Easterly Investment Partners LLC Takes $8.70 Million Position in International Paper Company (NYSE:IP)

Easterly Investment Partners LLC acquired a new position in International Paper Company (NYSE:IP - Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 163,103 shares of the basic materials company's stock, valued at approximately $8,702,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Capital Research Global Investors raised its stake in shares of International Paper by 68.8% in the fourth quarter. Capital Research Global Investors now owns 29,904,546 shares of the basic materials company's stock valued at $1,609,462,000 after acquiring an additional 12,191,361 shares in the last quarter. FMR LLC increased its holdings in International Paper by 48.9% in the fourth quarter. FMR LLC now owns 26,559,812 shares of the basic materials company's stock valued at $1,429,449,000 after buying an additional 8,720,575 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in International Paper by 19.4% in 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 buying an additional 2,782,042 shares during the last quarter. Bessemer Group Inc. increased its holdings in International Paper by 3,304.9% in the first quarter. Bessemer Group Inc. now owns 2,547,255 shares of the basic materials company's stock valued at $135,897,000 after buying an additional 2,472,443 shares during the last quarter. Finally, Alyeska Investment Group L.P. increased its holdings in International Paper by 134.8% in the fourth quarter. Alyeska Investment Group L.P. now owns 3,948,752 shares of the basic materials company's stock valued at $212,522,000 after buying an additional 2,266,762 shares during the last quarter. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the company. Truist Financial set a $59.00 price target on International Paper in a report on Wednesday, May 28th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $64.00 price objective on shares of International Paper in a report on Wednesday, March 26th. UBS Group assumed coverage on International Paper in a report on Wednesday, June 4th. They issued a "buy" rating and a $60.00 price objective on the stock. Wells Fargo & Company reaffirmed an "underweight" rating and issued a $43.00 price objective (up previously from $40.00) on shares of International Paper in a report on Thursday, July 10th. Finally, Wall Street Zen raised International Paper from a "sell" rating to a "hold" rating in a report on Friday, June 27th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, International Paper currently has an average rating of "Hold" and an average target price of $55.65.

Insider Buying and Selling

In related news, CAO Holly G. Goughnour sold 7,500 shares of the firm's stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $44.85, for a total value of $336,375.00. Following the completion of the transaction, the chief accounting officer owned 31,525 shares of the company's stock, valued at approximately $1,413,896.25. This trade represents a 19.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.55% of the company's stock.

International Paper Stock Performance

Shares of NYSE:IP traded down $0.51 during trading hours on Friday, hitting $50.40. The stock had a trading volume of 2,959,556 shares, compared to its average volume of 3,414,062. The stock's fifty day simple moving average is $48.54 and its 200 day simple moving average is $50.90. International Paper Company has a 1-year low of $43.27 and a 1-year high of $60.36. The firm has a market capitalization of $26.61 billion, a price-to-earnings ratio of 43.08, a PEG ratio of 0.46 and a beta of 1.02. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.96 and a current ratio of 1.33.

International Paper (NYSE:IP - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The basic materials company reported $0.23 EPS for the quarter, missing analysts' consensus estimates 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 analyst estimates of $6.38 billion. During the same quarter in the prior year, the business earned $0.17 EPS. International Paper's revenue was up 27.8% compared to the same quarter last year. Sell-side analysts anticipate that International Paper Company will post 2.77 earnings per share for the current fiscal year.

International Paper Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 23rd were paid a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a yield of 3.67%. The ex-dividend date of this dividend was Friday, May 23rd. International Paper's dividend payout ratio is 158.12%.

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.