Bank of New York Mellon Corp Purchases 2,782,042 Shares of International Paper Company (NYSE:IP)

Bank of New York Mellon Corp increased its position in shares of International Paper Company (NYSE:IP - Free Report) by 19.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 17,145,485 shares of the basic materials company's stock after acquiring an additional 2,782,042 shares during the period. Bank of New York Mellon Corp owned about 3.25% of International Paper worth $914,712,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Picton Mahoney Asset Management grew its position in International Paper by 67.0% during the 4th quarter. Picton Mahoney Asset Management now owns 536 shares of the basic materials company's stock worth $29,000 after acquiring an additional 215 shares during the last quarter. Bernard Wealth Management Corp. bought a new stake in International Paper during the 4th quarter worth $37,000. Transce3nd LLC bought a new stake in International Paper during the 4th quarter worth $38,000. Citizens National Bank Trust Department bought a new stake in International Paper during the 1st quarter worth $37,000. Finally, Grove Bank & Trust grew its position in International Paper by 472.0% during the 1st quarter. Grove Bank & Trust now owns 755 shares of the basic materials company's stock worth $40,000 after acquiring an additional 623 shares during the last quarter. Institutional investors own 81.95% of the company's stock.

Insiders Place Their Bets

In related news, CAO Holly G. Goughnour sold 7,500 shares of the company's stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $44.85, for a total transaction of $336,375.00. Following the transaction, the chief accounting officer directly owned 31,525 shares of the company's stock, valued at approximately $1,413,896.25. This represents a 19.22% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.35% of the company's stock.

International Paper Stock Up 0.1%

Shares of NYSE:IP opened at $50.43 on Friday. The company has a market capitalization of $26.62 billion, a price-to-earnings ratio of 43.10, a P/E/G ratio of 0.46 and a beta of 1.02. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.33 and a quick ratio of 0.96. The business's 50-day moving average is $47.33 and its 200-day moving average is $51.14. International Paper Company has a 1 year low of $42.26 and a 1 year high of $60.36.

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

International Paper Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 23rd were paid a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date of this dividend was Friday, May 23rd. International Paper's dividend payout ratio is 158.12%.

Analyst Upgrades and Downgrades

IP has been the topic of several recent research reports. Wells Fargo & Company reaffirmed an "underweight" rating and set a $40.00 target price (down from $45.00) on shares of International Paper in a report on Friday, May 9th. JPMorgan Chase & Co. initiated coverage on International Paper in a report on Thursday, March 20th. They set an "overweight" rating and a $59.00 target price on the stock. UBS Group initiated coverage on International Paper in a report on Wednesday, June 4th. They set a "buy" rating and a $60.00 target price on the stock. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $64.00 target price on shares of International Paper in a report on Wednesday, March 26th. Finally, Truist Financial set a $59.00 target price on International Paper in a report on Wednesday, May 28th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and six have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $54.54.

International Paper 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.

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