Citigroup Inc. Buys 298,786 Shares of International Paper Company (NYSE:IP)

Key Points

• Citigroup Inc. increased its holdings in International Paper Company by 151.1% to 496,577 shares, valued at approximately $26.49 million.
• International Paper reported a quarterly earnings per share of $0.20, missing estimates by $0.18, while revenue was up 42.9% year-over-year.
• The company announced a quarterly dividend of $0.4625 per share, which translates to an annualized dividend yield of 3.8%.

Citigroup Inc. boosted its holdings in International Paper Company (NYSE:IP - Free Report) by 151.1% during the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 496,577 shares of the basic materials company's stock after acquiring an additional 298,786 shares during the quarter. Citigroup Inc. owned 0.09% of International Paper worth $26,492,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Bernard Wealth Management Corp. bought a new position in shares of International Paper during the 4th quarter worth approximately $37,000. Transce3nd LLC purchased a new stake in shares of International Paper during the 4th quarter worth approximately $38,000. Citizens National Bank Trust Department purchased a new stake in shares of International Paper during the 1st quarter worth approximately $37,000. Grove Bank & Trust increased its stake in shares of 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 during the last quarter. Finally, Toth Financial Advisory Corp purchased a new stake in shares of International Paper during the 1st quarter worth approximately $42,000. Institutional investors own 81.95% of the company's stock.

International Paper Price Performance

NYSE:IP traded down $1.12 during trading hours on Friday, hitting $46.64. The stock had a trading volume of 3,522,576 shares, compared to its average volume of 5,337,198. The company has a 50 day simple moving average of $49.16 and a two-hundred day simple moving average of $50.03. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.33 and a quick ratio of 0.96. International Paper Company has a one year low of $43.27 and a one year high of $60.36. The firm has a market capitalization of $24.63 billion, a price-to-earnings ratio of -466.40, a P/E/G ratio of 0.58 and a beta of 1.04.

International Paper (NYSE:IP - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The basic materials company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.18). International Paper had a negative net margin of 0.12% and a positive return on equity of 2.63%. The firm had revenue of $6.77 billion during the quarter, compared to the consensus estimate of $6.64 billion. During the same period in the previous year, the business earned $0.55 earnings per share. The firm's revenue for the quarter was up 42.9% on a year-over-year basis. Research analysts forecast that International Paper Company will post 2.77 earnings per share for the current fiscal year.

International Paper Announces Dividend

The company also recently declared 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. This represents a $1.85 annualized dividend and a yield of 4.0%. The ex-dividend date of this dividend is Friday, August 15th. International Paper's dividend payout ratio (DPR) is presently -1,850.00%.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on IP shares. JPMorgan Chase & Co. lowered shares of International Paper from an "overweight" rating to a "neutral" rating and decreased their price target for the stock from $55.00 to $54.00 in a research note on Tuesday, August 5th. 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 started coverage on shares of International Paper in a research note on Wednesday, June 4th. They set a "buy" rating and a $60.00 price target for the company. Wells Fargo & Company restated an "underweight" rating and set a $43.00 price target (up previously from $40.00) on shares of International Paper in a research note on Thursday, July 10th. Finally, Truist Financial set a $59.00 price objective on shares of International Paper in a research note on Wednesday, May 28th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, International Paper has a consensus rating of "Hold" and a consensus target price of $55.46.

About International Paper

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.