Assenagon Asset Management S.A. Lowers Stock Position in International Paper Company $IP

Key Points

• Assenagon Asset Management cut its International Paper stake by 54% in the second quarter, selling 49,345 shares and retaining 42,043 shares worth about $1.6 million. Institutional investors collectively own 81.95% of the company.
• International Paper reported quarterly EPS of $0.04, exceeding estimates for a $0.04 loss, but revenue fell 11.3% year over year to $6 billion. The stock opened at $40.73, while analysts maintain a “Moderate Buy” consensus and an average price target of $48.75.
• The company declared a quarterly dividend of $0.4625 per share, equivalent to an annualized $1.85 payout and a 4.5% yield. Two insiders recently sold shares, including a vice president’s $1.01 million transaction.

Assenagon Asset Management S.A. lessened its holdings in shares of International Paper Company (NYSE:IP - Free Report) by 54.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 42,043 shares of the basic materials company's stock after selling 49,345 shares during the period. Assenagon Asset Management S.A.'s holdings in International Paper were worth $1,602,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the business. McIlrath & Eck LLC lifted its stake in shares of International Paper by 452.6% in the fourth quarter. McIlrath & Eck LLC now owns 641 shares of the basic materials company's stock worth $25,000 after buying an additional 525 shares in the last quarter. MV Capital Management Inc. purchased a new stake in shares of International Paper during the 4th quarter valued at about $25,000. Ascentis Independent Advisors purchased a new stake in shares of International Paper during the 1st quarter valued at about $28,000. DV Equities LLC bought a new stake in International Paper during the fourth quarter valued at approximately $29,000. Finally, Summit Securities Group LLC increased its holdings in International Paper by 115.4% during the fourth quarter. Summit Securities Group LLC now owns 784 shares of the basic materials company's stock valued at $31,000 after buying an additional 5,875 shares during the last quarter. 81.95% of the stock is currently owned by institutional investors.

International Paper Price Performance

NYSE:IP opened at $40.73 on Friday. The firm's fifty day moving average is $38.54 and its two-hundred day moving average is $37.94. The firm has a market cap of $21.57 billion, a price-to-earnings ratio of -6.25 and a beta of 0.94. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.10. International Paper Company has a one year low of $29.26 and a one year high of $50.25.

International Paper (NYSE:IP - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.04 earnings per share for the quarter, beating 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 return on equity of 1.09% and a negative net margin of 14.20%.The company's revenue was down 11.3% on a year-over-year basis. During the same quarter last year, the business posted $0.20 EPS. Research analysts expect that International Paper Company will post 1.35 EPS for the current year.

International Paper Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Friday, August 14th will be issued a dividend of $0.4625 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.85 dividend on an annualized basis and a yield of 4.5%. International Paper's dividend payout ratio is -28.37%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Zacks Research raised International Paper from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Wall Street Zen lowered shares of International Paper from a "hold" rating to a "sell" rating in a report on Sunday, August 9th. Loop Capital set a $61.00 target price on shares of International Paper in a research note on Tuesday, July 28th. Truist Financial restated a "buy" rating and set a $49.00 target price (up from $46.00) on shares of International Paper in a research note on Friday, July 31st. Finally, UBS Group upped their price target on shares of International Paper from $40.00 to $47.00 and gave the stock a "neutral" rating in a research report on Friday, July 31st. Nine investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $48.75.

Insider Buying and Selling at International Paper

In other International Paper news, CAO Holly G. Goughnour sold 3,500 shares of International Paper stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $41.96, for a total value of $146,860.00. Following the completion of the transaction, the chief accounting officer owned 34,248 shares of the company's stock, valued at approximately $1,437,046.08. The trade was a 9.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP William Thomas Hamic sold 24,500 shares of International Paper stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $41.20, for a total value of $1,009,400.00. Following the completion of the transaction, the vice president owned 106,952 shares of the company's stock, valued at approximately $4,406,422.40. This represents a 18.64% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.21% of the stock is currently owned by company 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.

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