Sumitomo Mitsui DS Asset Management Company Ltd bought a new position in International Paper Company (NYSE:IP – Free Report) in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 70,078 shares of the basic materials company’s stock, valued at approximately $2,324,000.
Other institutional investors have also made changes to their positions in the company. BlackRock Inc. acquired a new stake in shares of International Paper during the second quarter valued at approximately $1,940,896,000. State Street Corp lifted its position in shares of International Paper by 7.1% in the 2nd quarter. State Street Corp now owns 32,999,909 shares of the basic materials company’s stock valued at $1,257,297,000 after acquiring an additional 2,189,597 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of International Paper in the 2nd quarter valued at approximately $689,498,000. Atlas FRM LLC acquired a new position in International Paper in the 2nd quarter worth approximately $374,904,000. Finally, Hill City Capital LP acquired a new position in International Paper in the 2nd quarter worth approximately $194,310,000. 81.95% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Several equities analysts have weighed in on IP shares. UBS Group lowered their price objective on shares of International Paper from $47.00 to $35.00 and set a “neutral” rating on the stock in a research report on Monday, October 5th. Bank of America raised shares of International Paper from a “neutral” rating to a “buy” rating and set a $46.00 target price on the stock in a research note on Friday, September 11th. Argus restated a “buy” rating and issued a $45.00 target price on shares of International Paper in a report on Thursday, September 24th. Citigroup decreased their target price on International Paper from $48.00 to $47.00 and set a “buy” rating for the company in a research report on Friday, October 2nd. Finally, JPMorgan Chase & Co. lifted their price target on International Paper from $61.00 to $62.00 and gave the company an “overweight” rating in a report on Wednesday, September 23rd. Ten equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $46.90.
Check Out Our Latest Analysis on IP
Insider Activity at International Paper
In other International Paper news, VP William Hamic sold 24,500 shares of International Paper stock in a transaction on Friday, August 7th. The shares were sold at an average price of $41.20, for a total transaction of $1,009,400.00. Following the completion of the sale, the vice president owned 106,952 shares of the company’s stock, valued at $4,406,422.40. This trade represents a 18.64% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CAO Holly G. Goughnour sold 3,500 shares of the business’s stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $41.96, for a total transaction of $146,860.00. Following the transaction, the chief accounting officer owned 34,248 shares in the company, valued at approximately $1,437,046.08. This represents a 9.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is currently owned by corporate insiders.
International Paper Stock Performance
Shares of IP opened at $33.66 on Friday. International Paper Company has a fifty-two week low of $29.26 and a fifty-two week high of $50.25. The company has a current ratio of 1.10, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. The business’s 50-day moving average is $35.62 and its 200-day moving average is $35.97.
International Paper (NYSE:IP – Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.08. The business had revenue of $6 billion during the quarter, compared to analyst estimates of $6.19 billion. International Paper had a negative net margin of 14.20% and a negative return on equity of 1.09%. The firm’s revenue was down 11.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.20 earnings per share. On average, analysts anticipate that International Paper Company will post 1.26 EPS for the current fiscal year.
International Paper Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Monday, November 16th will be paid a $0.4625 dividend. This represents a $1.85 annualized dividend and a yield of 5.5%. The ex-dividend date is Monday, November 16th. International Paper’s dividend payout ratio is currently -28.37%.
International Paper Profile
International Paper (NYSE: IP) is a global producer of sustainable packaging, pulp and paper products. Its offerings include corrugated packaging and containerboard used to protect and transport goods, as well as absorbent cellulose fibers and other fiber-based materials used in personal care, healthcare, foodservice and industrial applications.
The company serves customers across North America and Europe, with products sold to manufacturers, retailers, consumer-goods companies and other commercial customers.
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