BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Purchases 32,157 Shares of International Paper Company $IP

Key Points

• BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in International Paper Company by 50.9% during the first quarter, owning 95,340 shares worth approximately $5.09 million.
• International Paper's stock price was recently downgraded by JPMorgan Chase & Co. from an "overweight" to "neutral" rating, with a target price cut from $55.00 to $54.00.
• The company reported a quarterly dividend of $0.4625 per share, equating to a dividend yield of 3.7%, which will be distributed on September 16th.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in International Paper Company (NYSE:IP - Free Report) by 50.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 95,340 shares of the basic materials company's stock after buying an additional 32,157 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp's holdings in International Paper were worth $5,086,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Resolute Capital Asset Partners LLC bought a new stake in shares of International Paper during the first quarter worth approximately $2,934,000. Allstate Corp lifted its stake in shares of International Paper by 38.8% in the 1st quarter. Allstate Corp now owns 13,524 shares of the basic materials company's stock valued at $722,000 after acquiring an additional 3,782 shares during the last quarter. Kestra Advisory Services LLC lifted its stake in shares of International Paper by 1.2% in the 1st quarter. Kestra Advisory Services LLC now owns 67,950 shares of the basic materials company's stock valued at $3,625,000 after acquiring an additional 789 shares during the last quarter. Gitterman Wealth Management LLC bought a new position in shares of International Paper in the 1st quarter valued at $360,000. Finally, Ameriprise Financial Inc. raised its position in International Paper by 22.8% during the 1st quarter. Ameriprise Financial Inc. now owns 2,617,200 shares of the basic materials company's stock worth $139,628,000 after purchasing an additional 485,096 shares during the last quarter. Institutional investors and hedge funds own 81.95% of the company's stock.

Analyst Ratings Changes

A number of brokerages have weighed in on IP. Bank of America upgraded International Paper from a "neutral" rating to a "buy" rating and increased their price target for the stock from $55.00 to $57.00 in a report on Thursday. Truist Financial set a $59.00 price target on International Paper in a research note on Wednesday, May 28th. UBS Group assumed coverage on shares of International Paper in a research report on Wednesday, June 4th. They set a "buy" rating and a $60.00 target price on the stock. Zacks Research cut shares of International Paper from a "hold" rating to a "strong sell" rating in a report on Monday, August 18th. Finally, Wells Fargo & Company reissued an "underweight" rating and set a $43.00 target price (up previously from $40.00) on shares of International Paper in a report on Thursday, July 10th. Five analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $55.65.

International Paper Stock Up 1.3%

IP traded up $0.61 during midday trading on Thursday, reaching $48.98. The company's stock had a trading volume of 3,211,767 shares, compared to its average volume of 4,879,371. The stock's 50-day moving average is $49.43 and its 200-day moving average is $49.62. International Paper Company has a 1 year low of $43.27 and a 1 year 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 0.52. The firm has a market capitalization of $25.86 billion, a price-to-earnings ratio of -489.80, a PEG ratio of 0.63 and a beta of 1.04.

International Paper (NYSE:IP - Get Free Report) last issued its earnings results on Thursday, July 31st. The basic materials company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.18). International Paper had a positive return on equity of 2.63% and a negative net margin of 0.12%.The company had revenue of $6.77 billion during the quarter, compared to analysts' expectations of $6.64 billion. During the same quarter in the prior year, the business posted $0.55 EPS. The company's revenue for the quarter was up 42.9% 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 year.

International Paper Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders 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 dividend yield of 3.8%. International Paper's payout ratio is -1,850.00%.

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.