International Paper Company $IP Shares Bought by State Street Corp

Key Points

• State Street increased its International Paper stake by 7.1% in the second quarter, adding 2.19 million shares to own nearly 33 million shares, or 6.23% of the company. Institutional investors collectively own 81.95% of IP.
• International Paper reported quarterly EPS of $0.04, beating expectations, but revenue fell 11.3% year over year to $6 billion. The company maintains an annualized dividend of $1.85 per share, yielding approximately 5.2%.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $49.13, compared with the stock’s reported price of $35.74.

State Street Corp lifted its stake in shares of International Paper Company (NYSE:IP - Free Report) by 7.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 32,999,909 shares of the basic materials company's stock after purchasing an additional 2,189,597 shares during the period. State Street Corp owned 6.23% of International Paper worth $1,257,297,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the stock. Anchor Investment Management LLC grew its holdings in shares of International Paper by 59.3% in the second quarter. Anchor Investment Management LLC now owns 1,437 shares of the basic materials company's stock valued at $55,000 after purchasing an additional 535 shares during the period. The Manufacturers Life Insurance Company increased its stake in shares of International Paper by 50.0% during the second quarter. The Manufacturers Life Insurance Company now owns 1,167,393 shares of the basic materials company's stock worth $44,478,000 after buying an additional 389,092 shares during the period. Sequoia Financial Advisors LLC increased its stake in shares of International Paper by 21.7% during the second quarter. Sequoia Financial Advisors LLC now owns 22,358 shares of the basic materials company's stock worth $852,000 after buying an additional 3,988 shares during the period. Tidal Investments LLC raised its holdings in International Paper by 87.7% in the second quarter. Tidal Investments LLC now owns 60,427 shares of the basic materials company's stock valued at $2,302,000 after acquiring an additional 28,236 shares in the last quarter. Finally, National Pension Service raised its holdings in International Paper by 34.5% in the second quarter. National Pension Service now owns 42,005 shares of the basic materials company's stock valued at $1,600,000 after acquiring an additional 10,781 shares in the last quarter. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

International Paper Stock Performance

NYSE:IP opened at $35.74 on Wednesday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.10 and a quick ratio of 0.84. The firm has a market cap of $18.93 billion, a PE ratio of -5.48, a P/E/G ratio of 4.44 and a beta of 0.93. The firm has a 50 day simple moving average of $38.84 and a 200-day simple moving average of $36.50. International Paper Company has a 1-year low of $29.26 and a 1-year high of $50.25.

International Paper (NYSE:IP - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.08. International Paper had a negative return on equity of 1.09% and a negative net margin of 14.20%.The company had revenue of $6 billion during the quarter, compared to the consensus estimate of $6.19 billion. During the same period in the previous year, the firm posted $0.20 EPS. International Paper's revenue was down 11.3% on a year-over-year basis. On average, equities analysts expect that International Paper Company will post 1.33 EPS for the current year.

International Paper Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 15th. Stockholders of record on Friday, August 14th were issued a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 5.2%. The ex-dividend date was Friday, August 14th. International Paper's dividend payout ratio (DPR) is -28.37%.

Insiders Place Their Bets

In related news, VP William Hamic sold 24,500 shares of International Paper stock in a transaction on Friday, August 7th. The shares were sold at an average price of $41.20, for a total transaction of $1,009,400.00. Following the transaction, the vice president owned 106,952 shares in the company, valued at approximately $4,406,422.40. The trade was a 18.64% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Holly G. Goughnour sold 3,500 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer owned 34,248 shares of the company's stock, valued at approximately $1,437,046.08. This represents a 9.27% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.21% of the company's stock.

Analyst Ratings Changes

IP has been the topic of a number of recent analyst reports. Loop Capital set a $61.00 price objective on International Paper in a report on Tuesday, July 28th. Weiss Ratings upgraded International Paper from a "sell (d)" rating to a "sell (d+)" rating in a research note on Friday, August 21st. Citigroup raised their price target on International Paper from $43.00 to $48.00 and gave the stock a "buy" rating in a report on Friday, July 31st. Bank of America upgraded International Paper from a "neutral" rating to a "buy" rating and set a $46.00 price target on the stock in a research note on Friday, September 11th. Finally, Wall Street Zen raised International Paper from a "sell" rating to a "hold" rating in a report on Saturday. Ten research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $49.13.

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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