Korea Investment CORP Sells 110,983 Shares of International Paper Company $IP

Key Points

• Korea Investment CORP reduced its holdings in International Paper Company by 35.7%, selling 110,983 shares during the first quarter.
• International Paper reported $0.20 EPS for the last quarter, falling short of analysts' expectations of $0.38.
• The company declared a quarterly dividend of $0.4625, with a yield of 3.9%, set to be paid on September 16th.

Korea Investment CORP lowered its stake in shares of International Paper Company (NYSE:IP - Free Report) by 35.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 199,691 shares of the basic materials company's stock after selling 110,983 shares during the period. Korea Investment CORP's holdings in International Paper were worth $10,654,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Greenleaf Trust raised its position in shares of International Paper by 2.5% during the first quarter. Greenleaf Trust now owns 9,244 shares of the basic materials company's stock valued at $493,000 after buying an additional 224 shares during the last quarter. Sequoia Financial Advisors LLC increased its position in International Paper by 2.6% in the first quarter. Sequoia Financial Advisors LLC now owns 8,994 shares of the basic materials company's stock worth $480,000 after purchasing an additional 231 shares during the last quarter. Csenge Advisory Group increased its position in International Paper by 1.5% in the first quarter. Csenge Advisory Group now owns 16,252 shares of the basic materials company's stock worth $867,000 after purchasing an additional 234 shares during the last quarter. Capital Investment Advisors LLC increased its position in International Paper by 6.0% in the first quarter. Capital Investment Advisors LLC now owns 4,176 shares of the basic materials company's stock worth $223,000 after purchasing an additional 235 shares during the last quarter. Finally, Wimmer Associates 1 LLC increased its position in International Paper by 3.8% in the fourth quarter. Wimmer Associates 1 LLC now owns 7,450 shares of the basic materials company's stock worth $401,000 after purchasing an additional 270 shares during the last quarter. Institutional investors own 81.95% of the company's stock.

International Paper Trading Down 0.8%

Shares of IP traded down $0.37 during trading hours on Wednesday, reaching $48.41. 2,035,216 shares of the company traded hands, compared to its average volume of 5,043,922. The firm has a market cap of $25.56 billion, a price-to-earnings ratio of -484.10, a PEG ratio of 0.63 and a beta of 1.04. International Paper Company has a 12-month low of $43.27 and a 12-month high of $60.36. The company has a current ratio of 1.33, a quick ratio of 0.96 and a debt-to-equity ratio of 0.52. The stock's fifty day moving average price is $49.37 and its 200 day moving average price is $49.66.

International Paper (NYSE:IP - Get Free Report) last issued its earnings results on Thursday, July 31st. The basic materials company reported $0.20 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.38 by ($0.18). The company had revenue of $6.77 billion for the quarter, compared to analysts' expectations of $6.64 billion. International Paper had a negative net margin of 0.12% and a positive return on equity of 2.63%. The firm's revenue for the quarter was up 42.9% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.55 earnings per share. Sell-side analysts forecast that International Paper Company will post 2.77 earnings per share for the current year.

International Paper Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Friday, August 15th will be issued a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 3.8%. The ex-dividend date is Friday, August 15th. International Paper's payout ratio is presently -1,850.00%.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on IP shares. JPMorgan Chase & Co. cut shares of International Paper from an "overweight" rating to a "neutral" rating and reduced their price target for the stock from $55.00 to $54.00 in a research report on Tuesday, August 5th. Truist Financial set a $59.00 price target on shares of International Paper in a research report on Wednesday, May 28th. Zacks Research cut shares of International Paper from a "hold" rating to a "strong sell" rating in a research report on Monday, August 18th. Wells Fargo & Company reaffirmed an "underweight" rating and set a $43.00 price objective (up from $40.00) on shares of International Paper in a research note on Thursday, July 10th. Finally, UBS Group began coverage on shares of International Paper in a research note on Wednesday, June 4th. They set a "buy" rating and a $60.00 price objective for the company. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $55.46.

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.