Connor Clark & Lunn Investment Management Ltd. Invests $2.83 Million in International Paper Company (NYSE:IP)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has acquired a new stake in International Paper Company, purchasing 53,052 shares valued at around $2.83 million in the 1st quarter.
• Several large investors, including Vanguard Group Inc. and Capital Research Global Investors, have significantly increased their holdings in International Paper, indicating strong institutional interest in the stock.
• International Paper's stock has been rated with a consensus of "Hold," and recently had its price target adjusted by various analysts, with the current target averaging $55.46.

Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of International Paper Company (NYSE:IP - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 53,052 shares of the basic materials company's stock, valued at approximately $2,830,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of IP. Raymond James Financial Inc. purchased a new position in shares of International Paper in the 4th quarter worth approximately $21,307,000. Townsquare Capital LLC grew its position in International Paper by 69.2% during the 4th quarter. Townsquare Capital LLC now owns 11,646 shares of the basic materials company's stock worth $627,000 after purchasing an additional 4,765 shares during the last quarter. Mariner LLC grew its position in International Paper by 17.0% during the 4th quarter. Mariner LLC now owns 78,128 shares of the basic materials company's stock worth $4,205,000 after purchasing an additional 11,361 shares during the last quarter. CreativeOne Wealth LLC grew its position in International Paper by 3.8% during the 4th quarter. CreativeOne Wealth LLC now owns 22,590 shares of the basic materials company's stock worth $1,216,000 after purchasing an additional 821 shares during the last quarter. Finally, Canada Post Corp Registered Pension Plan purchased a new stake in International Paper during the 4th quarter worth approximately $333,000. Hedge funds and other institutional investors own 81.95% of the company's stock.

International Paper Trading Down 2.3%

NYSE IP traded down $1.12 during trading hours on Friday, reaching $46.64. The company had a trading volume of 3,522,576 shares, compared to its average volume of 5,337,198. The stock has a market capitalization of $24.63 billion, a P/E ratio of -466.40, a price-to-earnings-growth ratio of 0.58 and a beta of 1.04. 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 stock has a 50-day moving average of $49.16 and a 200 day moving average of $50.03.

International Paper (NYSE:IP - Get Free Report) last issued its quarterly 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). The business had revenue of $6.77 billion for the quarter, compared to analyst estimates of $6.64 billion. International Paper had a positive return on equity of 2.63% and a negative net margin of 0.12%. The firm's revenue for the quarter was up 42.9% compared to the same quarter last year. During the same period in the prior year, the company posted $0.55 EPS. As a group, research analysts anticipate that International Paper Company will post 2.77 earnings per share for the current fiscal year.

International Paper Announces Dividend

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

Analyst Upgrades and Downgrades

Several research firms have weighed in on IP. JPMorgan Chase & Co. downgraded shares of International Paper from an "overweight" rating to a "neutral" rating and dropped their target price for the stock from $55.00 to $54.00 in a research report on Tuesday, August 5th. Truist Financial set a $59.00 target price on shares of International Paper in a research report on Wednesday, May 28th. 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 research report on Thursday, July 10th. Wall Street Zen raised shares of International Paper from a "sell" rating to a "hold" rating in a research report on Friday, June 27th. Finally, 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 objective for the company. 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 company. According to MarketBeat.com, the company has an average rating of "Hold" and an average target price of $55.46.

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.