Mitsubishi UFJ Asset Management Co. Ltd. Purchases 374,132 Shares of International Paper Company (NYSE:IP)

Key Points

• Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in International Paper by 66.3%, acquiring an additional 374,132 shares, leading to a total ownership of approximately 0.18% of the company, worth $50,052,000.
• Various institutional investors have recently adjusted their positions in International Paper, with 81.95% of the company's stock now owned by institutional investors.
• International Paper announced a quarterly dividend of $0.4625 per share, which will be paid on September 16th, offering a yield of 3.9%.

Mitsubishi UFJ Asset Management Co. Ltd. grew its position in shares of International Paper Company (NYSE:IP - Free Report) by 66.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 938,177 shares of the basic materials company's stock after acquiring an additional 374,132 shares during the quarter. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.18% of International Paper worth $50,052,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of IP. Cerity Partners LLC increased its holdings in shares of International Paper by 8.2% during the fourth quarter. Cerity Partners LLC now owns 41,175 shares of the basic materials company's stock valued at $2,139,000 after acquiring an additional 3,125 shares in the last quarter. Bank of Nova Scotia boosted its position in shares of International Paper by 4.9% during the fourth quarter. Bank of Nova Scotia now owns 45,752 shares of the basic materials company's stock valued at $2,462,000 after buying an additional 2,124 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of International Paper during the fourth quarter valued at approximately $21,307,000. DRW Securities LLC purchased a new position in shares of International Paper during the fourth quarter valued at approximately $201,000. Finally, Treasurer of the State of North Carolina boosted its position in shares of International Paper by 12.4% during the fourth quarter. Treasurer of the State of North Carolina now owns 174,986 shares of the basic materials company's stock valued at $9,418,000 after buying an additional 19,270 shares during the last quarter. Institutional investors own 81.95% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the company. Truist Financial set a $59.00 target price on International Paper in a research report on Wednesday, May 28th. UBS Group assumed coverage on International Paper in a research report on Wednesday, June 4th. They set a "buy" rating and a $60.00 target price on the stock. Wall Street Zen raised International Paper from a "sell" rating to a "hold" rating in a research report on Friday, June 27th. JPMorgan Chase & Co. cut International Paper from an "overweight" rating to a "neutral" rating and cut their target price for the company from $55.00 to $54.00 in a research report on Tuesday, August 5th. Finally, Wells Fargo & Company reaffirmed an "underweight" rating and set a $43.00 target price (up previously from $40.00) on shares of International Paper in a research report on Thursday, July 10th. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $55.03.

International Paper Stock Down 1.0%

IP stock opened at $47.54 on Friday. The stock's fifty day simple moving average is $49.11 and its two-hundred day simple moving average is $50.42. The company has a current ratio of 1.33, a quick ratio of 0.96 and a debt-to-equity ratio of 0.52. International Paper Company has a 1-year low of $43.27 and a 1-year high of $60.36. The stock has a market cap of $25.10 billion, a P/E ratio of -475.40, a P/E/G ratio of 0.57 and a beta of 1.04.

International Paper (NYSE:IP - Get Free Report) last posted 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 analysts' expectations of $6.64 billion. During the same period in the prior year, the firm posted $0.55 EPS. The firm's revenue for the quarter was up 42.9% on a year-over-year basis. Analysts expect that International Paper Company will post 2.77 EPS for the current year.

International Paper Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Friday, August 15th will be issued a dividend of $0.4625 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.85 annualized dividend and a yield of 3.9%. International Paper's dividend payout ratio is -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.

Want to see what other hedge funds are holding IP? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for International Paper Company (NYSE:IP - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.