International Paper Company $IP Shares Acquired by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans increased its holdings in International Paper Company (NYSE:IP) by 41.1% in the third quarter, Holdings Channel.com reports. The firm owned 206,068 shares of the basic materials company’s stock after purchasing an additional 60,001 shares during the period. Thrivent Financial for Lutherans’ holdings in International Paper were worth $9,562,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the business. Norges Bank purchased a new position in shares of International Paper during the 2nd quarter worth about $281,735,000. M&G PLC raised its stake in International Paper by 165.9% during the second quarter. M&G PLC now owns 3,220,070 shares of the basic materials company’s stock worth $150,553,000 after purchasing an additional 2,009,123 shares during the period. Bank of New York Mellon Corp grew its stake in shares of International Paper by 9.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 18,737,896 shares of the basic materials company’s stock valued at $877,496,000 after buying an additional 1,592,411 shares during the period. Sound Shore Management Inc CT purchased a new position in shares of International Paper in the 2nd quarter worth $69,208,000. Finally, Vanguard Group Inc. grew its position in International Paper by 2.0% during the second quarter. Vanguard Group Inc. now owns 63,879,190 shares of the basic materials company’s stock valued at $2,991,462,000 after acquiring an additional 1,255,650 shares during the period. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

International Paper Price Performance

Shares of IP stock opened at $44.32 on Friday. The firm has a fifty day simple moving average of $40.56 and a 200-day simple moving average of $43.86. The company has a market capitalization of $23.40 billion, a PE ratio of -6.61, a price-to-earnings-growth ratio of 0.54 and a beta of 1.11. International Paper Company has a twelve month low of $35.56 and a twelve month high of $57.55. The company has a current ratio of 1.28, a quick ratio of 1.02 and a debt-to-equity ratio of 0.60.

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on IP shares. Wells Fargo & Company upgraded International Paper from an “underweight” rating to an “equal weight” rating and raised their price objective for the stock from $36.00 to $40.00 in a report on Friday, January 30th. JPMorgan Chase & Co. raised their price target on shares of International Paper from $45.00 to $48.00 and gave the company a “neutral” rating in a report on Friday, January 30th. Wall Street Zen cut shares of International Paper from a “hold” rating to a “sell” rating in a research report on Saturday, October 18th. Weiss Ratings reissued a “sell (d+)” rating on shares of International Paper in a research report on Monday, December 29th. Finally, Truist Financial reduced their target price on shares of International Paper from $50.00 to $48.00 and set a “buy” rating on the stock in a report on Friday, January 30th. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $48.89.

Insider Transactions at International Paper

In other news, SVP Clay R. Ellis sold 18,819 shares of the firm’s stock in a transaction that occurred on Tuesday, November 18th. The shares were sold at an average price of $36.85, for a total transaction of $693,480.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Andrew K. Silvernail acquired 50,000 shares of International Paper stock in a transaction on Friday, January 30th. The shares were bought at an average price of $39.98 per share, for a total transaction of $1,999,000.00. Following the completion of the purchase, the chief executive officer directly owned 50,000 shares in the company, valued at $1,999,000. The trade was a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 0.35% of the company’s stock.

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.