Allianz Asset Management GmbH Lowers Stock Position in International Paper Company (NYSE:IP)

Allianz Asset Management GmbH lowered its position in International Paper Company (NYSE:IP - Free Report) by 1.2% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 834,907 shares of the basic materials company's stock after selling 10,060 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.16% of International Paper worth $44,542,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also bought and sold shares of IP. Capital Research Global Investors grew its position in International Paper by 68.8% during the 4th quarter. Capital Research Global Investors now owns 29,904,546 shares of the basic materials company's stock worth $1,609,462,000 after acquiring an additional 12,191,361 shares during the last quarter. FMR LLC boosted its stake in shares of International Paper by 48.9% during 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 purchasing an additional 8,720,575 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of 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 worth $914,712,000 after purchasing an additional 2,782,042 shares during the last quarter. Bessemer Group Inc. increased its stake in shares of 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 worth $135,897,000 after buying an additional 2,472,443 shares during the period. Finally, Alyeska Investment Group L.P. raised its holdings in International Paper by 134.8% during the 4th 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 institutional investors.

International Paper Stock Up 1.7%

International Paper stock traded up $0.93 on Friday, hitting $55.73. 3,587,547 shares of the stock traded hands, compared to its average volume of 3,756,973. International Paper Company has a 1 year low of $43.27 and a 1 year high of $60.36. The firm has a market cap of $29.42 billion, a P/E ratio of 47.63, a price-to-earnings-growth ratio of 0.51 and a beta of 1.02. The company has a current ratio of 1.33, a quick ratio of 0.96 and a debt-to-equity ratio of 0.51. The business's fifty day simple moving average is $49.00 and its 200 day simple moving average is $50.91.

International Paper (NYSE:IP - Get Free Report) last issued its quarterly earnings results on Wednesday, April 30th. The basic materials company reported $0.23 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.35 by ($0.12). The business had revenue of $5.90 billion for the quarter, compared to analysts' expectations of $6.38 billion. International Paper had a net margin of 1.99% and a return on equity of 4.05%. The company's revenue was up 27.8% on a year-over-year basis. During the same period last year, the business earned $0.17 earnings per share. As a group, sell-side analysts forecast that International Paper Company will post 2.77 earnings per share for the current year.

International Paper Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Friday, August 15th will be paid a $0.4625 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.85 annualized dividend and a dividend yield of 3.32%. International Paper's payout ratio is currently 158.12%.

Analysts Set New Price Targets

A number of brokerages have issued reports on IP. Wall Street Zen raised shares of International Paper from a "sell" rating to a "hold" rating in a report on Friday, June 27th. Truist Financial set a $59.00 target price on International Paper in a research note on Wednesday, May 28th. Wells Fargo & Company reiterated an "underweight" rating and issued a $43.00 price objective (up from $40.00) on shares of International Paper in a research report on Thursday, July 10th. Finally, UBS Group started coverage on International Paper in a report on Wednesday, June 4th. They set a "buy" rating and a $60.00 target price for the company. Two research analysts have rated the stock with a sell rating, two have issued a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $55.65.

Insiders Place Their Bets

In other International Paper news, CAO Holly G. Goughnour sold 7,500 shares of the business's stock in a transaction on Monday, May 5th. The stock was sold at an average price of $44.85, for a total value of $336,375.00. Following the sale, the chief accounting officer directly owned 31,525 shares of the company's stock, valued at approximately $1,413,896.25. The trade was a 19.22% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.35% of the stock is currently owned by company insiders.

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.