Sound Shore Management Inc CT Acquires 73,579 Shares of International Paper Company $IP

Sound Shore Management Inc CT raised its holdings in International Paper Company (NYSE:IP) by 5.0% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 1,551,437 shares of the basic materials company’s stock after acquiring an additional 73,579 shares during the quarter. Sound Shore Management Inc CT’s holdings in International Paper were worth $71,987,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in IP. AlphaQuest LLC boosted its position in shares of International Paper by 63,400.0% in the 2nd quarter. AlphaQuest LLC now owns 635 shares of the basic materials company’s stock worth $30,000 after purchasing an additional 634 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new stake in International Paper in the second quarter valued at about $33,000. Elevation Point Wealth Partners LLC bought a new stake in International Paper in the second quarter valued at about $35,000. CYBER HORNET ETFs LLC acquired a new position in International Paper in the second quarter valued at about $43,000. Finally, City Holding Co. bought a new position in International Paper during the third quarter worth about $46,000. Institutional investors own 81.95% of the company’s stock.

Wall Street Analysts Forecast Growth

IP has been the subject of a number of recent analyst reports. Zacks Research cut International Paper from a “hold” rating to a “strong sell” rating in a research note on Monday, January 12th. Jefferies Financial Group boosted their price objective on shares of International Paper from $47.00 to $48.00 and gave the company a “buy” rating in a report on Thursday, January 22nd. Truist Financial lowered their target price on shares of International Paper from $50.00 to $48.00 and set a “buy” rating for the company in a research note on Friday, January 30th. Royal Bank Of Canada reduced their price target on shares of International Paper from $55.00 to $54.00 and set an “outperform” rating on the stock in a research report on Friday, January 30th. Finally, UBS Group lowered shares of International Paper from a “buy” rating to a “neutral” rating and decreased their price target for the company from $51.00 to $44.00 in a report on Monday, February 2nd. Eight equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $48.89.

Insider Transactions at International Paper

In other news, CEO Andrew K. Silvernail acquired 50,000 shares of International Paper stock in a transaction dated Friday, January 30th. The stock was bought at an average cost of $39.98 per share, with a total value of $1,999,000.00. Following the completion of the transaction, the chief executive officer directly owned 50,000 shares of the company’s stock, valued at approximately $1,999,000. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Clay R. Ellis sold 18,819 shares of the stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $36.85, for a total value of $693,480.15. The disclosure for this sale is available in the SEC filing. 0.35% of the stock is currently owned by corporate insiders.

International Paper Price Performance

NYSE IP opened at $49.13 on Thursday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.02 and a current ratio of 1.28. The stock has a market cap of $25.94 billion, a price-to-earnings ratio of -7.32 and a beta of 1.11. The business has a 50 day simple moving average of $41.27 and a 200 day simple moving average of $43.63. International Paper Company has a 52-week low of $35.56 and a 52-week high of $57.55.

International Paper (NYSE:IP) last released its quarterly earnings results on Thursday, January 29th. The basic materials company reported ($0.08) earnings per share for the quarter, missing the consensus estimate of $0.28 by ($0.36). International Paper had a negative net margin of 14.12% and a negative return on equity of 0.35%. The company had revenue of $6.01 billion during the quarter, compared to analyst estimates of $5.90 billion. During the same quarter last year, the company earned ($0.02) EPS. The firm’s quarterly revenue was up 53.1% compared to the same quarter last year. Analysts anticipate that International Paper Company will post 2.77 earnings per share for the current fiscal year.

International Paper Company Profile

International Paper is a global producer of renewable fiber-based products, focused primarily on pulp, paper, and packaging. The company manufactures containerboard and corrugated packaging used for shipping and retail display, as well as a range of specialty papers and pulp products that serve industrial, consumer goods, and e-commerce customers. Its product portfolio is oriented toward large-scale packaging solutions, tissue and paper grades, and raw pulp for a variety of manufacturing uses.

Founded in 1898, International Paper is headquartered in Memphis, Tennessee, and is one of the largest and longest-established companies in the forest products sector.