International Paper Company (NYSE:IP) Shares Sold by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp reduced its stake in International Paper Company by 18.0%, now holding 47,732 shares valued at approximately $2.5 million, following the sale of 10,450 shares.
• International Paper reported a quarterly revenue of $6.77 billion but missed earnings expectations with an EPS of $0.20, below the consensus estimate of $0.38.
• The company announced a quarterly dividend of $0.4625 per share, representing an annualized yield of 4.0%, with a payout ratio of 158.12%.

Mackenzie Financial Corp trimmed its holdings in International Paper Company (NYSE:IP - Free Report) by 18.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 47,732 shares of the basic materials company's stock after selling 10,450 shares during the period. Mackenzie Financial Corp's holdings in International Paper were worth $2,547,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also modified their holdings of the company. Stratos Wealth Partners LTD. raised its stake in shares of International Paper by 2.0% during the 1st quarter. Stratos Wealth Partners LTD. now owns 14,074 shares of the basic materials company's stock worth $751,000 after purchasing an additional 282 shares in the last quarter. Spire Wealth Management raised its position in shares of International Paper by 2,343.9% during the first quarter. Spire Wealth Management now owns 1,613 shares of the basic materials company's stock worth $86,000 after acquiring an additional 1,547 shares during the last quarter. Sequoia Financial Advisors LLC raised its position in shares of International Paper by 2.6% during the first quarter. Sequoia Financial Advisors LLC now owns 8,994 shares of the basic materials company's stock worth $480,000 after acquiring an additional 231 shares during the last quarter. Assenagon Asset Management S.A. grew its stake in shares of International Paper by 37.3% during the first quarter. Assenagon Asset Management S.A. now owns 22,378 shares of the basic materials company's stock worth $1,194,000 after purchasing an additional 6,077 shares during the period. Finally, Dark Forest Capital Management LP grew its stake in International Paper by 88.6% in the fourth quarter. Dark Forest Capital Management LP now owns 11,310 shares of the basic materials company's stock valued at $609,000 after acquiring an additional 5,312 shares during the period. 81.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on IP. Truist Financial set a $59.00 price objective on International Paper in a research note on Wednesday, May 28th. Wells Fargo & Company reiterated an "underweight" rating and issued a $43.00 price target (up from $40.00) on shares of International Paper in a research note on Thursday, July 10th. UBS Group began coverage on International Paper in a report on Wednesday, June 4th. They set a "buy" rating and a $60.00 target price on the stock. JPMorgan Chase & Co. downgraded International Paper from an "overweight" rating to a "neutral" rating and cut their target price for the stock from $55.00 to $54.00 in a report on Tuesday. Finally, Wall Street Zen raised International Paper from a "sell" rating to a "hold" rating in a research report on Friday, June 27th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, International Paper currently has a consensus rating of "Hold" and a consensus price target of $55.03.

International Paper Trading Down 0.0%

NYSE IP traded down $0.02 during trading on Wednesday, hitting $46.09. 2,437,710 shares of the company's stock traded hands, compared to its average volume of 6,661,138. The stock has a fifty day moving average of $49.14 and a two-hundred day moving average of $50.64. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.33 and a quick ratio of 0.96. International Paper Company has a 12-month low of $43.27 and a 12-month high of $60.36. The firm has a market cap of $24.33 billion, a P/E ratio of -460.90, a PEG ratio of 0.53 and a beta of 1.04.

International Paper (NYSE:IP - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The basic materials company reported $0.20 earnings per share 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 firm had revenue of $6.77 billion for the quarter, compared to the consensus estimate of $6.64 billion. During the same period last year, the business earned $0.55 EPS. International Paper's revenue was up 42.9% on a year-over-year basis. As a group, sell-side analysts expect that International Paper Company will post 2.77 EPS for the current year.

International Paper Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Friday, August 15th will be paid a dividend of $0.4625 per share. The ex-dividend date is Friday, August 15th. This represents a $1.85 dividend on an annualized basis and a yield of 4.0%. International Paper's dividend payout ratio is presently -1,850.00%.

International Paper Company 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.