JPMorgan Chase & Co. Sells 638,555 Shares of International Paper Company $IP

JPMorgan Chase & Co. lessened its holdings in International Paper Company (NYSE:IP) by 8.3% during the third quarter, HoldingsChannel reports. The fund owned 7,042,214 shares of the basic materials company’s stock after selling 638,555 shares during the quarter. JPMorgan Chase & Co.’s holdings in International Paper were worth $326,759,000 as of its most recent SEC filing.

Other hedge funds have also added to or reduced their stakes in the company. AlphaQuest LLC raised its stake in shares of International Paper by 63,400.0% in the second 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 during the second quarter worth $33,000. Elevation Point Wealth Partners LLC purchased a new stake in International Paper in the 2nd quarter valued at $35,000. CYBER HORNET ETFs LLC bought a new position in International Paper during the 2nd quarter valued at $43,000. Finally, City Holding Co. purchased a new position in International Paper during the 3rd quarter worth $46,000. Institutional investors and hedge funds own 81.95% of the company’s stock.

Insider Buying and Selling at International Paper

In other news, CEO Andrew K. Silvernail acquired 50,000 shares of the firm’s stock in a transaction that occurred on Friday, January 30th. The stock was bought at an average price of $39.98 per share, with a total value of $1,999,000.00. Following the acquisition, the chief executive officer owned 50,000 shares in the company, valued at $1,999,000. The trade was a ∞ increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.35% of the company’s stock.

International Paper Stock Down 3.1%

International Paper stock opened at $46.98 on Friday. The firm has a 50 day moving average price of $42.46 and a 200-day moving average price of $43.57. The company has a quick ratio of 1.02, a current ratio of 1.28 and a debt-to-equity ratio of 0.60. International Paper Company has a twelve month low of $35.56 and a twelve month high of $57.09. The company has a market capitalization of $24.81 billion, a P/E ratio of -7.00 and a beta of 1.11.

International Paper (NYSE:IP) last posted its quarterly earnings data on Thursday, January 29th. The basic materials company reported ($0.08) EPS 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 firm had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.90 billion. During the same quarter in the previous year, the company posted ($0.02) EPS. International Paper’s revenue for the quarter was up 53.1% on a year-over-year basis. As a group, equities analysts predict that International Paper Company will post 2.77 EPS for the current year.

Analyst Ratings Changes

IP has been the subject of several analyst reports. BNP Paribas Exane upgraded shares of International Paper from a “strong sell” rating to an “outperform” rating and set a $44.00 target price for the company in a report on Monday, November 24th. Weiss Ratings reiterated a “sell (d+)” rating on shares of International Paper in a research note on Monday, December 29th. Citigroup boosted their target price on International Paper from $46.00 to $47.00 and gave the stock a “buy” rating in a research note on Friday, January 30th. JPMorgan Chase & Co. upped their target price on International Paper from $45.00 to $48.00 and gave the company a “neutral” rating in a report on Friday, January 30th. Finally, Truist Financial dropped their price target on International Paper from $50.00 to $48.00 and set a “buy” rating on the stock in a report on Friday, January 30th. Eight equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $48.25.

International Paper 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.