Engineers Gate Manager LP Has $33.79 Million Stock Holdings in International Paper Company $IP

Key Points

• Engineers Gate Manager LP increased its International Paper holdings by 815.5% in the second quarter, adding 790,057 shares for a total position valued at $33.79 million. Institutional investors and hedge funds now own 81.95% of the company.
• Analyst sentiment is broadly positive, with nine Buy ratings, four Holds, and one Sell, producing a “Moderate Buy” consensus and an average price target of $48.75.
• International Paper reported quarterly EPS of $0.04, beating estimates, but revenue fell 11.3% year over year to $6 billion. The company also announced a quarterly dividend of $0.4625 per share, representing a 5.3% annualized yield.

Engineers Gate Manager LP increased its holdings in shares of International Paper Company (NYSE:IP - Free Report) by 815.5% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 886,943 shares of the basic materials company's stock after purchasing an additional 790,057 shares during the quarter. Engineers Gate Manager LP owned 0.17% of International Paper worth $33,793,000 as of its most recent filing with the SEC.

Other hedge funds have also recently bought and sold shares of the company. MV Capital Management Inc. acquired a new position in shares of International Paper in the fourth quarter valued at approximately $25,000. Aberdeen Wealth Management LLC acquired a new stake in shares of International Paper during the second quarter worth $27,000. DV Equities LLC bought a new stake in International Paper in the 4th quarter valued at $29,000. Ascentis Independent Advisors bought a new stake in International Paper in the 1st quarter valued at $28,000. Finally, Kelleher Financial Advisors acquired a new position in International Paper in the 3rd quarter worth $36,000. 81.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Wells Fargo & Company lifted their price target on International Paper from $42.00 to $46.00 and gave the company an "overweight" rating in a research note on Friday, July 31st. Weiss Ratings raised International Paper from a "sell (d)" rating to a "sell (d+)" rating in a research report on Friday, August 21st. JPMorgan Chase & Co. upgraded International Paper from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $51.00 to $61.00 in a report on Tuesday, July 28th. Zacks Research raised International Paper from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. Finally, Loop Capital set a $61.00 price target on International Paper in a research report on Tuesday, July 28th. Nine equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $48.75.

International Paper Stock Performance

Shares of IP opened at $34.73 on Thursday. The firm has a 50-day moving average of $39.39 and a 200-day moving average of $37.07. International Paper Company has a one year low of $29.26 and a one year high of $50.25. The company has a market cap of $18.39 billion, a PE ratio of -5.33, a price-to-earnings-growth ratio of 4.54 and a beta of 0.93. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.10 and a quick ratio of 0.84.

International Paper (NYSE:IP - Get Free Report) last issued its earnings results on Thursday, July 30th. The basic materials company reported $0.04 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.04) by $0.08. International Paper had a negative net margin of 14.20% and a negative return on equity of 1.09%. The company had revenue of $6 billion for the quarter, compared to analysts' expectations of $6.19 billion. During the same period in the prior year, the firm earned $0.20 EPS. International Paper's quarterly revenue was down 11.3% compared to the same quarter last year. As a group, equities analysts forecast that International Paper Company will post 1.34 earnings per share for the current year.

International Paper Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, August 14th will be paid a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a dividend yield of 5.3%. The ex-dividend date is Friday, August 14th. International Paper's payout ratio is currently -28.37%.

Insider Buying and Selling

In related news, CAO Holly G. Goughnour sold 3,500 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $41.96, for a total value of $146,860.00. Following the sale, the chief accounting officer owned 34,248 shares in the company, valued at approximately $1,437,046.08. This represents a 9.27% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP William Hamic sold 24,500 shares of the firm's stock in a transaction on Friday, August 7th. The shares were sold at an average price of $41.20, for a total value of $1,009,400.00. Following the sale, the vice president directly owned 106,952 shares of the company's stock, valued at $4,406,422.40. This represents a 18.64% decrease in their position. The SEC filing for this sale provides additional information. 0.21% of the stock is currently owned by insiders.

International Paper Company Profile

International Paper Company NYSE: IP is a global producer of sustainable packaging and paper-based products. The company manufactures containerboard, corrugated packaging, and other fiber-based packaging solutions used to transport and protect goods across a range of industries. Its offerings also include absorbent pulp and cellulose fibers used in products such as diapers, hygiene items, and other consumer and industrial applications.

Founded in 1898, International Paper has grown through the development and operation of paper mills, packaging facilities, and related manufacturing assets.

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