International Paper (NYSE: IP) upgraded to be owned by Zacks Investment Research
International paper (NYSE: IP) has been improved by Zacks investment research from a “sale” note to a “keep” note in a research report published on Tuesday, Zacks.com reports. The brokerage currently has a target price of $ 49.00 on the shares of the commodities company. Zacks investment researchThe company’s target price would suggest a potential rise of 5.31% from the company’s previous close.
According to Zacks, “International Paper is likely to benefit from strong demand in its end markets. In the industrial packaging segment, the company continues to witness strong demand for corrugated and cardboard packaging. The global cellulose fiber segment is riding strong consumer demand for pulp. However, it suffers the brunt of supply chain challenges, labor shortages and higher input costs across all segments. International Paper expects costs for recovered fiber, energy, chemicals, lumber and distribution to increase in the next quarter. unprecedented port congestion and vessel delays could impact the company’s shipments. The company recently said inflated costs and the impact of the Prattville paper mill outage would likely impact fourth-quarter earnings by $ 95 million to $ 105 million.
Intellectual property has been the subject of several other reports. Exane BNP Paribas downgraded International Paper from an “outperforming” rating to a “neutral” rating and set a target price of $ 60.00 on the share. in a research note on Tuesday, October 19. Wells Fargo & Company lowered its price target on International Paper from $ 85.00 to $ 78.00 and set an “overweight” rating on the stock in a Friday October 8 research note. Royal Bank of Canada raised its price target on International Paper from $ 53.00 to $ 57.00 and assigned the company a “sector performance” rating in a research note on Thursday, October 28. KeyCorp reduced its price target on International Paper from $ 50.00 to $ 44.00 and set an “underweight” rating on the stock in a research note on Monday, November 8. Finally, BNP Paribas reaffirmed a “neutral” rating and issued a price target of $ 60.00 on International Paper shares in a research note on Tuesday, October 19. Three investment analysts rated the stock with a sell rating, eight issued a conservation rating, and five gave the company a buy rating. According to MarketBeat data, International Paper currently has a consensus rating of “Hold” and an average target price of $ 58.47.
Actions of NYSE IP traded up $ 0.20 during Tuesday’s noon session, reaching $ 46.53. 59,379 shares of the company were traded, for an average volume of 4,675,276. The company has a leverage ratio of 0.86, a current ratio of 2.11 and a rapid ratio of 1.67. International Paper has a twelve month low of $ 43.87 and a twelve month high of $ 65.27. The company has a market cap of $ 18.02 billion, a PE ratio of 10.20 and a beta of 0.99. The company’s fifty-day simple moving average is $ 48.20 and its 200-day simple moving average is $ 54.96.
International Paper (NYSE: IP) last released its quarterly results on Wednesday, October 27. The basic materials company reported EPS of $ 1.35 for the quarter, missing the consensus estimate of $ 1.46 of ($ 0.11). The company posted revenue of $ 5.71 billion for the quarter, compared to $ 5.84 billion according to analysts’ estimates. International Paper recorded a return on equity of 18.42% and a net margin of 8.20%. The company’s quarterly revenue increased 11.5% year-over-year. During the same period last year, the company achieved EPS of $ 0.71. Equity analysts predict that International Paper will post an EPS of 4.13 for the current fiscal year.
International Paper announced that its board of directors on Tuesday, October 12, authorized a share buyback program allowing the company to buy back $ 2.00 billion in shares. This buyback authorization authorizes the commodities company to buy back up to 9.2% of its shares by way of purchase on the market. Share buyback programs are usually a sign that the board of directors of the company feels its shares are undervalued.
A number of institutional investors and hedge funds have recently changed their holdings of equities. Holderness Investments Co. increased its position in International Paper shares by 1.0% in the second quarter. Holderness Investments Co. now owns 18,666 shares of the basic materials company valued at $ 1,144,000 after purchasing an additional 180 shares during the period. Profund Advisors LLC increased its position in International Paper shares by 3.5% in the second quarter. Profund Advisors LLC now owns 5,362 shares of the basic materials company valued at $ 330,000 after purchasing an additional 182 shares during the period. Kestra Private Wealth Services LLC increased its position in International Paper shares by 2.2% during the 3rd quarter. Kestra Private Wealth Services LLC now owns 8,925 shares of the basic materials company valued at $ 499,000 after purchasing an additional 193 shares during the period. Fifth Third Bancorp increased its position in International Paper shares by 4.1% in the second quarter. Fifth Third Bancorp now owns 4,944 shares of the basic materials company valued at $ 303,000 after purchasing 194 additional shares during the period. Finally, Green Square Capital Advisors LLC increased its position in International Paper shares by 0.5% during the 3rd quarter. Green Square Capital Advisors LLC now owns 36,091 shares of the basic materials company valued at $ 2,018,000 after purchasing 197 additional shares during the period. 81.47% of the shares are held by hedge funds and other institutional investors.
About International Paper
International Paper Co is engaged in the manufacture of paper and packaging products. It operates in the following segments: industrial packaging, global cellulose fibers and printing papers. The industrial packaging segment includes containerboard manufacturing, including linerboard, medium board, whiteboard, recycled liner, recycled board and saturating kraft.
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