Canada Pension Plan Investment Board Sells 114,426 Shares of International Paper Company $IP

Key Points

• The Canada Pension Plan Investment Board has reduced its stake in International Paper Company by 41.1%, owning 163,674 shares after selling 114,426 shares, valued at approximately $8.73 million.
• International Paper reported a quarterly earnings per share (EPS) of $0.20, missing analyst expectations of $0.38, although revenue increased to $6.77 billion during the same period.
• The company has declared a quarterly dividend of $0.4625 per share, which will be paid on September 16th, signaling a yield of 3.8%.

Canada Pension Plan Investment Board lowered its holdings in shares of International Paper Company (NYSE:IP - Free Report) by 41.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 163,674 shares of the basic materials company's stock after selling 114,426 shares during the quarter. Canada Pension Plan Investment Board's holdings in International Paper were worth $8,732,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also bought and sold shares of IP. Vanguard Group Inc. lifted its position in International Paper by 52.0% during the first quarter. Vanguard Group Inc. now owns 62,623,540 shares of the basic materials company's stock valued at $3,340,966,000 after purchasing an additional 21,428,455 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in International Paper by 8.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 51,798,017 shares of the basic materials company's stock valued at $2,763,426,000 after purchasing an additional 4,201,422 shares during the last quarter. Bank of New York Mellon Corp lifted its position in International Paper by 19.4% during the first quarter. Bank of New York Mellon Corp now owns 17,145,485 shares of the basic materials company's stock valued at $914,712,000 after purchasing an additional 2,782,042 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its position in International Paper by 230.0% during the first quarter. T. Rowe Price Investment Management Inc. now owns 3,965,192 shares of the basic materials company's stock valued at $211,543,000 after purchasing an additional 2,763,634 shares during the last quarter. Finally, Nuveen LLC purchased a new stake in shares of International Paper in the first quarter valued at $132,900,000. Institutional investors own 81.95% of the company's stock.

International Paper Trading Up 0.7%

IP stock traded up $0.32 during trading on Friday, hitting $48.63. The company had a trading volume of 2,605,843 shares, compared to its average volume of 3,491,029. The company has a quick ratio of 0.96, a current ratio of 1.33 and a debt-to-equity ratio of 0.52. International Paper Company has a 52-week low of $43.27 and a 52-week high of $60.36. The company has a 50 day simple moving average of $49.72 and a 200-day simple moving average of $49.28. The firm has a market capitalization of $25.68 billion, a P/E ratio of -486.30, a PEG ratio of 0.55 and a beta of 1.05.

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 business had revenue of $6.77 billion for the quarter, compared to the consensus estimate of $6.64 billion. During the same quarter in the previous year, the company earned $0.55 earnings per share. The firm's revenue was up 42.9% on a year-over-year basis. As a group, research analysts forecast that International Paper Company will post 2.77 earnings per share for the current fiscal year.

International Paper Announces Dividend

The firm 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 dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 3.8%. The ex-dividend date is Friday, August 15th. International Paper's dividend payout ratio is presently -1,850.00%.

Analyst Upgrades and Downgrades

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

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.