The Manufacturers Life Insurance Company Purchases 389,092 Shares of International Paper Company $IP

Key Points

• The Manufacturers Life Insurance Company increased its International Paper stake by 50% in the second quarter, purchasing 389,092 shares and bringing its holdings to 1.17 million shares worth approximately $44.5 million.
• International Paper reported quarterly EPS of $0.04, beating estimates, but revenue fell 11.3% year over year to $6 billion. The company declared a quarterly dividend of $0.4625, equivalent to a 5.4% annualized yield.
• Analysts remain generally positive, with a consensus rating of “Moderate Buy” and an average price target of $49.13, compared with the stock’s reported price of $34.41.

The Manufacturers Life Insurance Company raised its position in International Paper Company (NYSE:IP - Free Report) by 50.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,167,393 shares of the basic materials company's stock after purchasing an additional 389,092 shares during the quarter. The Manufacturers Life Insurance Company owned 0.22% of International Paper worth $44,478,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of IP. Sequoia Financial Advisors LLC grew its holdings in shares of International Paper by 21.7% during the second quarter. Sequoia Financial Advisors LLC now owns 22,358 shares of the basic materials company's stock worth $852,000 after buying an additional 3,988 shares in the last quarter. Tidal Investments LLC lifted its stake in International Paper by 87.7% in the 2nd quarter. Tidal Investments LLC now owns 60,427 shares of the basic materials company's stock valued at $2,302,000 after acquiring an additional 28,236 shares in the last quarter. National Pension Service boosted its position in International Paper by 34.5% during the 2nd quarter. National Pension Service now owns 42,005 shares of the basic materials company's stock worth $1,600,000 after acquiring an additional 10,781 shares during the last quarter. WINTON GROUP Ltd bought a new position in shares of International Paper during the 2nd quarter worth approximately $1,202,000. Finally, Engineers Gate Manager LP grew its stake in shares of International Paper by 815.5% during the 2nd quarter. Engineers Gate Manager LP now owns 886,943 shares of the basic materials company's stock worth $33,793,000 after acquiring an additional 790,057 shares in the last quarter. 81.95% of the stock is currently owned by institutional investors.

International Paper Stock Up 0.4%

NYSE:IP opened at $34.41 on Friday. International Paper Company has a twelve month low of $29.26 and a twelve month high of $50.25. The firm has a market capitalization of $18.22 billion, a price-to-earnings ratio of -5.28, a price-to-earnings-growth ratio of 4.26 and a beta of 0.93. The company has a quick ratio of 0.84, a current ratio of 1.10 and a debt-to-equity ratio of 0.57. The stock's 50 day moving average price is $39.21 and its two-hundred day moving average price is $36.96.

International Paper (NYSE:IP - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.08. International Paper had a negative return on equity of 1.09% and a negative net margin of 14.20%.The company had revenue of $6 billion during the quarter, compared to the consensus estimate of $6.19 billion. During the same quarter in the prior year, the firm posted $0.20 EPS. The firm's revenue for the quarter was down 11.3% compared to the same quarter last year. Equities research analysts expect that International Paper Company will post 1.34 earnings per share for the current fiscal year.

International Paper Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, August 14th will be paid a $0.4625 dividend. The ex-dividend date is Friday, August 14th. This represents a $1.85 dividend on an annualized basis and a yield of 5.4%. International Paper's dividend payout ratio (DPR) is currently -28.37%.

Analysts Set New Price Targets

A number of analysts have recently commented on the stock. Weiss Ratings raised shares of International Paper from a "sell (d)" rating to a "sell (d+)" rating in a research report on Friday, August 21st. Zacks Research raised shares of International Paper from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. Bank of America upgraded shares of International Paper from a "neutral" rating to a "buy" rating and set a $46.00 price target on the stock in a research note on Friday. Royal Bank Of Canada boosted their price target on shares of International Paper from $48.00 to $52.00 and gave the stock an "outperform" rating in a research report on Friday, July 31st. Finally, JPMorgan Chase & Co. upgraded shares of International Paper from a "neutral" rating to an "overweight" rating and increased their price objective for the stock from $51.00 to $61.00 in a research note on Tuesday, July 28th. Ten research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $49.13.

Insiders Place Their Bets

In other news, CAO Holly G. Goughnour sold 3,500 shares of International Paper stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $41.96, for a total value of $146,860.00. Following the completion of the transaction, the chief accounting officer owned 34,248 shares of the company's stock, valued at $1,437,046.08. This trade represents a 9.27% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, VP William Hamic sold 24,500 shares of the business's stock in a transaction dated Friday, August 7th. The stock was sold at an average price of $41.20, for a total transaction of $1,009,400.00. Following the transaction, the vice president owned 106,952 shares in the company, valued at $4,406,422.40. This represents a 18.64% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Company insiders own 0.21% of the company's stock.

International Paper Company Profile

International Paper Company NYSE: IP is a global producer of sustainable packaging and paper-based products. The company manufactures containerboard, corrugated packaging, and other fiber-based packaging solutions used to transport and protect goods across a range of industries. Its offerings also include absorbent pulp and cellulose fibers used in products such as diapers, hygiene items, and other consumer and industrial applications.

Founded in 1898, International Paper has grown through the development and operation of paper mills, packaging facilities, and related manufacturing assets.

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