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Kathryn D. Sullivan, a director at International Paper Co. (NYSE:IP), has sold 600 shares of the company's common stock. The transaction, which took place on November 29, 2024, was executed at a price of $58.39 per share, amounting to a total sale value of $35,034. The sale comes as International Paper, currently valued at $20.3 billion, trades near its 52-week high of $60.36, having delivered an impressive 70% return year-to-date. According to InvestingPro analysis, the stock appears to be fairly valued at current levels.
This sale was carried out automatically under a Rule 10b5-1 trading plan that Sullivan adopted on November 14, 2023. Following this transaction, Sullivan holds 37,145 shares of International Paper. The reported share numbers include previously credited dividend equivalents, acquired as part of the company's Long-Term Incentive Plan. Notably, International Paper has maintained dividend payments for 54 consecutive years, demonstrating strong shareholder commitment. InvestingPro subscribers can access 8 additional key insights about International Paper's financial health and growth prospects through the comprehensive Pro Research Report.
In other recent news, International Paper, a leading paper and packaging company, is making significant strides in its ongoing transformation. The company has announced its plans to acquire U.K.-based DS Smith Plc, a sustainable packaging solutions provider. The issuance of a supplementary prospectus, an essential step for listing new shares on the London Stock Exchange (LON:LSEG), marks a crucial development in this all-stock transaction.
Further, Jefferies has raised International Paper's price target from $56.00 to $66.00, maintaining a Buy rating, indicating confidence in the company's transformational journey. This move comes as the company progresses with portfolio optimization and cost reduction efforts, including the planned sale of its Global Cellulose Fibers business and a $230 million cost-cutting initiative.
In terms of financial performance, International Paper reported mixed Q3 earnings, with adjusted operating earnings per share declining to $0.44 from $0.55 in the previous quarter. This downturn was attributed to lower volumes and higher operating costs, although price improvements partially offset these challenges.
The company is also streamlining operations with the closure of five plants and is evaluating strategic options for its Global Cellulose Fibers business with the assistance of Morgan Stanley (NYSE:MS). Despite some challenges, International Paper expects improved earnings in Q4 due to price increases and operational efficiencies. These recent developments underscore the company's ongoing transformation strategy, focusing on optimizing customer mix, enhancing service, and investing in productivity improvements.
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