International Paper Company $IP Shares Acquired by Diamond Hill Capital Management Inc.

Diamond Hill Capital Management Inc. grew its holdings in International Paper Company (NYSE:IP) by 3.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,485,778 shares of the basic materials company’s stock after purchasing an additional 161,624 shares during the quarter. Diamond Hill Capital Management Inc.’s holdings in International Paper were worth $254,540,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new position in International Paper in the 2nd quarter valued at approximately $281,735,000. M&G PLC raised its stake in shares of International Paper by 165.9% in the second quarter. M&G PLC now owns 3,220,070 shares of the basic materials company’s stock valued at $150,553,000 after acquiring an additional 2,009,123 shares in the last quarter. Bank of New York Mellon Corp raised its stake in shares of International Paper by 9.3% in the second quarter. Bank of New York Mellon Corp now owns 18,737,896 shares of the basic materials company’s stock valued at $877,496,000 after acquiring an additional 1,592,411 shares in the last quarter. Sound Shore Management Inc CT acquired a new position in International Paper during the 2nd quarter worth $69,208,000. Finally, Vanguard Group Inc. grew its stake in International Paper by 2.0% during the 2nd quarter. Vanguard Group Inc. now owns 63,879,190 shares of the basic materials company’s stock worth $2,991,462,000 after purchasing an additional 1,255,650 shares in the last quarter. 81.95% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on IP. Citigroup lifted their price objective on International Paper from $46.00 to $47.00 and gave the company a “buy” rating in a research note on Friday, January 30th. Royal Bank Of Canada reduced their target price on shares of International Paper from $55.00 to $54.00 and set an “outperform” rating on the stock in a report on Friday, January 30th. Wall Street Zen cut shares of International Paper from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. Zacks Research lowered shares of International Paper from a “hold” rating to a “strong sell” rating in a report on Monday, January 12th. Finally, Jefferies Financial Group lifted their price objective on shares of International Paper from $47.00 to $48.00 and gave the stock a “buy” rating in a research report on Thursday, January 22nd. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, International Paper currently has a consensus rating of “Hold” and an average price target of $48.89.

Insiders Place Their Bets

In related news, CEO Andrew K. Silvernail bought 50,000 shares of the company’s stock in a transaction dated Friday, January 30th. The shares were acquired at an average price of $39.98 per share, with a total value of $1,999,000.00. Following the completion of the acquisition, the chief executive officer owned 50,000 shares in the company, valued at approximately $1,999,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Clay R. Ellis sold 18,819 shares of International Paper stock in a transaction on Tuesday, November 18th. The shares were sold at an average price of $36.85, for a total transaction of $693,480.15. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.35% of the company’s stock.

International Paper Trading Up 5.0%

IP opened at $46.60 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.28 and a debt-to-equity ratio of 0.60. International Paper Company has a 52 week low of $35.56 and a 52 week high of $57.55. The business’s 50 day moving average is $40.70 and its two-hundred day moving average is $43.77. The firm has a market cap of $24.61 billion, a price-to-earnings ratio of -6.94, a price-to-earnings-growth ratio of 0.56 and a beta of 1.11.

International Paper (NYSE:IP) last announced its earnings results on Thursday, January 29th. The basic materials company reported ($0.08) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.36). The business had revenue of $6.01 billion for the quarter, compared to analysts’ expectations of $5.90 billion. International Paper had a negative return on equity of 0.35% and a negative net margin of 14.12%.The business’s revenue was up 53.1% on a year-over-year basis. During the same quarter last year, the business posted ($0.02) earnings per share. On average, research analysts predict that International Paper Company will post 2.77 EPS for the current year.

International Paper Profile

International Paper is a global producer of renewable fiber-based products, focused primarily on pulp, paper, and packaging. The company manufactures containerboard and corrugated packaging used for shipping and retail display, as well as a range of specialty papers and pulp products that serve industrial, consumer goods, and e-commerce customers. Its product portfolio is oriented toward large-scale packaging solutions, tissue and paper grades, and raw pulp for a variety of manufacturing uses.

Founded in 1898, International Paper is headquartered in Memphis, Tennessee, and is one of the largest and longest-established companies in the forest products sector.