Lord Abbett & CO. LLC Makes New $24.33 Million Investment in International Paper (NYSE:IP)

Lord Abbett & CO. LLC purchased a new stake in shares of International Paper (NYSE:IP) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm purchased 498,000 shares of the basic materials company’s stock, valued at approximately $24,327,000. Lord Abbett & CO. LLC owned 0.14% of International Paper as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Oddo BHF Asset Management Sas bought a new stake in shares of International Paper in the 3rd quarter worth approximately $895,000. Wilmington Savings Fund Society FSB bought a new position in shares of International Paper in the third quarter valued at $614,000. World Investment Advisors LLC lifted its position in shares of International Paper by 6.1% during the 3rd quarter. World Investment Advisors LLC now owns 9,191 shares of the basic materials company’s stock valued at $449,000 after acquiring an additional 529 shares during the last quarter. Bard Financial Services Inc. bought a new stake in shares of International Paper during the 3rd quarter worth $305,000. Finally, Toronto Dominion Bank grew its holdings in shares of International Paper by 15.0% in the 3rd quarter. Toronto Dominion Bank now owns 114,836 shares of the basic materials company’s stock worth $5,610,000 after acquiring an additional 14,962 shares during the last quarter. Institutional investors own 81.95% of the company’s stock.

International Paper Stock Up 1.2 %

International Paper stock opened at $55.54 on Monday. The firm’s 50 day moving average price is $53.95 and its two-hundred day moving average price is $49.02. The firm has a market cap of $19.30 billion, a PE ratio of 47.47 and a beta of 1.02. International Paper has a twelve month low of $32.70 and a twelve month high of $60.36. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.11 and a current ratio of 1.53.

International Paper (NYSE:IP) last announced its quarterly earnings data on Thursday, October 31st. The basic materials company reported $0.44 earnings per share (EPS) for the quarter, topping 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 business had revenue of $4.69 billion during the quarter, compared to analyst estimates of $4.70 billion. During the same period last year, the company earned $0.64 earnings per share. International Paper’s quarterly revenue was up 1.6% compared to the same quarter last year. On average, research analysts predict that International Paper will post 1.18 EPS for the current fiscal year.

International Paper Dividend Announcement

The company also recently declared 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 of this dividend is Friday, November 15th. This represents a $1.85 annualized dividend and a dividend yield of 3.33%. International Paper’s payout ratio is 158.12%.

Analyst Ratings Changes

A number of research firms recently weighed in on IP. BNP Paribas lowered International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 price target for the company. in a research report on Wednesday, November 13th. Truist Financial reiterated a “buy” rating and issued a $61.00 target price (up from $57.00) on shares of International Paper in a report on Friday, November 1st. Finally, Royal Bank of Canada boosted their price target on shares of International Paper from $56.00 to $64.00 and gave the company an “outperform” rating in a report on Friday, November 1st. One analyst has rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $51.54.

Insider Buying and Selling

In other International Paper news, Director Kathryn D. Sullivan sold 600 shares of the stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $48.08, for a total transaction of $28,848.00. Following the transaction, the director now directly owns 38,945 shares of the company’s stock, valued at $1,872,475.60. This represents a 1.52 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Over the last quarter, insiders have sold 3,000 shares of company stock worth $158,904. Insiders own 0.55% of the company’s stock.

International Paper Company 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.