KLP Kapitalforvaltning AS Purchases New Stake in International Paper (NYSE:IP)

KLP Kapitalforvaltning AS acquired a new position in shares of International Paper (NYSE:IP) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 116,906 shares of the basic materials company’s stock, valued at approximately $6,292,000.

Several other large investors also recently added to or reduced their stakes in IP. Sierra Ocean LLC acquired a new position in shares of International Paper during the 4th quarter valued at about $26,000. Centricity Wealth Management LLC acquired a new position in International Paper in the 4th quarter valued at about $26,000. Brooklyn Investment Group purchased a new stake in shares of International Paper in the 3rd quarter valued at approximately $25,000. Picton Mahoney Asset Management increased its holdings in shares of International Paper by 67.0% during the 4th quarter. Picton Mahoney Asset Management now owns 536 shares of the basic materials company’s stock worth $29,000 after buying an additional 215 shares during the last quarter. Finally, Legacy Investment Solutions LLC purchased a new stake in shares of International Paper during the 3rd quarter valued at approximately $28,000. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have issued reports on the company. Truist Financial reissued a “buy” rating and set a $64.00 target price (down previously from $65.00) on shares of International Paper in a research note on Friday, January 31st. Bank of America started coverage on International Paper in a research report on Thursday, February 13th. They set a “neutral” rating for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $64.00 target price on shares of International Paper in a research report on Friday, January 31st. Citigroup began coverage on shares of International Paper in a research report on Wednesday, March 5th. They set a “buy” rating and a $60.00 price target for the company. Finally, JPMorgan Chase & Co. initiated coverage on shares of International Paper in a report on Thursday, March 20th. They issued an “overweight” rating and a $59.00 price objective on the stock. One research analyst has rated the stock with a sell rating, three have issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, International Paper currently has an average rating of “Moderate Buy” and an average price target of $55.32.

International Paper Stock Up 6.6 %

International Paper stock opened at $56.34 on Wednesday. The firm has a market capitalization of $29.64 billion, a P/E ratio of 35.89, a P/E/G ratio of 0.39 and a beta of 1.02. The company has a current ratio of 1.49, a quick ratio of 1.08 and a debt-to-equity ratio of 0.66. International Paper has a twelve month low of $33.16 and a twelve month high of $60.36. The stock’s fifty day simple moving average is $54.96 and its 200-day simple moving average is $53.61.

International Paper (NYSE:IP) last issued its quarterly earnings results 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 return on equity of 4.75% and a net margin of 2.99%. As a group, equities analysts expect that International Paper will post 2.77 earnings per share for the current fiscal year.

International Paper Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Monday, February 24th were paid a $0.4625 dividend. The ex-dividend date was Monday, February 24th. This represents a $1.85 dividend on an annualized basis and a yield of 3.28%. International Paper’s dividend payout ratio is currently 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.