valued at $310,438 in the last 90 days. 0.55% of the stock is owned by insiders.

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.