Corsair Capital Management L.P. Makes New $488,000 Investment in International Paper (NYSE:IP)

Corsair Capital Management L.P. bought a new stake in shares of International Paper (NYSE:IP) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 10,000 shares of the basic materials company’s stock, valued at approximately $488,000.

Several other institutional investors and hedge funds have also modified their holdings of IP. Brooklyn Investment Group purchased a new stake in shares of International Paper during the third quarter worth $25,000. Innealta Capital LLC acquired a new position in International Paper in the 2nd quarter worth about $26,000. Ashton Thomas Securities LLC purchased a new stake in shares of International Paper during the 3rd quarter worth about $28,000. Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of International Paper during the 2nd quarter valued at about $37,000. Finally, Eastern Bank acquired a new stake in shares of International Paper during the 3rd quarter valued at about $40,000. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at International Paper

In other news, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $49.48, for a total value of $29,688.00. Following the completion of the sale, the director now directly owns 39,802 shares in the company, valued at approximately $1,969,402.96. This trade represents a 1.49 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, VP Holly G. Goughnour sold 5,000 shares of the company’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $47.22, for a total transaction of $236,100.00. Following the transaction, the vice president now owns 16,788 shares in the company, valued at approximately $792,729.36. This trade represents a 22.95 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 10,440 shares of company stock valued at $505,070. Corporate insiders own 0.55% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on IP shares. Argus raised shares of International Paper from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a research report on Wednesday, August 14th. Truist Financial restated a “buy” rating and set a $61.00 price target (up previously from $57.00) on shares of International Paper in a report on Friday, November 1st. BNP Paribas lowered International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 target price on the stock. in a report on Wednesday, November 13th. Finally, Royal Bank of Canada increased their price objective on International Paper from $56.00 to $64.00 and gave the company an “outperform” rating in a report on Friday, November 1st. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.54.

International Paper Stock Down 0.2 %

IP opened at $59.00 on Wednesday. The company has a market capitalization of $20.50 billion, a P/E ratio of 50.51 and a beta of 1.02. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.53 and a quick ratio of 1.11. The firm’s fifty day moving average price is $51.84 and its two-hundred day moving average price is $47.69. International Paper has a fifty-two week low of $32.70 and a fifty-two week high of $60.36.

International Paper (NYSE:IP) last released its quarterly earnings data on Thursday, October 31st. The basic materials company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.24 by $0.20. International Paper had a net margin of 2.25% and a return on equity of 6.49%. The company had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same period last year, the firm earned $0.64 EPS. The firm’s revenue for the quarter was up 1.6% compared to the same quarter last year. On average, analysts anticipate that International Paper will post 1.22 EPS for the current year.

International Paper Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 15th will be paid a $0.4625 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.85 annualized dividend and a dividend yield of 3.14%. International Paper’s dividend payout ratio is currently 158.12%.

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.