Bessemer Group Inc. Buys 2,472,443 Shares of International Paper Company (NYSE:IP)

Bessemer Group Inc. boosted its position in International Paper Company (NYSE:IP - Free Report) by 3,304.9% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 2,547,255 shares of the basic materials company's stock after acquiring an additional 2,472,443 shares during the period. Bessemer Group Inc. owned about 0.48% of International Paper worth $135,897,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of IP. Picton Mahoney Asset Management boosted its holdings in International Paper by 67.0% in the fourth quarter. Picton Mahoney Asset Management now owns 536 shares of the basic materials company's stock valued at $29,000 after acquiring an additional 215 shares during the last quarter. Venturi Wealth Management LLC raised its holdings in shares of International Paper by 90.2% in the 4th quarter. Venturi Wealth Management LLC now owns 622 shares of the basic materials company's stock worth $33,000 after purchasing an additional 295 shares during the period. Bernard Wealth Management Corp. acquired a new position in shares of International Paper in the 4th quarter valued at about $37,000. Transce3nd LLC acquired a new stake in International Paper during the 4th quarter worth approximately $38,000. Finally, Grove Bank & Trust increased 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 purchasing an additional 623 shares in the last quarter. 81.95% of the stock is currently owned by institutional investors and hedge funds.

International Paper Stock Up 0.5%

NYSE IP traded up $0.21 during trading on Thursday, reaching $46.61. 3,392,276 shares of the company's stock were exchanged, compared to its average volume of 3,637,342. International Paper Company has a fifty-two week low of $41.50 and a fifty-two week 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 firm has a market capitalization of $24.61 billion, a PE ratio of 39.84, a P/E/G ratio of 0.42 and a beta of 1.04. The company's fifty day simple moving average is $47.02 and its 200-day simple moving average is $51.45.

International Paper (NYSE:IP - Get Free Report) last announced its quarterly earnings results 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 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 analyst estimates of $6.38 billion. During the same quarter last year, the company earned $0.17 EPS. The business's revenue for the quarter was up 27.8% compared to the same quarter last year. Sell-side analysts predict that International Paper Company will post 2.77 EPS for the current year.

International Paper Dividend Announcement

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

Wall Street Analyst Weigh In

Several research firms have issued reports on IP. Royal Bank Of Canada reiterated an "outperform" rating and set a $64.00 price objective on shares of International Paper in a research note on Wednesday, March 26th. Citigroup assumed coverage on International Paper in a research note on Wednesday, March 5th. They set a "buy" rating and a $60.00 price objective on the stock. Wells Fargo & Company reaffirmed 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. Truist Financial set a $59.00 price target on International Paper in a research note on Wednesday, May 28th. Finally, 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 target price for the company. Three research analysts have rated the stock with a sell rating, two have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $54.54.

Insider Buying and Selling at International Paper

In other International Paper news, CAO Holly G. Goughnour sold 7,500 shares of International Paper stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $44.85, for a total value of $336,375.00. Following the transaction, the chief accounting officer now directly owns 31,525 shares of the company's stock, valued at $1,413,896.25. The trade was a 19.22% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.35% of the company's stock.

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.