Sumitomo Mitsui Trust Group Inc. Purchases 426,211 Shares of International Paper Company (NYSE:IP)

Sumitomo Mitsui Trust Group Inc. increased its position in shares of International Paper Company (NYSE:IP - Free Report) by 46.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,345,216 shares of the basic materials company's stock after buying an additional 426,211 shares during the period. Sumitomo Mitsui Trust Group Inc. owned about 0.25% of International Paper worth $71,767,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Picton Mahoney Asset Management grew its holdings in shares of International Paper by 67.0% during the fourth quarter. Picton Mahoney Asset Management now owns 536 shares of the basic materials company's stock worth $29,000 after purchasing an additional 215 shares during the last quarter. Bernard Wealth Management Corp. purchased a new position in International Paper in the fourth quarter worth $37,000. Transce3nd LLC purchased a new stake in International Paper during the fourth quarter worth about $38,000. Grove Bank & Trust grew its holdings in shares of International Paper by 472.0% in the 1st quarter. Grove Bank & Trust now owns 755 shares of the basic materials company's stock worth $40,000 after acquiring an additional 623 shares during the period. Finally, Toth Financial Advisory Corp acquired a new stake in International Paper in the first quarter valued at $42,000. 81.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

IP has been the subject of a number of analyst reports. Wall Street Zen raised shares of International Paper from a "sell" rating to a "hold" rating in a research report on Friday, June 27th. Royal Bank Of Canada restated an "outperform" rating and issued a $64.00 price objective on shares of International Paper in a report on Wednesday, March 26th. Citigroup initiated coverage on shares of International Paper in a report on Wednesday, March 5th. They set a "buy" rating and a $60.00 target price on the stock. Wells Fargo & Company restated an "underweight" rating and issued a $40.00 price target (down previously from $45.00) on shares of International Paper in a report on Friday, May 9th. Finally, JPMorgan Chase & Co. initiated coverage on shares of International Paper in a research report on Thursday, March 20th. They issued an "overweight" rating and a $59.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus target price of $54.54.

Insider Activity at International Paper

In other news, CAO Holly G. Goughnour sold 7,500 shares of the stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $44.85, for a total transaction of $336,375.00. Following the transaction, the chief accounting officer owned 31,525 shares in the company, valued at approximately $1,413,896.25. This trade represents a 19.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.35% of the company's stock.

International Paper Stock Performance

International Paper stock traded up $0.92 on Wednesday, hitting $50.37. The company's stock had a trading volume of 3,893,290 shares, compared to its average volume of 3,415,625. The company has a quick ratio of 0.96, a current ratio of 1.33 and a debt-to-equity ratio of 0.51. The company has a fifty day moving average price of $47.14 and a 200-day moving average price of $51.21. International Paper Company has a one year low of $42.26 and a one year high of $60.36. The firm has a market cap of $26.59 billion, a P/E ratio of 43.05, a price-to-earnings-growth ratio of 0.45 and a beta of 1.02.

International Paper (NYSE:IP - Get Free Report) last announced its quarterly earnings data on Wednesday, April 30th. The basic materials company reported $0.23 EPS for the quarter, missing analysts' consensus estimates of $0.35 by ($0.12). International Paper had a net margin of 1.99% and a return on equity of 4.05%. The firm had revenue of $5.90 billion during the quarter, compared to the consensus estimate of $6.38 billion. During the same quarter in the previous year, the business posted $0.17 earnings per share. The firm's quarterly revenue was up 27.8% on a year-over-year basis. On average, equities 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 disclosed a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 23rd were paid a $0.4625 dividend. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $1.85 annualized dividend and a yield of 3.67%. International Paper's dividend payout ratio is 158.12%.

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.