International Paper Company $IP Shares Sold by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management cut its International Paper stake by 57.1% in the first quarter, selling 121,611 shares and leaving it with 91,388 shares valued at about $3.26 million.
• International Paper reported mixed quarterly results, posting EPS of $0.15 versus estimates of $0.18 and revenue of $5.97 billion versus expectations of $6.02 billion, though revenue still rose 13.4% year over year.
• The company continues to pay a quarterly dividend of $0.4625 per share, equal to an annualized yield of about 4.9%, while analysts currently rate the stock a Moderate Buy with an average price target of $43.73.

Assenagon Asset Management S.A. cut its holdings in shares of International Paper Company (NYSE:IP - Free Report) by 57.1% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 91,388 shares of the basic materials company's stock after selling 121,611 shares during the quarter. Assenagon Asset Management S.A.'s holdings in International Paper were worth $3,263,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd purchased a new stake in shares of International Paper during the first quarter worth approximately $249,000. Intech Investment Management LLC boosted its holdings in International Paper by 100.5% in the first quarter. Intech Investment Management LLC now owns 32,025 shares of the basic materials company's stock valued at $1,709,000 after purchasing an additional 16,055 shares in the last quarter. Cresset Asset Management LLC lifted its position in International Paper by 20.8% in the second quarter. Cresset Asset Management LLC now owns 17,345 shares of the basic materials company's stock valued at $812,000 after acquiring an additional 2,981 shares during the last quarter. Jump Financial LLC boosted its position in shares of International Paper by 280.9% in the 2nd quarter. Jump Financial LLC now owns 38,092 shares of the basic materials company's stock valued at $1,784,000 after purchasing an additional 28,092 shares during the period. Finally, Cerity Partners LLC boosted its position in shares of International Paper by 8.0% in the 2nd quarter. Cerity Partners LLC now owns 33,749 shares of the basic materials company's stock valued at $1,580,000 after purchasing an additional 2,493 shares during the period. Hedge funds and other institutional investors own 81.95% of the company's stock.

International Paper Price Performance

Shares of NYSE:IP opened at $38.12 on Wednesday. The company has a quick ratio of 0.94, a current ratio of 1.21 and a debt-to-equity ratio of 0.55. The company has a market cap of $20.18 billion, a P/E ratio of -5.99 and a beta of 0.96. The business has a fifty day simple moving average of $33.92 and a 200-day simple moving average of $38.16. International Paper Company has a 52 week low of $29.26 and a 52 week high of $56.13.

International Paper (NYSE:IP - Get Free Report) last announced its quarterly earnings data on Thursday, April 30th. The basic materials company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.03). International Paper had a negative return on equity of 0.49% and a negative net margin of 13.42%.The company had revenue of $5.97 billion for the quarter, compared to analysts' expectations of $6.02 billion. During the same quarter in the previous year, the company earned $0.17 earnings per share. The company's revenue was up 13.4% on a year-over-year basis. Equities research analysts forecast that International Paper Company will post 1.38 EPS for the current year.

International Paper Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 22nd were issued a dividend of $0.4625 per share. The ex-dividend date was Friday, May 22nd. This represents a $1.85 dividend on an annualized basis and a dividend yield of 4.9%. International Paper's payout ratio is presently -29.09%.

Insiders Place Their Bets

In other International Paper news, Director Scott Tozier bought 10,000 shares of the business's stock in a transaction dated Friday, May 1st. The shares were acquired at an average price of $31.30 per share, with a total value of $313,000.00. Following the purchase, the director owned 10,025 shares in the company, valued at approximately $313,782.50. The trade was a 40,000.00% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.21% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have commented on IP shares. Citigroup cut their price target on International Paper from $44.00 to $36.00 and set a "buy" rating on the stock in a research report on Friday, May 1st. BNP Paribas Exane dropped their target price on International Paper from $44.00 to $42.00 and set an "outperform" rating on the stock in a report on Wednesday, March 25th. Deutsche Bank Aktiengesellschaft started coverage on International Paper in a research note on Wednesday, April 1st. They set a "hold" rating and a $38.00 price target for the company. Wells Fargo & Company raised International Paper from an "equal weight" rating to an "overweight" rating and increased their price target for the stock from $38.00 to $39.00 in a report on Monday, May 4th. Finally, UBS Group reduced their price target on International Paper from $40.00 to $32.00 and set a "neutral" rating for the company in a report on Monday, May 4th. Nine equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have issued a Sell rating to the company's stock. Based on data from MarketBeat.com, International Paper presently has a consensus rating of "Moderate Buy" and an average price target of $43.73.

About International Paper

International Paper is a global producer of renewable fiber-based products, focused primarily on pulp, paper, and packaging. The company manufactures containerboard and corrugated packaging used for shipping and retail display, as well as a range of specialty papers and pulp products that serve industrial, consumer goods, and e-commerce customers. Its product portfolio is oriented toward large-scale packaging solutions, tissue and paper grades, and raw pulp for a variety of manufacturing uses.

Founded in 1898, International Paper is headquartered in Memphis, Tennessee, and is one of the largest and longest-established companies in the forest products sector.

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