International Paper (NYSE:IP) Hits New 12-Month High on Better-Than-Expected Earnings

Shares of International Paper (NYSE:IP) hit a new 52-week high during trading on Thursday following a stronger than expected earnings report. The stock traded as high as $54.49 and last traded at $54.23, with a volume of 945926 shares trading hands. The stock had previously closed at $49.03.

The basic materials company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.24 by $0.20. International Paper had a return on equity of 7.28% and a net margin of 2.34%. The firm had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same period in the prior year, the firm posted $0.64 earnings per share. The firm’s revenue for the quarter was up 1.6% compared to the same quarter last year.

International Paper Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 15th will be paid a dividend of $0.4625 per share. The ex-dividend date is Friday, November 15th. This represents a $1.85 annualized dividend and a yield of 3.33%. International Paper’s dividend payout ratio is currently 151.64%.

Wall Street Analysts Forecast Growth

IP has been the subject of a number of research analyst reports. Argus raised shares of International Paper from a “hold” rating to a “buy” rating and set a $52.00 price target for the company in a report on Wednesday, August 14th. Wells Fargo & Company raised their target price on shares of International Paper from $43.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, July 25th. Stifel Nicolaus assumed coverage on shares of International Paper in a research report on Tuesday, July 9th. They issued a “hold” rating and a $48.70 price target on the stock. Truist Financial increased their price objective on International Paper from $55.00 to $57.00 and gave the company a “buy” rating in a research report on Tuesday, October 15th. Finally, Royal Bank of Canada lifted their target price on International Paper from $52.00 to $56.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.46.

Insider Buying and Selling at International Paper

In other International Paper news, Director Kathryn D. Sullivan sold 600 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $49.48, for a total value of $29,688.00. Following the transaction, the director now owns 39,802 shares in the company, valued at approximately $1,969,402.96. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other International Paper news, Director Kathryn D. Sullivan sold 600 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $49.48, for a total value of $29,688.00. Following the transaction, the director now directly owns 39,802 shares of the company’s stock, valued at $1,969,402.96. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Clay R. Ellis sold 9,000 shares of the business’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $48.83, for a total value of $439,470.00. Following the completion of the sale, the senior vice president now directly owns 49,832 shares of the company’s stock, valued at approximately $2,433,296.56. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 18,840 shares of company stock valued at $906,386 in the last 90 days. 0.55% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On International Paper

A number of large investors have recently bought and sold shares of IP. Principal Financial Group Inc. boosted its holdings in International Paper by 2.6% during the third quarter. Principal Financial Group Inc. now owns 417,851 shares of the basic materials company’s stock valued at $20,412,000 after acquiring an additional 10,632 shares during the period. Graypoint LLC bought a new position in International Paper during the third quarter worth $205,000. American Capital Advisory LLC boosted its holdings in International Paper by 12.9% in the 3rd quarter. American Capital Advisory LLC now owns 8,738 shares of the basic materials company’s stock valued at $427,000 after purchasing an additional 1,000 shares during the period. Sentry Investment Management LLC bought a new stake in shares of International Paper in the third quarter valued at about $79,000. Finally, QRG Capital Management Inc. increased its stake in International Paper by 3.8% during the third quarter. QRG Capital Management Inc. now owns 279,288 shares of the basic materials company’s stock valued at $13,643,000 after acquiring an additional 10,260 shares during the period. 81.95% of the stock is currently owned by institutional investors.

International Paper Stock Performance

The firm has a fifty day simple moving average of $48.35 and a 200 day simple moving average of $44.79. The company has a current ratio of 1.59, a quick ratio of 1.17 and a debt-to-equity ratio of 0.62. The stock has a market cap of $19.29 billion, a price-to-earnings ratio of 45.52 and a beta of 1.04.

International Paper Company 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.