Comerica Bank Buys 345,230 Shares of International Paper Company $IP

Key Points

• Comerica Bank increased its holdings in International Paper Company by 294.3% during the first quarter, acquiring an additional 345,230 shares to hold a total of 462,545 shares valued at approximately $24.7 million.
• Vanguard Group significantly boosted its position in International Paper by 52.0%, now owning over 62 million shares, while the company has seen additions from several other institutional investors, with 81.95% of stock owned by such investors.
• International Paper reported a quarterly EPS of $0.20, missing estimates by $0.18, with a revenue of $6.77 billion that exceeded analyst expectations, but its net margin remains negative at -0.12%.

Comerica Bank raised its stake in International Paper Company (NYSE:IP - Free Report) by 294.3% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 462,545 shares of the basic materials company's stock after purchasing an additional 345,230 shares during the period. Comerica Bank owned 0.09% of International Paper worth $24,677,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. MetLife Investment Management LLC grew its stake in shares of International Paper by 120.1% in the 1st quarter. MetLife Investment Management LLC now owns 202,342 shares of the basic materials company's stock valued at $10,795,000 after buying an additional 110,412 shares during the period. Jump Financial LLC boosted its holdings in International Paper by 5.7% in the first quarter. Jump Financial LLC now owns 10,000 shares of the basic materials company's stock worth $534,000 after acquiring an additional 540 shares in the last quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its stake in International Paper by 50.9% in the first quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 95,340 shares of the basic materials company's stock valued at $5,086,000 after acquiring an additional 32,157 shares during the period. Resolute Capital Asset Partners LLC bought a new stake in shares of International Paper during the first quarter valued at approximately $2,934,000. Finally, Allstate Corp raised its position in shares of International Paper by 38.8% during the first quarter. Allstate Corp now owns 13,524 shares of the basic materials company's stock worth $722,000 after purchasing an additional 3,782 shares during the period. Institutional investors and hedge funds own 81.95% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently issued reports on IP. Truist Financial set a $59.00 price target on shares of International Paper in a research report on Wednesday, May 28th. Wells Fargo & Company reiterated an "underweight" rating and set a $43.00 price objective (up from $40.00) on shares of International Paper in a report on Thursday, July 10th. Wall Street Zen upgraded shares of International Paper from a "sell" rating to a "hold" rating in a report on Friday, June 27th. JPMorgan Chase & Co. cut shares of International Paper from an "overweight" rating to a "neutral" rating and dropped their price target for the company from $55.00 to $54.00 in a research report on Tuesday, August 5th. Finally, Zacks Research downgraded International Paper from a "hold" rating to a "strong sell" rating in a research note on Monday, August 18th. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, International Paper presently has an average rating of "Hold" and an average target price of $55.65.

International Paper Stock Performance

Shares of NYSE IP traded up $0.61 during trading on Thursday, reaching $48.98. 3,211,767 shares of the stock traded hands, compared to its average volume of 4,879,371. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.33 and a quick ratio of 0.96. The stock has a market capitalization of $25.86 billion, a P/E ratio of 56.91, a price-to-earnings-growth ratio of 0.63 and a beta of 1.04. 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 moving average of $49.37 and a 200-day moving average of $49.66.

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

International Paper Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Friday, August 15th will be paid a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.8%. The ex-dividend date is Friday, August 15th. International Paper's dividend payout ratio is presently -1,850.00%.

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.