SouthState Corp Has $270,000 Stock Position in International Paper (NYSE:IP)

SouthState Corp lessened its stake in shares of International Paper (NYSE:IP) by 13.5% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 7,467 shares of the basic materials company’s stock after selling 1,170 shares during the period. SouthState Corp’s holdings in International Paper were worth $270,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of the stock. Manchester Capital Management LLC acquired a new stake in shares of International Paper during the third quarter worth approximately $25,000. CVA Family Office LLC acquired a new stake in International Paper during the 4th quarter valued at $27,000. Venturi Wealth Management LLC raised its position in International Paper by 2,281.8% in the 3rd quarter. Venturi Wealth Management LLC now owns 786 shares of the basic materials company’s stock valued at $28,000 after purchasing an additional 753 shares during the last quarter. Princeton Global Asset Management LLC bought a new stake in shares of International Paper during the fourth quarter worth $36,000. Finally, First Command Advisory Services Inc. acquired a new stake in shares of International Paper in the third quarter valued at $39,000. Institutional investors and hedge funds own 81.95% of the company’s stock.

Insider Transactions at International Paper

In other news, SVP James P. Jr. Royalty sold 5,800 shares of the firm’s stock in a transaction dated Wednesday, February 28th. The stock was sold at an average price of $34.75, for a total value of $201,550.00. Following the completion of 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 filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 9,400 shares of company stock valued at $331,402 in the last ninety days. 0.55% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Truist Financial reissued a “buy” rating and set a $40.00 price objective on shares of International Paper in a report on Wednesday, April 17th. Bank of America raised shares of International Paper from an “underperform” rating to a “buy” rating and raised their price target for the company from $37.00 to $42.00 in a report on Monday, March 4th. Argus cut shares of International Paper from a “buy” rating to a “hold” rating in a research report on Monday, February 26th. Citigroup raised International Paper from a “neutral” rating to a “buy” rating and lifted their target price for the company from $36.00 to $46.00 in a research note on Wednesday, March 20th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $43.00 price target on shares of International Paper in a research note on Friday, February 2nd. Five analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, International Paper currently has a consensus rating of “Hold” and an average price target of $38.57.

International Paper Stock Up 1.3 %

Shares of NYSE:IP traded up $0.47 during trading on Friday, hitting $36.28. 5,818,438 shares of the company’s stock traded hands, compared to its average volume of 6,977,804. The company has a current ratio of 1.68, a quick ratio of 1.22 and a debt-to-equity ratio of 0.66. The company has a 50-day moving average price of $36.65 and a 200-day moving average price of $35.81. International Paper has a 52 week low of $29.00 and a 52 week high of $41.28. The company has a market cap of $12.60 billion, a price-to-earnings ratio of 74.06 and a beta of 1.01.

International Paper (NYSE:IP) last released its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.06). International Paper had a net margin of 0.93% and a return on equity of 7.45%. The company had revenue of $4.62 billion during the quarter, compared to analyst estimates of $4.56 billion. During the same quarter last year, the company earned $0.53 EPS. The firm’s quarterly revenue was down 8.0% compared to the same quarter last year. As a group, research analysts forecast that International Paper will post 1.88 EPS for the current fiscal year.

International Paper 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.