Fifth Third Wealth Advisors LLC buys new stake in International Paper (NYSE:IP)

VaselineAugust 24, 2024

0 4 minutes read

Fifth Third Wealth Advisors LLC purchased a new stake in shares of International Paper (NYSE:IP – Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 4,800 shares of the basic materials company’s stock, valued at approximately $207,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Prossimo Advisors LLC bought a new stake in International Paper in the second quarter valued at $441,000. Fifth Third Bancorp boosted its holdings in International Paper by 10.5% in the 2nd quarter. Fifth Third Bancorp now owns 15,354 shares of the basic materials company’s stock valued at $663,000 after buying an additional 1,456 shares in the the last quarter. Paradiem LLC boosted its holdings in International Paper by 16.9% during the 2nd quarter. Paradiem LLC now owns 236,257 shares of the basic materials company’s stock valued at $10,194,000 after buying an additional 34,222 shares in the the last quarter. Gradient Investments LLC boosted its holdings in International Paper by 1,968.6% in the 2nd quarter. Gradient Investments LLC now owns 3,289 shares of the basic materials company’s stock valued at $142,000 after buying an additional 3,130 shares in the the last quarter. Finally, Blue Trust Inc. raised its holdings in International Paper by 32.2% in the 2nd quarter. Blue Trust Inc. now owns 1,606 shares of the basic materials company’s stock valued at $69,000 after buying an additional 391 shares in the last quarter. 81.95% of shares are currently held by institutional investors.

International stock of paper down 0.5%

Shares of International Paper stock opened at $47.97 on Friday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.59, and a quick ratio of 1.17. The company has a 50-day moving average of $45.37 and a 200-day moving average of $40.70. The firm has a market cap of $16.66 billion, a price-to-earnings ratio of 97.89 and a beta of 1.06. International Paper has a 1 year low of $31.76 and a 1 year high of $48.30.

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International Paper (NYSE:IP – Get Free Report ) last announced its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.41 by $0.14. International Paper had a net margin of 2.34% and a return on equity of 7.28%. The company had revenue of $4.73 billion for the quarter, compared to the consensus estimate of $4.78 billion. During the same period in the previous year, the firm posted EPS of $0.59. International Paper’s revenue for the quarter was up 1.1% on a year-over-year basis. As a group, sell-side analysts anticipate that International Paper will post 1.64 earnings per share for the current fiscal year.

International Paper Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Thursday, August 15th will be given a dividend of $0.4625 per share. This represents an annualized dividend of $1.85 and a yield of 3.86%. The ex-dividend date is Thursday, August 15. International Paper’s dividend payout ratio (DPR) is 377.55%.

Analyst upgrades and downgrades

Several brokerages have commented on IP. Truist Financial boosted their price objective on shares of International Paper from $52.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, July 16th. Jefferies Financial Group upgraded shares of International Paper from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $38.00 to $57.00 in a report from Thursday, May 23. Wells Fargo & Company boosted their price objective 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. Seaport Res Ptn upgraded shares of International Paper from a “hold” rating to a “strong-buy” rating in a report on Friday, June 28th. Finally, Stifel Nicolaus began coverage on shares of International Paper in a report on Tuesday, July 9th. They issued a “hold” rating and a $48.70 price objective for the company. Three research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, International Paper has a consensus rating of “Moderate Buy” and a consensus price target of $50.21.

Get the latest IP stock report

Insider activity at International Paper

In other news, Director Kathryn D. Sullivan sold 600 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $45.11, for a total transaction of $27,066.00. Following the sale, the director now owns 43,402 shares of the company’s stock, valued at approximately $1,957,864.22. The sale was disclosed in a legal filing with the SEC, which is accessible via this hyperlink. Over the last ninety days, insiders have sold 3,600 shares of company stock worth $161,100. 0.55% of the stock is owned by insiders.

International paper profile

(Free report)

International Paper Company manufactures and sells packaging and pulp products based on renewable fibers in North America, Latin America, Europe and North Africa. It operates through two segments, Industrial Packaging and Global Cellulosic Fibers. The company offers linerboard, medium, white, recycled linerboard, recycled medium and saturated kraft; and pulp for a wide range of applications such as diapers, towels and tissue products, feminine care, incontinence and other personal care products, as well as specialty pulps for use in textiles, building materials, paints, coatings and more .