Man Group plc Acquires New Position in International Paper Company $IP

Key Points

• Man Group acquired 646,714 shares of International Paper during the second quarter, a stake valued at approximately $24.6 million. Institutional investors collectively own 81.95% of the company.
• International Paper reported quarterly EPS of $0.04, beating the consensus estimate of a $0.04 loss, though revenue fell 11.3% year over year to $6 billion.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus rating and an average price target of $48.75 versus the reported share price of $41.31. The company also declared a quarterly dividend of $0.4625 per share, representing a 4.5% annualized yield.

Man Group plc acquired a new stake in shares of International Paper Company (NYSE:IP - Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 646,714 shares of the basic materials company's stock, valued at approximately $24,640,000. Man Group plc owned approximately 0.12% of International Paper as of its most recent SEC filing.

A number of other large investors also recently bought and sold shares of the company. Jupiter Topco LLC bought a new stake in shares of International Paper in the 2nd quarter valued at approximately $4,445,000. EFG International AG acquired a new stake in shares of International Paper during the 2nd quarter valued at approximately $4,101,000. Dayah Capital LLC bought a new position in International Paper during the second quarter worth $4,907,000. Canada Pension Plan Investment Board bought a new position in International Paper during the second quarter worth $11,054,000. Finally, Legal & General Group Plc acquired a new position in International Paper in the second quarter worth $84,520,000. Institutional investors own 81.95% of the company's stock.

International Paper Price Performance

Shares of NYSE IP opened at $41.31 on Thursday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.10 and a quick ratio of 0.84. The firm has a market capitalization of $21.88 billion, a PE ratio of -6.34 and a beta of 0.94. International Paper Company has a 1-year low of $29.26 and a 1-year high of $50.25. The business's fifty day moving average price is $39.51 and its two-hundred day moving average price is $37.85.

International Paper (NYSE:IP - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.08. The company had revenue of $6 billion during the quarter, compared to the consensus estimate of $6.19 billion. International Paper had a negative net margin of 14.20% and a negative return on equity of 1.09%. The company's revenue for the quarter was down 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.20 earnings per share. On average, research analysts expect that International Paper Company will post 1.34 EPS for the current year.

International Paper Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, August 14th will be paid a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a yield of 4.5%. The ex-dividend date of this dividend is Friday, August 14th. International Paper's payout ratio is presently -28.37%.

Insider Activity

In other International Paper news, VP William Thomas Hamic sold 24,500 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $41.20, for a total value of $1,009,400.00. Following the sale, the vice president owned 106,952 shares in the company, valued at approximately $4,406,422.40. This trade represents a 18.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Holly G. Goughnour sold 3,500 shares of the firm's stock in a transaction that occurred on Tuesday, August 4th. The shares were sold at an average price of $41.96, for a total transaction of $146,860.00. Following the completion of the sale, the chief accounting officer owned 34,248 shares in the company, valued at $1,437,046.08. The trade was a 9.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts have weighed in on IP shares. Seaport Research Partners reiterated a "buy" rating and set a $46.00 target price on shares of International Paper in a research note on Wednesday, August 12th. JPMorgan Chase & Co. upgraded shares of International Paper from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $51.00 to $61.00 in a research report on Tuesday, July 28th. Loop Capital set a $61.00 price target on shares of International Paper in a report on Tuesday, July 28th. Citigroup boosted their price objective on shares of International Paper from $43.00 to $48.00 and gave the company a "buy" rating in a research report on Friday, July 31st. Finally, UBS Group raised their target price on shares of International Paper from $40.00 to $47.00 and gave the stock a "neutral" rating in a report on Friday, July 31st. Nine analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $48.75.

International Paper Company Profile

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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