Artemis Investment Management LLP Has $142.01 Million Position in International Paper Company (NYSE:IP)

Artemis Investment Management LLP lifted its stake in shares of International Paper Company (NYSE:IP - Free Report) by 31.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 2,662,734 shares of the basic materials company's stock after acquiring an additional 642,928 shares during the quarter. International Paper comprises about 2.2% of Artemis Investment Management LLP's investment portfolio, making the stock its 4th biggest holding. Artemis Investment Management LLP owned 0.50% of International Paper worth $142,013,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Capital Research Global Investors boosted its stake in International Paper by 68.8% in the 4th quarter. Capital Research Global Investors now owns 29,904,546 shares of the basic materials company's stock worth $1,609,462,000 after purchasing an additional 12,191,361 shares during the period. FMR LLC increased its position in International Paper by 48.9% during the fourth quarter. FMR LLC now owns 26,559,812 shares of the basic materials company's stock worth $1,429,449,000 after buying an additional 8,720,575 shares during the last quarter. Bessemer Group Inc. raised its position in shares of International Paper by 3,304.9% in the first quarter. Bessemer Group Inc. now owns 2,547,255 shares of the basic materials company's stock valued at $135,897,000 after purchasing an additional 2,472,443 shares during the period. Alyeska Investment Group L.P. lifted its position in International Paper by 134.8% during the 4th quarter. Alyeska Investment Group L.P. now owns 3,948,752 shares of the basic materials company's stock worth $212,522,000 after acquiring an additional 2,266,762 shares during the last quarter. Finally, Norges Bank bought a new position in shares of International Paper in the fourth quarter worth about $109,201,000. Institutional investors and hedge funds own 81.95% of the company's stock.

International Paper Stock Up 0.5%

NYSE:IP opened at $46.61 on Friday. International Paper Company has a 1 year low of $41.50 and a 1 year high of $60.36. The company has a current ratio of 1.33, a quick ratio of 0.96 and a debt-to-equity ratio of 0.51. The stock has a market cap of $24.61 billion, a price-to-earnings ratio of 39.84, a PEG ratio of 0.42 and a beta of 1.04. The stock has a 50-day moving average price of $47.03 and a two-hundred day moving average price of $51.38.

International Paper (NYSE:IP - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The basic materials company reported $0.23 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.12). The company had revenue of $5.90 billion during the quarter, compared to the consensus estimate of $6.38 billion. International Paper had a net margin of 1.99% and a return on equity of 4.05%. The company's revenue was up 27.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.17 earnings per share. As a group, equities analysts expect that International Paper Company will post 2.77 earnings per share for the current year.

International Paper Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 23rd were issued a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 3.97%. The ex-dividend date was Friday, May 23rd. International Paper's payout ratio is 158.12%.

Insiders Place Their Bets

In related news, CAO Holly G. Goughnour sold 7,500 shares of the firm's stock in a transaction dated Monday, May 5th. The shares were sold at an average price of $44.85, for a total value of $336,375.00. Following the completion of the sale, the chief accounting officer now directly owns 31,525 shares in the company, valued at approximately $1,413,896.25. This trade represents a 19.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 0.35% of the company's stock.

Wall Street Analyst Weigh In

IP has been the subject of several research analyst reports. Truist Financial set a $59.00 target price on shares of International Paper in a research note on Wednesday, May 28th. UBS Group began coverage on International Paper in a report on Wednesday, June 4th. They set a "buy" rating and a $60.00 price objective for the company. Wells Fargo & Company reiterated an "underweight" rating and issued a $40.00 price objective (down previously from $45.00) on shares of International Paper in a research report on Friday, May 9th. JPMorgan Chase & Co. assumed coverage on shares of International Paper in a research report on Thursday, March 20th. They issued an "overweight" rating and a $59.00 price objective for the company. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $64.00 price target on shares of International Paper in a report on Wednesday, March 26th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $54.54.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.