International Paper Company (NYSE:IP) Shares Purchased by Mirae Asset Global Investments Co. Ltd.

Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of International Paper Company (NYSE:IP - Free Report) by 61.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 66,390 shares of the basic materials company's stock after acquiring an additional 25,284 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in International Paper were worth $3,533,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IP. Price T Rowe Associates Inc. MD increased its stake in shares of International Paper by 0.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,596,595 shares of the basic materials company's stock worth $2,561,651,000 after purchasing an additional 368,648 shares in the last quarter. Vanguard Group Inc. increased its stake in International Paper by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 41,195,085 shares of the basic materials company's stock worth $2,217,119,000 after buying an additional 340,383 shares in the last quarter. Capital Research Global Investors increased its stake in International Paper by 68.8% in 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 buying an additional 12,191,361 shares in the last quarter. FMR LLC raised its holdings in 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 acquiring an additional 8,720,575 shares during the period. Finally, Geode Capital Management LLC lifted its position in shares of International Paper by 0.3% in the fourth quarter. Geode Capital Management LLC now owns 8,393,217 shares of the basic materials company's stock valued at $450,586,000 after acquiring an additional 24,816 shares in the last quarter. 81.95% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the stock. Truist Financial set a $59.00 price objective on shares of International Paper in a report on Wednesday, May 28th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $64.00 target price on shares of International Paper in a research note on Wednesday, March 26th. Wells Fargo & Company reiterated an "underweight" rating and issued a $40.00 price target (down previously from $45.00) on shares of International Paper in a research note on Friday, May 9th. UBS Group assumed coverage on International Paper in a research report on Wednesday, June 4th. They set a "buy" rating and a $60.00 price objective for the company. Finally, JPMorgan Chase & Co. assumed coverage on International Paper in a report on Thursday, March 20th. They issued an "overweight" rating and a $59.00 target price on the stock. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $54.54.

International Paper Trading Up 0.1%

Shares of NYSE:IP traded up $0.04 during trading on Friday, reaching $50.43. The company's stock had a trading volume of 2,049,934 shares, compared to its average volume of 3,296,024. The stock has a market capitalization of $26.62 billion, a PE ratio of 43.10, a price-to-earnings-growth ratio of 0.46 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 firm's 50 day simple moving average is $47.33 and its two-hundred day simple moving average is $51.14. International Paper Company has a 12 month low of $42.26 and a 12 month high of $60.36.

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

International Paper Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 23rd were issued a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date of this dividend was Friday, May 23rd. International Paper's dividend payout ratio is currently 158.12%.

Insider Activity

In other International Paper news, CAO Holly G. Goughnour sold 7,500 shares of the company's stock in a transaction that occurred on Monday, May 5th. The shares were sold at an average price of $44.85, for a total transaction of $336,375.00. Following the transaction, the chief accounting officer owned 31,525 shares in the company, valued at approximately $1,413,896.25. This represents a 19.22% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.35% of the company's stock.

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.