Chevy Chase Trust Holdings LLC Increases Holdings in International Paper Company (NYSE:IP)

Chevy Chase Trust Holdings LLC raised its stake in shares of International Paper Company (NYSE:IP - Free Report) by 51.7% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 276,773 shares of the basic materials company's stock after buying an additional 94,369 shares during the quarter. Chevy Chase Trust Holdings LLC owned about 0.05% of International Paper worth $14,766,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of IP. Jones Financial Companies Lllp boosted its position in International Paper by 18.0% during the 4th quarter. Jones Financial Companies Lllp now owns 17,586 shares of the basic materials company's stock worth $946,000 after acquiring an additional 2,685 shares during the last quarter. Wakefield Asset Management LLLP bought a new position in International Paper during the 4th quarter worth $502,000. Korea Investment CORP increased its position in International Paper by 220.6% during the 4th quarter. Korea Investment CORP now owns 310,674 shares of the basic materials company's stock worth $16,720,000 after buying an additional 213,783 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of International Paper during the 4th quarter worth $21,307,000. Finally, Assenagon Asset Management S.A. grew its holdings in shares of International Paper by 37.3% during the 1st quarter. Assenagon Asset Management S.A. now owns 22,378 shares of the basic materials company's stock worth $1,194,000 after purchasing an additional 6,077 shares in the last quarter. 81.95% of the stock is currently owned by institutional investors and hedge funds.

International Paper Price Performance

Shares of IP traded up $0.94 during midday trading on Friday, reaching $47.45. The stock had a trading volume of 4,305,535 shares, compared to its average volume of 3,647,097. The company's 50-day moving average is $47.03 and its 200 day moving average is $51.38. International Paper Company has a 12-month low of $42.26 and a 12-month 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 company has a market capitalization of $25.05 billion, a price-to-earnings ratio of 40.56, a price-to-earnings-growth ratio of 0.43 and a beta of 1.04.

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

International Paper Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 23rd were given a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 3.90%. The ex-dividend date was Friday, May 23rd. International Paper's dividend payout ratio is currently 158.12%.

Insider Transactions at International Paper

In other International Paper news, CAO Holly G. Goughnour sold 7,500 shares of International Paper stock in a transaction 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 completion of the transaction, the chief accounting officer now owns 31,525 shares in the company, valued at approximately $1,413,896.25. The trade was a 19.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.35% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on IP. Wells Fargo & Company reissued 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. Citigroup assumed coverage on International Paper in a research report on Wednesday, March 5th. They issued a "buy" rating and a $60.00 target price for the company. UBS Group assumed coverage on International Paper in a research report on Wednesday, June 4th. They issued a "buy" rating and a $60.00 target price for the company. Truist Financial set a $59.00 target price on International Paper in a research report on Wednesday, May 28th. Finally, Wall Street Zen downgraded International Paper from a "hold" rating to a "sell" rating in a research report on Monday, May 5th. Three analysts have rated the stock with a sell rating, two have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average target price of $54.54.

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.