International Paper Company (NYSE:IP) Shares Acquired by M&T Bank Corp

M&T Bank Corp boosted its stake in International Paper Company (NYSE:IP - Free Report) by 31.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 29,459 shares of the basic materials company's stock after acquiring an additional 6,981 shares during the period. M&T Bank Corp's holdings in International Paper were worth $1,571,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Picton Mahoney Asset Management lifted its position in International Paper by 67.0% in the fourth quarter. Picton Mahoney Asset Management now owns 536 shares of the basic materials company's stock valued at $29,000 after acquiring an additional 215 shares during the last quarter. Bernard Wealth Management Corp. purchased a new stake in shares of International Paper in the fourth quarter valued at about $37,000. Transce3nd LLC purchased a new stake in shares of International Paper in the fourth quarter valued at about $38,000. Citizens National Bank Trust Department purchased a new stake in shares of International Paper in the first quarter valued at about $37,000. Finally, Grove Bank & Trust raised its holdings in shares of International Paper by 472.0% in the first quarter. Grove Bank & Trust now owns 755 shares of the basic materials company's stock valued at $40,000 after buying an additional 623 shares during the last quarter. 81.95% of the stock is owned by hedge funds and other institutional investors.

International Paper Stock Performance

NYSE IP traded up $0.06 during trading hours on Friday, hitting $52.47. 6,329,691 shares of the stock were exchanged, compared to its average volume of 3,290,962. The company has a market cap of $27.70 billion, a price-to-earnings ratio of 44.85, a price-to-earnings-growth ratio of 0.48 and a beta of 1.02. International Paper Company has a 12-month low of $42.73 and a 12-month high of $60.36. The stock has a 50-day moving average of $47.86 and a 200 day moving average of $51.01. The company has a quick ratio of 0.96, a current ratio of 1.33 and a debt-to-equity ratio of 0.51.

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

International Paper Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 23rd were given a dividend of $0.4625 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $1.85 annualized dividend and a yield of 3.53%. International Paper's payout ratio is currently 158.12%.

Insiders Place Their Bets

In other International Paper news, CAO Holly G. Goughnour sold 7,500 shares of the company's stock in a transaction dated 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 directly owned 31,525 shares in the company, valued at approximately $1,413,896.25. This represents a 19.22% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.35% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the stock. Wells Fargo & Company upped their target price on shares of International Paper from $40.00 to $43.00 and gave the company an "underweight" rating in a report on Thursday. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $64.00 target price on shares of International Paper in a report on Wednesday, March 26th. JPMorgan Chase & Co. assumed coverage on shares of International Paper in a report on Thursday, March 20th. They issued an "overweight" rating and a $59.00 target price for the company. Wall Street Zen raised shares of International Paper from a "sell" rating to a "hold" rating in a report on Friday, June 27th. Finally, Truist Financial set a $59.00 target price on shares of International Paper in a report on Wednesday, May 28th. Two research analysts have rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, International Paper has a consensus rating of "Hold" and a consensus target price of $55.65.

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.