Bank of Montreal Can Sells 248,405 Shares of International Paper (NYSE:IP)

Bank of Montreal Can reduced its stake in shares of International Paper (NYSE:IP) by 44.8% in the fourth quarter, HoldingsChannel.com reports. The fund owned 305,690 shares of the basic materials company’s stock after selling 248,405 shares during the quarter. Bank of Montreal Can’s holdings in International Paper were worth $16,452,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Pacer Advisors Inc. lifted its holdings in shares of International Paper by 28.7% in the 4th quarter. Pacer Advisors Inc. now owns 33,330 shares of the basic materials company’s stock worth $1,794,000 after acquiring an additional 7,424 shares during the last quarter. Lord Abbett & CO. LLC purchased a new position in International Paper in the 3rd quarter worth $24,327,000. Wedmont Private Capital bought a new stake in International Paper in the fourth quarter worth $376,000. Everence Capital Management Inc. purchased a new stake in International Paper during the fourth quarter valued at about $828,000. Finally, Allspring Global Investments Holdings LLC lifted its stake in shares of International Paper by 1.8% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 878,221 shares of the basic materials company’s stock valued at $46,686,000 after acquiring an additional 15,904 shares during the last quarter. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. 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 report on Friday, January 31st. Citigroup assumed coverage on shares of International Paper in a report on Wednesday, March 5th. They issued a “buy” rating and a $60.00 target price on the stock. Bank of America began coverage on shares of International Paper in a report on Thursday, February 13th. They set a “neutral” rating for the company. Wells Fargo & Company cut their price target on shares of International Paper from $52.00 to $45.00 and set an “equal weight” rating on the stock in a report on Tuesday, April 8th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $64.00 price objective on shares of International Paper in a research report on Wednesday, March 26th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $55.32.

International Paper Trading Up 1.4 %

Shares of IP opened at $46.86 on Friday. International Paper has a 1-year low of $33.16 and a 1-year high of $60.36. The company has a current ratio of 1.49, a quick ratio of 1.08 and a debt-to-equity ratio of 0.66. The firm’s 50-day moving average price is $52.76 and its 200-day moving average price is $53.68. The firm has a market capitalization of $24.74 billion, a price-to-earnings ratio of 29.85, a PEG ratio of 0.39 and a beta of 0.99.

International Paper (NYSE:IP) last posted its quarterly earnings data on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share 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%. Sell-side analysts anticipate that International Paper will post 2.77 EPS for the current year.

International Paper Announces Dividend

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

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.