Raymond James Financial Inc. Takes $21.31 Million Position in International Paper (NYSE:IP)

Raymond James Financial Inc. purchased a new position in shares of International Paper (NYSE:IP) in the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 395,895 shares of the basic materials company’s stock, valued at approximately $21,307,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Bernard Wealth Management Corp. acquired a new stake in International Paper during the 4th quarter worth $37,000. Renaissance Technologies LLC grew its stake in shares of International Paper by 98.8% during the fourth quarter. Renaissance Technologies LLC now owns 910,700 shares of the basic materials company’s stock worth $49,014,000 after purchasing an additional 452,500 shares during the period. Bank of Nova Scotia increased its holdings in International Paper by 4.9% in the fourth quarter. Bank of Nova Scotia now owns 45,752 shares of the basic materials company’s stock valued at $2,462,000 after purchasing an additional 2,124 shares during the last quarter. Cerity Partners LLC increased its holdings in International Paper by 8.2% in the fourth quarter. Cerity Partners LLC now owns 41,175 shares of the basic materials company’s stock valued at $2,139,000 after purchasing an additional 3,125 shares during the last quarter. Finally, FMR LLC lifted its stake in International Paper by 48.9% in the fourth quarter. FMR LLC now owns 26,559,812 shares of the basic materials company’s stock valued at $1,429,449,000 after buying an additional 8,720,575 shares during the period. 81.95% of the stock is owned by institutional investors.

International Paper Price Performance

NYSE:IP opened at $46.32 on Friday. The stock has a market capitalization of $24.45 billion, a PE ratio of 29.50, a P/E/G ratio of 0.39 and a beta of 0.99. 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 has a fifty day simple moving average of $51.90 and a 200 day simple moving average of $53.61. International Paper has a 1-year low of $33.16 and a 1-year high of $60.36.

International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). International Paper had a return on equity of 4.75% and a net margin of 2.99%. On average, research analysts expect that International Paper will post 2.77 EPS for the current fiscal year.

International Paper Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, February 24th were issued a $0.4625 dividend. The ex-dividend date was Monday, February 24th. This represents a $1.85 annualized dividend and a dividend yield of 3.99%. International Paper’s dividend payout ratio is currently 117.83%.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on IP shares. JPMorgan Chase & Co. started coverage on shares of International Paper in a research report on Thursday, March 20th. They issued an “overweight” rating and a $59.00 price target on the stock. Wells Fargo & Company decreased their price target on shares of International Paper from $52.00 to $45.00 and set an “equal weight” rating for the company in a report on Tuesday, April 8th. Truist Financial reiterated a “buy” rating and set a $64.00 target price (down from $65.00) on shares of International Paper in a report on Friday, January 31st. Citigroup assumed coverage on International Paper in a report on Wednesday, March 5th. They issued a “buy” rating and a $60.00 price target for the company. Finally, StockNews.com cut International Paper from a “buy” rating to a “hold” rating in a report on Friday, March 28th. One research analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, International Paper currently has an average rating of “Moderate Buy” and an average target price of $55.32.

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.