Asahi Life Asset Management CO. LTD. Invests $344,000 in International Paper Company (NYSE:IP)

Asahi Life Asset Management CO. LTD. acquired a new position in International Paper Company (NYSE:IP - Free Report) in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 6,440 shares of the basic materials company's stock, valued at approximately $344,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD increased its stake in shares of International Paper by 0.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,596,595 shares of the basic materials company's stock worth $2,561,651,000 after purchasing an additional 368,648 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of International Paper by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 41,195,085 shares of the basic materials company's stock worth $2,217,119,000 after purchasing an additional 340,383 shares in the last quarter. Capital Research Global Investors increased its stake in shares of International Paper by 68.8% in the fourth 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 in the last quarter. FMR LLC increased its stake in shares of International Paper by 48.9% in the fourth quarter. FMR LLC now owns 26,559,812 shares of the basic materials company's stock worth $1,429,449,000 after purchasing an additional 8,720,575 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its stake in International Paper by 19.4% during the first quarter. Bank of New York Mellon Corp now owns 17,145,485 shares of the basic materials company's stock valued at $914,712,000 after acquiring an additional 2,782,042 shares in the last quarter. 81.95% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently weighed in on IP shares. Wall Street Zen raised shares of International Paper from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. UBS Group started coverage on shares of International Paper in a research note on Wednesday, June 4th. They set a "buy" rating and a $60.00 target price for the company. JPMorgan Chase & Co. started coverage on shares of International Paper in a research note on Thursday, March 20th. They set an "overweight" rating and a $59.00 target price for the company. Wells Fargo & Company reaffirmed an "underweight" rating and set a $43.00 target price (up from $40.00) on shares of International Paper in a research note on Thursday, July 10th. Finally, Truist Financial set a $59.00 target price on shares of International Paper in a research note on Wednesday, May 28th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $55.65.

International Paper Price Performance

IP stock traded down $0.28 during trading on Thursday, hitting $51.01. 2,631,332 shares of the company's stock traded hands, compared to its average volume of 3,492,146. International Paper Company has a 52 week low of $43.27 and a 52 week high of $60.36. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.96 and a current ratio of 1.33. The business has a fifty day simple moving average of $48.42 and a 200 day simple moving average of $50.95. The stock has a market capitalization of $26.93 billion, a price-to-earnings ratio of 43.60, a P/E/G ratio of 0.47 and a beta of 1.02.

International Paper (NYSE:IP - Get Free Report) last released 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). International Paper had a net margin of 1.99% and a return on equity of 4.05%. The business had revenue of $5.90 billion for the quarter, compared to the consensus estimate of $6.38 billion. During the same quarter last year, the business earned $0.17 EPS. International Paper's revenue for the quarter was up 27.8% compared to the same quarter last year. As a group, research analysts expect that International Paper Company will post 2.77 EPS for the current fiscal year.

International Paper Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 23rd were issued a $0.4625 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $1.85 annualized dividend and a dividend yield of 3.63%. International Paper's dividend payout ratio (DPR) is presently 158.12%.

Insider Activity

In other 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 owned 31,525 shares in the company, valued at approximately $1,413,896.25. This trade represents a 19.22% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.35% of the company's stock.

About International Paper

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.