Resona Asset Management Co. Ltd. Grows Stake in International Paper Company $IP

Resona Asset Management Co. Ltd. grew its stake in shares of International Paper Company (NYSE:IP) by 9.5% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 176,010 shares of the basic materials company’s stock after acquiring an additional 15,212 shares during the quarter. Resona Asset Management Co. Ltd.’s holdings in International Paper were worth $8,257,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Rise Advisors LLC increased its stake in International Paper by 281.3% during the 1st quarter. Rise Advisors LLC now owns 469 shares of the basic materials company’s stock valued at $25,000 after purchasing an additional 346 shares in the last quarter. Zions Bancorporation National Association UT purchased a new stake in shares of International Paper during the first quarter valued at approximately $34,000. AlphaQuest LLC increased its position in shares of International Paper by 63,400.0% during the second quarter. AlphaQuest LLC now owns 635 shares of the basic materials company’s stock valued at $30,000 after acquiring an additional 634 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. purchased a new position in International Paper in the 2nd quarter worth approximately $33,000. Finally, Quintet Private Bank Europe S.A. bought a new position in International Paper in the 2nd quarter valued at approximately $37,000. Institutional investors own 81.95% of the company’s stock.

International Paper Price Performance

Shares of NYSE:IP opened at $38.13 on Friday. The company has a quick ratio of 0.96, a current ratio of 1.33 and a debt-to-equity ratio of 0.52. The stock has a market capitalization of $20.13 billion, a PE ratio of -381.30, a price-to-earnings-growth ratio of 0.54 and a beta of 1.12. The firm’s 50 day moving average price is $45.56 and its 200-day moving average price is $47.42. International Paper Company has a twelve month low of $35.79 and a twelve month high of $60.36.

International Paper (NYSE:IP) last announced its earnings results on Thursday, October 30th. The basic materials company reported ($0.43) EPS for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.96). International Paper had a negative net margin of 0.12% and a positive return on equity of 2.63%. The business had revenue of $6.22 billion for the quarter, compared to analysts’ expectations of $6.76 billion. During the same period in the prior year, the company posted $0.33 earnings per share. The firm’s quarterly revenue was up 56.4% on a year-over-year basis. Equities research analysts expect that International Paper Company will post 2.77 EPS for the current year.

International Paper Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, December 16th. Investors of record on Friday, November 14th will be issued a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a yield of 4.9%. International Paper’s dividend payout ratio is currently -70.88%.

Analyst Ratings Changes

A number of analysts have commented on the company. Zacks Research raised International Paper from a “strong sell” rating to a “hold” rating in a report on Friday, October 10th. Seaport Res Ptn downgraded International Paper from a “strong-buy” rating to a “hold” rating in a report on Monday, October 6th. Jefferies Financial Group lowered their target price on shares of International Paper from $61.00 to $59.00 and set a “buy” rating on the stock in a research note on Friday, September 26th. Citigroup dropped their price target on shares of International Paper from $55.00 to $46.00 and set a “buy” rating on the stock in a report on Monday, November 3rd. Finally, JPMorgan Chase & Co. decreased their price objective on shares of International Paper from $54.00 to $48.00 and set a “neutral” rating for the company in a report on Friday, October 31st. Seven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and three have assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $50.67.

Insider Buying and Selling

In related news, SVP Joseph R. Saab sold 9,000 shares of International Paper stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $45.53, for a total transaction of $409,770.00. Following the transaction, the senior vice president directly owned 27,673 shares in the company, valued at approximately $1,259,951.69. The trade was a 24.54% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.35% of the company’s stock.

International Paper Company Profile

International Paper Company produces and sells renewable fiber-based packaging and pulp products in North America, Latin America, Europe, and North Africa. It operates through two segments, Industrial Packaging and Global Cellulose Fibers. The company offers linerboard, medium, whitetop, recycled linerboard, recycled medium and saturating kraft; and pulp for a range of applications, such as diapers, towel and tissue products, feminine care, incontinence, and other personal care products, as well as specialty pulps for use in textiles, construction materials, paints, coatings, and others.