MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Sells 367,899 Shares of International Paper Company $IP

Key Points

• MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. has significantly reduced its stake in International Paper Company by selling 367,899 shares, leading to an 85.6% decrease in their holdings during the first quarter.
• The company reported a loss in earnings per share of $0.20 for the last quarter, missing analysts' expectations, although their revenue grew to $6.77 billion, exceeding predictions.
• International Paper declared a quarterly dividend of $0.4625, with a yield of 4.0%, set to be paid on September 16th for investors of record by August 15th.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lowered its holdings in shares of International Paper Company (NYSE:IP - Free Report) by 85.6% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 61,843 shares of the basic materials company's stock after selling 367,899 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.'s holdings in International Paper were worth $3,299,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Stratos Wealth Partners LTD. grew its holdings in International Paper by 2.0% during the first 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 during the period. Spire Wealth Management grew its holdings in 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 purchasing an additional 1,547 shares during the period. Sequoia Financial Advisors LLC grew its holdings in 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 purchasing an additional 231 shares during the period. Alliancebernstein L.P. grew its holdings in International Paper by 47.0% during the first quarter. Alliancebernstein L.P. now owns 553,438 shares of the basic materials company's stock worth $29,526,000 after purchasing an additional 176,991 shares during the period. Finally, Assenagon Asset Management S.A. grew its holdings in 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. Institutional investors own 81.95% of the company's stock.

International Paper Trading Up 0.4%

Shares of IP stock traded up $0.20 during mid-day trading on Thursday, reaching $47.14. 3,370,130 shares of the stock traded hands, compared to its average volume of 3,587,043. The stock's fifty day simple moving average is $49.06 and its two-hundred day simple moving average is $48.75. International Paper Company has a 1-year low of $43.27 and a 1-year high of $60.36. The company has a market cap of $24.89 billion, a price-to-earnings ratio of -471.40, a price-to-earnings-growth ratio of 0.53 and a beta of 1.05. The company has a quick ratio of 0.96, a current ratio of 1.33 and a debt-to-equity ratio of 0.52.

International Paper (NYSE:IP - Get Free Report) last issued its quarterly earnings data 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 positive return on equity of 2.63% and a negative net margin of 0.12%.The business had revenue of $6.77 billion during the quarter, compared to the consensus estimate of $6.64 billion. During the same period in the prior year, the firm earned $0.55 EPS. The business's revenue for the quarter was up 42.9% compared to the same quarter last year. On average, research analysts anticipate that International Paper Company will post 2.77 EPS for the current fiscal year.

International Paper Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 16th. Investors of record on Friday, August 15th were paid a $0.4625 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.85 annualized dividend and a dividend yield of 3.9%. International Paper's payout ratio is currently -1,850.00%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on IP. JPMorgan Chase & Co. cut 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 report on Tuesday, August 5th. Zacks Research cut International Paper from a "hold" rating to a "strong sell" rating in a report on Monday, August 18th. Truist Financial set a $59.00 price objective on International Paper in a report on Wednesday, May 28th. Wall Street Zen upgraded International Paper from a "sell" rating to a "hold" rating in a report on Friday, June 27th. Finally, UBS Group assumed coverage on International Paper in a report on Wednesday, June 4th. They set a "buy" rating and a $60.00 price objective for the company. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $55.65.

Insider Buying and Selling

In other International Paper news, SVP Joseph R. Saab sold 9,000 shares of the company's stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $45.53, for a total transaction of $409,770.00. Following the sale, the senior vice president owned 27,673 shares of the company's stock, valued at approximately $1,259,951.69. This represents a 24.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.35% of the company's stock.

About International Paper

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.