Bastion Asset Management Inc. Grows Position in International Paper Company (NYSE:IP)

Key Points

• Bastion Asset Management Inc. increased its stake in International Paper Company by 69.8% in Q1, owning 33,397 shares worth approximately $1.77 million.
• International Paper reported a $0.23 earnings per share for the last quarter, missing expectations of $0.35, though revenue increased by 27.8% year-over-year.
• The company declared a quarterly dividend of $0.4625, with an annualized yield of 3.32%, despite a high payout ratio of 158.12%.

Bastion Asset Management Inc. lifted its holdings in International Paper Company (NYSE:IP - Free Report) by 69.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 33,397 shares of the basic materials company's stock after purchasing an additional 13,728 shares during the period. Bastion Asset Management Inc.'s holdings in International Paper were worth $1,769,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in IP. Summit Financial LLC increased its position in shares of International Paper by 4.3% in the 4th quarter. Summit Financial LLC now owns 5,437 shares of the basic materials company's stock valued at $293,000 after purchasing an additional 224 shares during the last quarter. Greenleaf Trust increased its position in shares of International Paper by 2.5% during the first quarter. Greenleaf Trust now owns 9,244 shares of the basic materials company's stock worth $493,000 after purchasing an additional 224 shares in the last quarter. Sequoia Financial Advisors LLC lifted its holdings in shares of International Paper by 2.6% in the 1st quarter. Sequoia Financial Advisors LLC now owns 8,994 shares of the basic materials company's stock valued at $480,000 after purchasing an additional 231 shares during the last quarter. Csenge Advisory Group boosted its position in shares of International Paper by 1.5% in the 1st quarter. Csenge Advisory Group now owns 16,252 shares of the basic materials company's stock valued at $867,000 after purchasing an additional 234 shares during the period. Finally, Capital Investment Advisors LLC grew its stake in International Paper by 6.0% during the 1st quarter. Capital Investment Advisors LLC now owns 4,176 shares of the basic materials company's stock worth $223,000 after buying an additional 235 shares during the last quarter. 81.95% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CAO Holly G. Goughnour sold 7,500 shares of the business's stock in a transaction that occurred on 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 transaction, the chief accounting officer owned 31,525 shares of the company's stock, valued at $1,413,896.25. The trade was a 19.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.55% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. Wall Street Zen upgraded shares of International Paper from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. UBS Group assumed coverage on shares of International Paper in a research report on Wednesday, June 4th. They issued a "buy" rating and a $60.00 price objective for the company. Truist Financial set a $59.00 price target on International Paper in a research note on Wednesday, May 28th. Finally, Wells Fargo & Company reiterated an "underweight" rating and issued a $43.00 price objective (up previously from $40.00) on shares of International Paper in a research report on Thursday, July 10th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $55.65.

International Paper Price Performance

Shares of NYSE:IP traded down $0.15 during midday trading on Monday, hitting $55.53. 4,357,275 shares of the stock were exchanged, compared to its average volume of 3,721,075. The stock has a market cap of $29.31 billion, a P/E ratio of 47.46, a PEG ratio of 0.51 and a beta of 1.02. International Paper Company has a twelve month low of $43.27 and a twelve month high of $60.36. The company has a 50 day moving average price of $49.00 and a 200-day moving average price of $50.88. The company has a current ratio of 1.33, a quick ratio of 0.96 and a debt-to-equity ratio of 0.51.

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

International Paper Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Friday, August 15th will be issued a $0.4625 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.85 dividend on an annualized basis and a yield of 3.33%. International Paper's dividend payout ratio (DPR) is 158.12%.

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.