International Paper (NYSE:IP), a global leader in the packaging and paper industry, has recently seen a significant increase in short interest. As of March 15th, the short interest totaled 8,980,000 shares, marking a 24.2% increase from the previous month. Currently, 2.6% of the company's shares are being short sold. The increase in short interest comes after Citi raised its rating on International Paper from Neutral to Buy and increased its price target to $46. The investment bank's upgrade reflects renewed confidence in the company's trajectory, particularly with the recent appointment of Andrew Silvernail as the new CEO. Citi believes that Silvernail's leadership could bring positive changes to the company, which has faced challenges in the past. International Paper last released its earnings results on Thursday, February 1st, reporting $0.41 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.07. The company had revenue of $4.60 billion for the quarter, slightly below the consensus estimate of $4.67 billion. International Paper's revenue was down 10.4% compared to the same quarter last year. The company also recently paid a quarterly dividend, with a dividend yield of 4.74% [516a0449].
EPAM Systems, Inc. (NYSE:EPAM) has also experienced an increase in short interest. In May, short interest in EPAM Systems increased by 45.9%, with a total of 1,170,000 shares sold short. This is up from the previous total of 801,800 shares on May 15th. EPAM Systems reported earnings of $1.86 per share for the quarter, beating the consensus estimate of $1.77 per share. The company had revenue of $1.17 billion for the quarter. EPAM Systems has a market cap of $10.29 billion and a PE ratio of 24.29. The stock currently has a consensus rating of 'Moderate Buy' and a consensus price target of $276.35 [3c2a8d44].
Ardmore Shipping Co. (NYSE:ASC) has also seen a significant increase in short interest. In May, short interest in Ardmore Shipping Co. increased by 47.9%, with a total of 2,440,000 shares being shorted as of May 31st. This represents a significant growth from the previous total of 1,650,000 shares on May 15th. The days-to-cover ratio is currently 3.7 days based on an average daily trading volume of 653,900 shares. Ardmore Shipping's stock traded at $20.79 on Friday, with a 52-week low of $11.59 and a 52-week high of $23.44. The company has a market cap of $844.70 million and a price-to-earnings ratio of 7.97. Ardmore Shipping reported earnings per share of $0.92 for the quarter, beating analysts' estimates of $0.87. The company's revenue for the quarter was $106.30 million, compared to the consensus estimate of $72.46 million. Ardmore Shipping recently increased its quarterly dividend to $0.31 per share, up from $0.21 per share. Large investors have made changes to their positions in the company, with Dimensional Fund Advisors LP and Wellington Management Group LLP increasing their stakes. Analysts have upgraded Ardmore Shipping's stock from a 'hold' rating to a 'buy' rating [5b9994b0].