Garner Asset Management Corp Trims Stock Holdings in International Paper (NYSE:IP)

Garner Asset Management Corp lessened its holdings in shares of International Paper (NYSE:IP) by 3.2% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 79,950 shares of the basic materials company’s stock after selling 2,634 shares during the period. International Paper accounts for approximately 2.0% of Garner Asset Management Corp’s holdings, making the stock its 6th biggest position. Garner Asset Management Corp’s holdings in International Paper were worth $4,303,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Sierra Ocean LLC bought a new stake in International Paper in the fourth quarter valued at $26,000. Centricity Wealth Management LLC acquired a new stake in shares of International Paper in the 4th quarter worth about $26,000. Picton Mahoney Asset Management lifted its position in International Paper by 67.0% in the 4th quarter. Picton Mahoney Asset Management now owns 536 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 215 shares during the last quarter. Versant Capital Management Inc boosted its stake in International Paper by 313.3% during the 4th quarter. Versant Capital Management Inc now owns 591 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 448 shares during the period. Finally, Venturi Wealth Management LLC boosted its stake in International Paper by 90.2% during the 4th quarter. Venturi Wealth Management LLC now owns 622 shares of the basic materials company’s stock valued at $33,000 after purchasing an additional 295 shares during the period. Institutional investors and hedge funds own 81.95% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on IP shares. Wells Fargo & Company cut their price target on International Paper from $52.00 to $45.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 8th. Citigroup initiated coverage on International Paper in a research note on Wednesday, March 5th. They set a “buy” rating and a $60.00 target price on the stock. JPMorgan Chase & Co. assumed coverage on International Paper in a research note on Thursday, March 20th. They issued an “overweight” rating and a $59.00 price target for the company. Bank of America initiated coverage on International Paper in a report on Thursday, February 13th. They set a “neutral” rating on the stock. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $64.00 price objective on shares of International Paper in a report on Wednesday, March 26th. One investment analyst has rated the stock with a sell rating, four have given a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.32.

International Paper Price Performance

Shares of NYSE:IP opened at $46.86 on Friday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.08 and a current ratio of 1.49. International Paper has a one year low of $33.16 and a one year high of $60.36. The company has a market capitalization of $24.74 billion, a PE ratio of 29.85, a price-to-earnings-growth ratio of 0.39 and a beta of 0.99. The stock has a fifty day moving average of $52.76 and a 200-day moving average of $53.68.

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

International Paper Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, February 24th were issued a dividend of $0.4625 per share. The ex-dividend date of this dividend was Monday, February 24th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.95%. International Paper’s dividend payout ratio is 117.83%.

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.