Palouse Capital Management Inc. Has $2.06 Million Stake in International Paper (NYSE:IP)

Palouse Capital Management Inc. boosted its holdings in shares of International Paper (NYSE:IP) by 10.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 57,089 shares of the basic materials company’s stock after buying an additional 5,293 shares during the quarter. International Paper comprises 1.5% of Palouse Capital Management Inc.’s portfolio, making the stock its 28th biggest holding. Palouse Capital Management Inc.’s holdings in International Paper were worth $2,064,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Federated Hermes Inc. boosted its stake in International Paper by 22,689.4% in the 4th quarter. Federated Hermes Inc. now owns 273,929 shares of the basic materials company’s stock worth $9,903,000 after purchasing an additional 272,727 shares during the period. Daiwa Securities Group Inc. lifted its position in International Paper by 5.9% during the 4th quarter. Daiwa Securities Group Inc. now owns 30,596 shares of the basic materials company’s stock worth $1,106,000 after buying an additional 1,705 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in International Paper by 97.4% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 506,153 shares of the basic materials company’s stock worth $18,297,000 after buying an additional 249,804 shares in the last quarter. Mackenzie Financial Corp lifted its position in International Paper by 263.1% during the 4th quarter. Mackenzie Financial Corp now owns 114,824 shares of the basic materials company’s stock worth $4,151,000 after buying an additional 83,203 shares in the last quarter. Finally, Louisiana State Employees Retirement System bought a new stake in International Paper during the 4th quarter worth about $756,000. 81.95% of the stock is owned by institutional investors and hedge funds.

International Paper Stock Performance

IP traded up $0.12 on Friday, reaching $35.38. The company had a trading volume of 14,618,550 shares, compared to its average volume of 4,785,190. International Paper has a fifty-two week low of $29.00 and a fifty-two week high of $41.28. The stock has a market cap of $12.29 billion, a P/E ratio of 43.14 and a beta of 0.99. The company’s fifty day moving average is $36.73 and its 200 day moving average is $35.83. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.19 and a current ratio of 1.67.

International Paper (NYSE:IP) last announced its earnings results on Thursday, February 1st. The basic materials company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.07. International Paper had a net margin of 1.52% and a return on equity of 8.87%. The firm had revenue of $4.60 billion for the quarter, compared to analyst estimates of $4.67 billion. During the same quarter in the prior year, the business posted $0.87 EPS. The business’s revenue was down 10.4% compared to the same quarter last year. As a group, analysts predict that International Paper will post 1.88 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. Argus cut shares of International Paper from a “buy” rating to a “hold” rating in a research report on Monday, February 26th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $43.00 target price on shares of International Paper in a report on Friday, February 2nd. StockNews.com cut shares of International Paper from a “buy” rating to a “hold” rating in a report on Sunday, January 14th. Bank of America raised shares of International Paper from an “underperform” rating to a “buy” rating and upped their target price for the company from $37.00 to $42.00 in a report on Monday, March 4th. Finally, Truist Financial reaffirmed a “buy” rating and issued a $40.00 target price on shares of International Paper in a report on Wednesday. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $37.13.

Insiders Place Their Bets

In other International Paper news, SVP James P. Jr. Royalty sold 5,800 shares of the stock in a transaction that occurred on Wednesday, February 28th. The shares were sold at an average price of $34.75, for a total transaction of $201,550.00. Following the transaction, the senior vice president now owns 69,488 shares in the company, valued at approximately $2,414,708. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders have sold a total of 8,800 shares of company stock worth $310,438 in the last quarter. Corporate insiders own 0.55% of the company’s stock.

About International Paper

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.