Panagora Asset Management Inc. Raises Stake in International Paper Company $IP

Key Points

• Panagora Asset Management Inc. significantly increased its stake in International Paper Company by 251.4%, acquiring an additional 50,912 shares during the 1st quarter, bringing their total holdings to 71,162 shares valued at approximately $3.8 million.
• International Paper recently declared a quarterly dividend of $0.4625 per share, with a yield of 3.7%, to be paid on September 16th.
• The company reported earnings of $0.20 per share for the latest quarter, missing expectations, but its revenue was up 42.9% compared to the same period last year.

Panagora Asset Management Inc. lifted its holdings in shares of International Paper Company (NYSE:IP - Free Report) by 251.4% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 71,162 shares of the basic materials company's stock after purchasing an additional 50,912 shares during the period. Panagora Asset Management Inc.'s holdings in International Paper were worth $3,796,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in International Paper by 52.0% in the 1st quarter. Vanguard Group Inc. now owns 62,623,540 shares of the basic materials company's stock valued at $3,340,966,000 after acquiring an additional 21,428,455 shares during the period. Price T Rowe Associates Inc. MD raised its stake in International Paper by 8.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 51,798,017 shares of the basic materials company's stock valued at $2,763,426,000 after acquiring an additional 4,201,422 shares during the period. Bank of New York Mellon Corp raised its stake in International Paper by 19.4% in the 1st quarter. Bank of New York Mellon Corp now owns 17,145,485 shares of the basic materials company's stock valued at $914,712,000 after acquiring an additional 2,782,042 shares during the period. JPMorgan Chase & Co. raised its stake in International Paper by 21.4% in the 1st quarter. JPMorgan Chase & Co. now owns 9,019,743 shares of the basic materials company's stock valued at $481,203,000 after acquiring an additional 1,590,137 shares during the period. Finally, Invesco Ltd. raised its stake in International Paper by 1.1% in the 1st quarter. Invesco Ltd. now owns 8,040,128 shares of the basic materials company's stock valued at $428,941,000 after acquiring an additional 85,732 shares during the period. 81.95% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

IP has been the topic of a number of research reports. Wall Street Zen upgraded International Paper from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. Zacks Research cut International Paper from a "hold" rating to a "strong sell" rating in a research note on Monday, August 18th. UBS Group started coverage on International Paper in a report on Wednesday, June 4th. They set a "buy" rating and a $60.00 target price for the company. 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 report on Thursday, July 10th. Finally, Bank of America raised International Paper from a "neutral" rating to a "buy" rating and lifted their target price for the company from $55.00 to $57.00 in a report on Thursday, August 28th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and a consensus target price of $55.65.

International Paper Price Performance

Shares of NYSE IP traded up $0.32 during midday trading on Friday, hitting $48.63. 2,605,843 shares of the company's stock were exchanged, compared to its average volume of 3,491,029. International Paper Company has a 12-month low of $43.27 and a 12-month high of $60.36. The company has a current ratio of 1.33, a quick ratio of 0.96 and a debt-to-equity ratio of 0.52. The company has a market cap of $25.68 billion, a price-to-earnings ratio of -486.30, a PEG ratio of 0.55 and a beta of 1.05. The business's fifty day moving average price is $49.72 and its two-hundred day moving average price is $49.33.

International Paper (NYSE:IP - Get Free Report) last issued its quarterly earnings data on Thursday, July 31st. The basic materials company reported $0.20 EPS 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 for the quarter, compared to analysts' expectations of $6.64 billion. During the same period in the previous year, the firm posted $0.55 EPS. The firm's revenue for the quarter was up 42.9% compared to the same quarter last year. As a group, research analysts forecast that International Paper Company will post 2.77 EPS for the current fiscal year.

International Paper Dividend Announcement

The firm 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 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 dividend yield of 3.8%. International Paper's payout ratio is presently -1,850.00%.

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.