Corebridge Financial Inc. Buys 44,759 Shares of International Paper Company $IP

Key Points

• Corebridge Financial Inc. increased its stake in International Paper Company by 54.4%, acquiring a total of 127,012 shares valued at approximately $6.8 million following an additional purchase of 44,759 shares.
• International Paper reported a net loss with earnings per share of $0.20 for the most recent quarter, which fell short of analyst expectations of $0.38, while revenue rose to $6.77 billion.
• The company declared a quarterly dividend of $0.4625 per share, translating to an annualized yield of 3.7%, despite a remarkable payout ratio of -1,850.00%.

Corebridge Financial Inc. boosted its stake in International Paper Company (NYSE:IP - Free Report) by 54.4% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 127,012 shares of the basic materials company's stock after purchasing an additional 44,759 shares during the quarter. Corebridge Financial Inc.'s holdings in International Paper were worth $6,776,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Stratos Wealth Partners LTD. grew its position in International Paper by 2.0% in the first quarter. Stratos Wealth Partners LTD. now owns 14,074 shares of the basic materials company's stock valued at $751,000 after acquiring an additional 282 shares during the last quarter. Spire Wealth Management grew its position in International Paper by 2,343.9% in the first quarter. Spire Wealth Management now owns 1,613 shares of the basic materials company's stock valued at $86,000 after acquiring an additional 1,547 shares during the last quarter. Sequoia Financial Advisors LLC grew its position in International Paper by 2.6% in the first quarter. Sequoia Financial Advisors LLC now owns 8,994 shares of the basic materials company's stock valued at $480,000 after acquiring an additional 231 shares during the last quarter. Assenagon Asset Management S.A. grew its position in International Paper by 37.3% in the first quarter. Assenagon Asset Management S.A. now owns 22,378 shares of the basic materials company's stock valued at $1,194,000 after acquiring an additional 6,077 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. grew its position in International Paper by 3.5% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 49,320 shares of the basic materials company's stock valued at $2,631,000 after acquiring an additional 1,680 shares during the last quarter. Institutional investors own 81.95% of the company's stock.

Analyst Upgrades and Downgrades

IP has been the topic of a number of recent analyst reports. Wells Fargo & Company reiterated an "underweight" rating and issued a $43.00 target price (up previously from $40.00) on shares of International Paper in a research report on Thursday, July 10th. UBS Group initiated coverage on International Paper in a research report on Wednesday, June 4th. They issued a "buy" rating and a $60.00 target price on the stock. JPMorgan Chase & Co. cut International Paper from an "overweight" rating to a "neutral" rating and reduced their price target for the stock from $55.00 to $54.00 in a report on Tuesday, August 5th. Wall Street Zen upgraded International Paper from a "sell" rating to a "hold" rating in a report on Friday, June 27th. Finally, Zacks Research cut International Paper from a "hold" rating to a "strong sell" rating in a report on Monday, August 18th. Five analysts have rated the stock with a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and an average target price of $55.65.

International Paper Trading Up 0.2%

Shares of NYSE:IP traded up $0.11 during midday trading on Thursday, hitting $48.28. 4,299,550 shares of the stock were exchanged, compared to its average volume of 3,444,010. The business's 50-day moving average price is $49.69 and its 200 day moving average price is $49.39. International Paper Company has a 12 month low of $43.27 and a 12 month high of $60.36. The stock has a market capitalization of $25.49 billion, a price-to-earnings ratio of -482.80, a P/E/G ratio of 0.54 and a beta of 1.05. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.96 and a current ratio of 1.33.

International Paper (NYSE:IP - Get Free Report) last announced its 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 company had revenue of $6.77 billion during the quarter, compared to the consensus estimate of $6.64 billion. During the same quarter in the previous year, the company earned $0.55 earnings per share. The business's revenue was up 42.9% on a year-over-year basis. Analysts predict that International Paper Company will post 2.77 earnings per share for the current year.

International Paper Dividend Announcement

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

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.