Holderness Investments Co. Has $1.19 Million Stock Position in International Paper Company (NYSE:IP)

Holderness Investments Co. lifted its position in shares of International Paper Company (NYSE:IP) by 4.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 22,382 shares of the basic materials company’s stock after buying an additional 902 shares during the quarter. Holderness Investments Co.’s holdings in International Paper were worth $1,194,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of IP. Cerity Partners LLC increased its position in shares of International Paper by 8.2% during the fourth quarter. Cerity Partners LLC now owns 41,175 shares of the basic materials company’s stock worth $2,139,000 after buying an additional 3,125 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of International Paper during the fourth quarter worth $21,307,000. Sterling Capital Management LLC increased its position in shares of International Paper by 55.5% during the fourth quarter. Sterling Capital Management LLC now owns 20,533 shares of the basic materials company’s stock worth $1,105,000 after buying an additional 7,325 shares during the period. Townsquare Capital LLC increased its position in shares of International Paper by 69.2% during the fourth quarter. Townsquare Capital LLC now owns 11,646 shares of the basic materials company’s stock worth $627,000 after buying an additional 4,765 shares during the period. Finally, Mariner LLC increased its position in shares of International Paper by 17.0% during the fourth quarter. Mariner LLC now owns 78,128 shares of the basic materials company’s stock worth $4,205,000 after buying an additional 11,361 shares during the period. 81.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on IP. JPMorgan Chase & Co. cut shares of International Paper from an “overweight” rating to a “neutral” rating and decreased their price objective for the stock from $55.00 to $54.00 in a research report on Tuesday, August 5th. UBS Group began coverage on shares of International Paper in a research report on Wednesday, June 4th. They set a “buy” rating and a $60.00 price objective for the company. Wall Street Zen upgraded shares of International Paper from a “sell” rating to a “hold” rating in a research report on Friday, June 27th. Truist Financial set a $59.00 target price on shares of International Paper in a research note on Wednesday, May 28th. Finally, Wells Fargo & Company reissued an “underweight” rating and set a $43.00 target price (up from $40.00) on shares of International Paper in a research note on Thursday, July 10th. Two analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $55.03.

International Paper Stock Up 0.7%

Shares of NYSE IP opened at $48.72 on Thursday. The firm has a market cap of $25.72 billion, a PE ratio of -487.20, a P/E/G ratio of 0.58 and a beta of 1.04. International Paper Company has a 12-month low of $43.27 and a 12-month high of $60.36. The company’s fifty day simple moving average is $49.16 and its 200 day simple moving average is $50.25. The company has a quick ratio of 0.96, a current ratio of 1.33 and a debt-to-equity ratio of 0.52.

International Paper (NYSE:IP) last issued its earnings results on Thursday, July 31st. The basic materials company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.18). International Paper had a positive return on equity of 2.63% and a negative net margin of 0.12%. The company had revenue of $6.77 billion for the quarter, compared to the consensus estimate of $6.64 billion. During the same period in the prior year, the company earned $0.55 earnings per share. The firm’s revenue was up 42.9% compared to the same quarter last year. As a group, sell-side analysts forecast that International Paper Company will post 2.77 earnings per share for the current fiscal year.

International Paper Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Friday, August 15th will be paid a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date of this dividend is Friday, August 15th. International Paper’s dividend payout ratio (DPR) is -1,850.00%.

International Paper 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.