The Manufacturers Life Insurance Company Sells 59,310 Shares of International Paper Company $IP

Key Points

• The Manufacturers Life Insurance Company reduced its stake in International Paper Company by 9.5%, now owning 567,164 shares valued at approximately $30.26 million.
• A variety of institutional investors have recently altered their positions in International Paper, with 81.95% of the stock currently owned by these entities.
• International Paper reported earnings of $0.20 per share for the last quarter, which fell short of the expected $0.38, alongside a significant year-over-year revenue increase of 42.9%.

The Manufacturers Life Insurance Company trimmed its position in International Paper Company (NYSE:IP - Free Report) by 9.5% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 567,164 shares of the basic materials company's stock after selling 59,310 shares during the period. The Manufacturers Life Insurance Company owned about 0.11% of International Paper worth $30,258,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of International Paper by 52.0% during 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 grew its position in shares of International Paper by 8.8% during 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 grew its position in shares of International Paper by 19.4% during 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. T. Rowe Price Investment Management Inc. grew its position in shares of International Paper by 230.0% during the 1st quarter. T. Rowe Price Investment Management Inc. now owns 3,965,192 shares of the basic materials company's stock valued at $211,543,000 after acquiring an additional 2,763,634 shares during the period. Finally, Nuveen LLC bought a new position in shares of International Paper during the 1st quarter valued at approximately $132,900,000. 81.95% of the stock is owned by institutional investors.

International Paper Stock Performance

Shares of IP stock traded up $0.32 during trading on Friday, reaching $48.63. 2,605,843 shares of the company's stock traded hands, compared to its average volume of 3,491,029. The company has a market capitalization of $25.68 billion, a P/E ratio of -486.30, a PEG ratio of 0.55 and a beta of 1.05. 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 firm's 50-day moving average is $49.72 and its 200 day moving average is $49.33. International Paper Company has a 1 year low of $43.27 and a 1 year high of $60.36.

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 analysts' consensus estimates of $0.38 by ($0.18). International Paper had a negative net margin of 0.12% and a positive return on equity of 2.63%. The business had revenue of $6.77 billion for the quarter, compared to analysts' expectations of $6.64 billion. During the same quarter in the previous year, the company posted $0.55 earnings per share. The business's quarterly revenue was up 42.9% compared to the same quarter last year. Equities research analysts expect that International Paper Company will post 2.77 EPS for the current year.

International Paper Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Friday, August 15th will be paid a $0.4625 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.85 annualized dividend and a yield of 3.8%. International Paper's dividend payout ratio is currently -1,850.00%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on IP shares. UBS Group started coverage on shares of International Paper in a research report on Wednesday, June 4th. They set a "buy" rating and a $60.00 target price for the company. Zacks Research downgraded shares of International Paper from a "hold" rating to a "strong sell" rating in a research report on Monday, August 18th. Wall Street Zen raised shares of International Paper from a "sell" rating to a "hold" rating in a research report on Friday, June 27th. JPMorgan Chase & Co. cut shares of International Paper from an "overweight" rating to a "neutral" rating and dropped their price target for the company from $55.00 to $54.00 in a research note on Tuesday, August 5th. Finally, Wells Fargo & Company restated an "underweight" rating and set a $43.00 price target (up from $40.00) on shares of International Paper in a research note on Thursday, July 10th. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the company's stock. According to data from MarketBeat.com, International Paper has a consensus rating of "Hold" and an average target price of $55.65.

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.