Icon Advisers Inc. Co. Buys New Position in International Paper Company $IP

Icon Advisers Inc. Co. purchased a new position in International Paper Company (NYSE:IP) in the third quarter, Holdings Channel.com reports. The fund purchased 104,600 shares of the basic materials company’s stock, valued at approximately $4,853,000. International Paper comprises 1.1% of Icon Advisers Inc. Co.’s portfolio, making the stock its 25th largest position.

Several other large investors have also added to or reduced their stakes in IP. AlphaQuest LLC raised its holdings in 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 in the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of International Paper in the 2nd quarter worth about $33,000. Elevation Point Wealth Partners LLC bought a new stake in shares of International Paper during the 2nd quarter valued at about $35,000. CYBER HORNET ETFs LLC purchased a new position in shares of International Paper during the second quarter valued at about $43,000. Finally, City Holding Co. purchased a new position in shares of International Paper during the third quarter valued at about $46,000. Institutional investors own 81.95% of the company’s stock.

International Paper Trading Down 4.4%

Shares of NYSE IP opened at $39.50 on Friday. International Paper Company has a 1 year low of $35.56 and a 1 year high of $56.64. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.28 and a quick ratio of 1.02. The firm has a 50-day moving average of $43.36 and a 200 day moving average of $43.25. The stock has a market cap of $20.91 billion, a P/E ratio of -5.89 and a beta of 1.09.

International Paper (NYSE:IP) last announced its quarterly earnings data on Thursday, January 29th. The basic materials company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.36). International Paper had a negative return on equity of 0.35% and a negative net margin of 14.12%.The business had revenue of $6.01 billion during the quarter, compared to analysts’ expectations of $5.90 billion. During the same quarter last year, the company posted ($0.02) EPS. International Paper’s revenue for the quarter was up 53.1% compared to the same quarter last year. As a group, sell-side analysts expect that International Paper Company will post 2.77 EPS for the current fiscal year.

Insider Activity at International Paper

In related news, CEO Andrew K. Silvernail purchased 50,000 shares of the company’s stock in a transaction dated Friday, January 30th. The shares were purchased at an average cost of $39.98 per share, with a total value of $1,999,000.00. Following the transaction, the chief executive officer directly owned 50,000 shares in the company, valued at $1,999,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.35% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Argus lowered their price objective on shares of International Paper from $55.00 to $50.00 and set a “buy” rating for the company in a report on Monday, December 22nd. Citigroup upped their target price on International Paper from $46.00 to $47.00 and gave the stock a “buy” rating in a report on Friday, January 30th. Jefferies Financial Group increased their target price on International Paper from $47.00 to $48.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. UBS Group cut International Paper from a “buy” rating to a “neutral” rating and lowered their target price for the company from $51.00 to $44.00 in a research note on Monday, February 2nd. Finally, JPMorgan Chase & Co. lifted their price target on International Paper from $45.00 to $48.00 and gave the company a “neutral” rating in a research report on Friday, January 30th. Eight investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $48.25.

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.