Resona Asset Management Co. Ltd. Acquires 61,434 Shares of International Paper Company (NYSE:IP)

Key Points

• Resona Asset Management increased its holdings in International Paper Company by 61.8% during the first quarter, now owning around $8.58 million worth of stock.
• Institutional investors control approximately 81.95% of International Paper’s shares, highlighting significant interest from major financial entities.
• Despite a revenue increase of 42.9% year-over-year, International Paper reported a miss on EPS estimates for the last quarter, posting $0.20 compared to the consensus of $0.38.

Resona Asset Management Co. Ltd. raised its holdings in shares of International Paper Company (NYSE:IP - Free Report) by 61.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 160,798 shares of the basic materials company's stock after buying an additional 61,434 shares during the period. Resona Asset Management Co. Ltd.'s holdings in International Paper were worth $8,575,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in IP. Rathbones Group PLC bought a new position in International Paper in the first quarter worth about $8,535,000. Arrowpoint Investment Partners Singapore Pte. Ltd. bought a new stake in shares of International Paper during the first quarter valued at approximately $306,000. Public Sector Pension Investment Board grew its position in International Paper by 64.9% in the 1st quarter. Public Sector Pension Investment Board now owns 75,572 shares of the basic materials company's stock worth $4,032,000 after purchasing an additional 29,735 shares during the period. AIA Group Ltd bought a new stake in International Paper in the 1st quarter worth approximately $2,589,000. Finally, CCM Investment Group LLC bought a new stake in International Paper in the 1st quarter worth approximately $1,990,000. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

International Paper Price Performance

IP stock traded down $1.12 during mid-day trading on Friday, hitting $46.64. The company had a trading volume of 3,522,576 shares, compared to its average volume of 5,337,198. The company has a market capitalization of $24.63 billion, a price-to-earnings ratio of -466.40, a P/E/G ratio of 0.58 and a beta of 1.04. International Paper Company has a 12-month low of $43.27 and a 12-month high of $60.36. The company has a quick ratio of 0.96, a current ratio of 1.33 and a debt-to-equity ratio of 0.52. The company has a 50-day moving average price of $49.16 and a 200 day moving average price of $50.03.

International Paper (NYSE:IP - Get Free Report) last announced its quarterly earnings results 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). The company had revenue of $6.77 billion during the quarter, compared to analysts' expectations of $6.64 billion. International Paper had a positive return on equity of 2.63% and a negative net margin of 0.12%. The firm's revenue for the quarter was up 42.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.55 EPS. On average, research analysts anticipate that International Paper Company will post 2.77 earnings per share for the current year.

International Paper Announces Dividend

The firm also recently announced 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 dividend on an annualized basis and a dividend yield of 4.0%. International Paper's payout ratio is -1,850.00%.

Analyst Upgrades and Downgrades

IP has been the topic of several analyst reports. Wells Fargo & Company restated an "underweight" rating and set a $43.00 target price (up previously from $40.00) on shares of International Paper in a research note on Thursday, July 10th. Truist Financial set a $59.00 target price on shares of International Paper in a research note on Wednesday, May 28th. UBS Group initiated coverage on shares of International Paper in a research note on Wednesday, June 4th. They set a "buy" rating and a $60.00 target price on the stock. Wall Street Zen upgraded shares of International Paper from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. Finally, JPMorgan Chase & Co. cut shares of International Paper from an "overweight" rating to a "neutral" rating and lowered their target price for the company from $55.00 to $54.00 in a research note on Tuesday, August 5th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, International Paper presently has a consensus rating of "Hold" and a consensus price target of $55.46.

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.