Norinchukin Bank The Buys 8,150 Shares of International Paper Company $IP

Key Points

• Norinchukin Bank has increased its stake in International Paper Company by 66.6% in the first quarter, acquiring an additional 8,150 shares valued at approximately $1,087,000 after the purchase.
• In recent analyst reports, Wells Fargo maintained an "underweight" rating with a price target of $43.00, while JPMorgan downgraded the stock from "overweight" to "neutral" with a revised target of $54.00.
• The company announced a quarterly dividend of $0.4625 per share with a dividend yield of 3.8%, despite a reported earnings miss in their latest quarter.

Norinchukin Bank The lifted its stake in International Paper Company (NYSE:IP - Free Report) by 66.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,382 shares of the basic materials company's stock after purchasing an additional 8,150 shares during the period. Norinchukin Bank The's holdings in International Paper were worth $1,087,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Zions Bancorporation National Association UT acquired a new stake in International Paper during the 1st quarter worth $34,000. Bernard Wealth Management Corp. acquired a new stake in International Paper during the 4th quarter worth $37,000. Citizens National Bank Trust Department acquired a new stake in International Paper during the 1st quarter worth $37,000. Grove Bank & Trust raised its stake in International Paper by 472.0% during the 1st quarter. Grove Bank & Trust now owns 755 shares of the basic materials company's stock worth $40,000 after buying an additional 623 shares during the period. Finally, Toth Financial Advisory Corp acquired a new stake in International Paper during the 1st quarter worth $42,000. 81.95% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

IP has been the topic of several research analyst reports. Wells Fargo & Company reaffirmed an "underweight" rating and set a $43.00 price objective (up previously from $40.00) on shares of International Paper in a research note on Thursday, July 10th. JPMorgan Chase & Co. downgraded International Paper from an "overweight" rating to a "neutral" rating and dropped their price objective for the stock from $55.00 to $54.00 in a research note on Tuesday, August 5th. Zacks Research downgraded International Paper from a "hold" rating to a "strong sell" rating in a research note on Monday, August 18th. Truist Financial set a $59.00 price target on International Paper in a research note on Wednesday, May 28th. Finally, UBS Group initiated coverage on International Paper in a research note on Wednesday, June 4th. They issued a "buy" rating and a $60.00 price target on the stock. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, International Paper has an average rating of "Hold" and an average target price of $55.46.

International Paper Stock Performance

IP opened at $48.94 on Friday. The business's 50-day moving average price is $49.21 and its two-hundred day moving average price is $49.77. International Paper Company has a 1 year low of $43.27 and a 1 year high of $60.36. The company has a market capitalization of $25.84 billion, a price-to-earnings ratio of -489.40, a P/E/G ratio of 0.62 and a beta of 1.04. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.33 and a quick ratio of 0.96.

International Paper (NYSE:IP - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The basic materials company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.38 by ($0.18). The firm had revenue of $6.77 billion during the quarter, compared to analyst estimates of $6.64 billion. International Paper had a negative net margin of 0.12% and a positive return on equity of 2.63%. The business'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 business earned $0.55 EPS. Equities analysts expect that International Paper Company will post 2.77 EPS for the current fiscal year.

International Paper Dividend Announcement

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

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.

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.