OP Asset Management Ltd Takes Position in International Paper Company $IP

Key Points

• OP Asset Management opened a new position in International Paper during the first quarter, buying 52,006 shares valued at about $1.86 million.
• International Paper reported Q1 earnings of $0.15 per share, missing analyst estimates, while revenue came in at $5.97 billion, slightly below expectations but up 13.4% from a year earlier.
• The company continues to return cash to shareholders with a quarterly dividend of $0.4625, equal to an annualized yield of about 4.8%; meanwhile, analysts maintain a Moderate Buy consensus with a price target of $43.73.

OP Asset Management Ltd acquired a new position in International Paper Company (NYSE:IP - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 52,006 shares of the basic materials company's stock, valued at approximately $1,857,000.

A number of other hedge funds have also bought and sold shares of the business. McIlrath & Eck LLC raised its holdings in International Paper by 452.6% during the 4th quarter. McIlrath & Eck LLC now owns 641 shares of the basic materials company's stock valued at $25,000 after acquiring an additional 525 shares during the period. MV Capital Management Inc. bought a new position in shares of International Paper in the fourth quarter worth $25,000. Sound Income Strategies LLC grew its position in shares of International Paper by 94.0% in the fourth quarter. Sound Income Strategies LLC now owns 710 shares of the basic materials company's stock valued at $31,000 after purchasing an additional 344 shares in the last quarter. DV Equities LLC purchased a new position in shares of International Paper in the fourth quarter valued at $29,000. Finally, Kelleher Financial Advisors bought a new stake in shares of International Paper during the 3rd quarter valued at $36,000. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

International Paper Price Performance

Shares of NYSE IP opened at $38.84 on Monday. The stock's 50-day simple moving average is $33.86 and its two-hundred day simple moving average is $38.16. International Paper Company has a twelve month low of $29.26 and a twelve month high of $56.13. The firm has a market capitalization of $20.57 billion, a P/E ratio of -6.11 and a beta of 0.96. The company has a quick ratio of 0.94, a current ratio of 1.21 and a debt-to-equity ratio of 0.55.

International Paper (NYSE:IP - Get Free Report) last issued its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.15 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.18 by ($0.03). International Paper had a negative net margin of 13.42% and a negative return on equity of 0.49%. The business had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $6.02 billion. During the same quarter last year, the business posted $0.17 EPS. The business's revenue was up 13.4% compared to the same quarter last year. As a group, equities analysts anticipate that International Paper Company will post 1.38 EPS for the current fiscal year.

International Paper Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 12th. Stockholders of record on Friday, May 22nd were paid a $0.4625 dividend. The ex-dividend date of this dividend was Friday, May 22nd. This represents a $1.85 dividend on an annualized basis and a dividend yield of 4.8%. International Paper's dividend payout ratio is -29.09%.

Insider Activity

In other International Paper news, Director Scott Tozier bought 10,000 shares of International Paper stock in a transaction that occurred on Friday, May 1st. The shares were bought at an average price of $31.30 per share, with a total value of $313,000.00. Following the acquisition, the director owned 10,025 shares in the company, valued at approximately $313,782.50. This trade represents a 40,000.00% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.21% of the company's stock.

Analysts Set New Price Targets

Several brokerages have commented on IP. Zacks Research downgraded International Paper from a "hold" rating to a "strong sell" rating in a research note on Thursday, April 23rd. Citigroup decreased their price target on International Paper from $44.00 to $36.00 and set a "buy" rating on the stock in a research report on Friday, May 1st. UBS Group lowered their price target on shares of International Paper from $40.00 to $32.00 and set a "neutral" rating on the stock in a report on Monday, May 4th. Truist Financial cut their price objective on shares of International Paper from $48.00 to $44.00 and set a "buy" rating for the company in a research report on Wednesday, April 15th. Finally, Royal Bank Of Canada reduced their price objective on shares of International Paper from $48.00 to $45.00 and set an "outperform" rating for the company in a research note on Friday, May 1st. Nine investment analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat.com, International Paper currently has a consensus rating of "Moderate Buy" and a consensus price target of $43.73.

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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