Ceredex Value Advisors LLC Cuts Holdings in International Paper (NYSE:IP)

Ceredex Value Advisors LLC reduced its position in shares of International Paper (NYSE:IP) by 12.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,509,210 shares of the basic materials company’s stock after selling 221,111 shares during the period. International Paper comprises about 1.6% of Ceredex Value Advisors LLC’s investment portfolio, making the stock its 9th largest holding. Ceredex Value Advisors LLC owned 0.43% of International Paper worth $81,226,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Sierra Ocean LLC bought a new stake in International Paper during the 4th quarter worth about $26,000. Centricity Wealth Management LLC acquired a new stake in shares of International Paper in the fourth quarter valued at about $26,000. Picton Mahoney Asset Management increased its position in shares of International Paper by 67.0% in the fourth quarter. Picton Mahoney Asset Management now owns 536 shares of the basic materials company’s stock valued at $29,000 after acquiring an additional 215 shares during the last quarter. Versant Capital Management Inc raised its holdings in International Paper by 313.3% during the fourth quarter. Versant Capital Management Inc now owns 591 shares of the basic materials company’s stock worth $32,000 after acquiring an additional 448 shares in the last quarter. Finally, Venturi Wealth Management LLC boosted its position in International Paper by 90.2% during the fourth quarter. Venturi Wealth Management LLC now owns 622 shares of the basic materials company’s stock valued at $33,000 after purchasing an additional 295 shares during the last quarter. 81.95% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on IP. JPMorgan Chase & Co. started coverage on International Paper in a research report on Thursday, March 20th. They set an “overweight” rating and a $59.00 price target on the stock. Royal Bank of Canada restated an “outperform” rating and set a $64.00 target price on shares of International Paper in a report on Wednesday, March 26th. Wells Fargo & Company cut their price target on shares of International Paper from $52.00 to $45.00 and set an “equal weight” rating for the company in a research note on Tuesday, April 8th. Truist Financial reissued a “buy” rating and issued a $64.00 price objective (down previously from $65.00) on shares of International Paper in a research report on Friday, January 31st. Finally, Citigroup began coverage on shares of International Paper in a report on Wednesday, March 5th. They issued a “buy” rating and a $60.00 target price on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, International Paper presently has a consensus rating of “Moderate Buy” and a consensus price target of $55.32.

International Paper Stock Performance

Shares of IP stock opened at $46.87 on Wednesday. International Paper has a 52 week low of $33.16 and a 52 week high of $60.36. The company has a market capitalization of $24.74 billion, a price-to-earnings ratio of 29.85, a PEG ratio of 0.39 and a beta of 0.99. The company has a 50-day simple moving average of $52.46 and a 200 day simple moving average of $53.66. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.08 and a current ratio of 1.49.

International Paper (NYSE:IP) last issued its quarterly earnings data on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). International Paper had a return on equity of 4.75% and a net margin of 2.99%. On average, sell-side analysts predict that International Paper will post 2.77 earnings per share for the current year.

International Paper Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, February 24th were given a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 3.95%. The ex-dividend date of this dividend was Monday, February 24th. International Paper’s payout ratio is 117.83%.

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.