Bank of New York Mellon Corp cut its stake in International Paper Company (NYSE:IP – Free Report) by 51.5% in the fourth quarter, HoldingsChannel.com reports. The fund owned 8,184,025 shares of the basic materials company’s stock after selling 8,688,069 shares during the period. Bank of New York Mellon Corp’s holdings in International Paper were worth $322,369,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. McIlrath & Eck LLC increased its stake in shares of International Paper by 452.6% in the 4th quarter. McIlrath & Eck LLC now owns 641 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 525 shares during the last quarter. Sound Income Strategies LLC increased its stake in shares of International Paper by 94.0% in the 4th quarter. Sound Income Strategies LLC now owns 710 shares of the basic materials company’s stock valued at $31,000 after acquiring an additional 344 shares during the last quarter. Kelleher Financial Advisors bought a new stake in shares of International Paper in the 3rd quarter valued at about $36,000. Laurel Wealth Advisors LLC bought a new stake in shares of International Paper in the 4th quarter valued at about $37,000. Finally, Atlantic Union Bankshares Corp bought a new stake in shares of International Paper in the 3rd quarter valued at about $49,000. 81.95% of the stock is owned by institutional investors.
International Paper Price Performance
Shares of IP opened at $33.88 on Friday. The firm has a market capitalization of $17.94 billion, a PE ratio of -5.33 and a beta of 0.96. The stock has a 50 day simple moving average of $33.81 and a 200 day simple moving average of $38.41. International Paper Company has a 52-week low of $29.26 and a 52-week high of $56.13. The company has a debt-to-equity ratio of 0.55, a quick ratio of 0.94 and a current ratio of 1.21.
International Paper Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 22nd will be issued a dividend of $0.4625 per share. The ex-dividend date is Friday, May 22nd. This represents a $1.85 dividend on an annualized basis and a dividend yield of 5.5%. International Paper’s dividend payout ratio (DPR) is presently -29.09%.
Wall Street Analyst Weigh In
A number of analysts have recently commented on IP shares. Wells Fargo & Company raised International Paper from an “equal weight” rating to an “overweight” rating and upped their price target for the company from $38.00 to $39.00 in a research note on Monday, May 4th. JPMorgan Chase & Co. lowered their price target on International Paper from $46.00 to $43.00 and set a “neutral” rating for the company in a research note on Friday, May 1st. Royal Bank Of Canada decreased their price objective on International Paper from $48.00 to $45.00 and set an “outperform” rating for the company in a research report on Friday, May 1st. Seaport Research Partners upgraded International Paper from a “neutral” rating to a “buy” rating and set a $39.00 price objective for the company in a research report on Friday, May 1st. Finally, Citigroup decreased their price objective on International Paper from $44.00 to $36.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Nine research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $43.73.
Check Out Our Latest Report on IP
Insider Transactions at International Paper
In other news, Director Anders Gustafsson acquired 13,217 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The stock was acquired at an average cost of $37.83 per share, for a total transaction of $499,999.11. Following the completion of the acquisition, the director owned 26,092 shares in the company, valued at $987,060.36. This represents a 102.66% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Scott Tozier acquired 10,000 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The shares were purchased at an average price of $31.30 per share, with a total value of $313,000.00. Following the completion of the acquisition, the director owned 10,025 shares of the company’s stock, valued at $313,782.50. This represents a 40,000.00% increase in their position. The disclosure for this purchase is available in the SEC filing. Over the last quarter, insiders have purchased 36,092 shares of company stock valued at $1,313,064. 0.21% of the stock is owned by corporate insiders.
About International Paper
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.
Read More
- Five stocks we like better than International Paper
- The Great AI Server Rotation Puts Hewlett Packard Enterprise and Super Micro Computer in Focus
- Generac’s AI Power Pivot Raises a Bigger Question About Data Center Demand
- Medtronic Bottoms, Healthy Rebound Ahead
- GitLab’s Price Recovery Gains Traction—Time to Get On Board?
Want to see what other hedge funds are holding IP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for International Paper Company (NYSE:IP – Free Report).
Receive News & Ratings for International Paper Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for International Paper and related companies with MarketBeat.com's FREE daily email newsletter.
