Voya Investment Management LLC Raises Stock Holdings in International Paper Company $IP

Key Points

• Voya Investment Management LLC increased its stake in International Paper Company by 8.3%, holding 158,499 shares valued at approximately $8.46 million as of the recent quarter.
• Analysts have recently made varied rating changes for International Paper, with Bank of America upgrading the stock to a buy rating and setting a new price objective of $57.00, while others have downgraded it to a strong sell.
• International Paper declared a quarterly dividend of $0.4625 per share, which represents an annualized payout of $1.85 and a yield of 3.9%, despite a negative payout ratio of -1,850%.

Voya Investment Management LLC lifted its position in shares of International Paper Company (NYSE:IP - Free Report) by 8.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 158,499 shares of the basic materials company's stock after purchasing an additional 12,129 shares during the quarter. Voya Investment Management LLC's holdings in International Paper were worth $8,456,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. grew its stake 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 worth $3,340,966,000 after acquiring an additional 21,428,455 shares during the period. Price T Rowe Associates Inc. MD grew its stake 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 worth $2,763,426,000 after acquiring an additional 4,201,422 shares during the period. Bank of New York Mellon Corp grew its stake 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 worth $914,712,000 after acquiring an additional 2,782,042 shares during the period. JPMorgan Chase & Co. grew its stake in shares of International Paper by 21.4% during the 1st quarter. JPMorgan Chase & Co. now owns 9,019,743 shares of the basic materials company's stock worth $481,203,000 after acquiring an additional 1,590,137 shares during the period. Finally, Invesco Ltd. grew its stake in shares of International Paper by 1.1% during the 1st quarter. Invesco Ltd. now owns 8,040,128 shares of the basic materials company's stock worth $428,941,000 after acquiring an additional 85,732 shares during the period. 81.95% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other International Paper news, SVP Joseph R. Saab sold 9,000 shares of the stock in a transaction dated Tuesday, September 16th. The stock was sold at an average price of $45.53, for a total value of $409,770.00. Following the transaction, the senior vice president owned 27,673 shares of the company's stock, valued at approximately $1,259,951.69. This represents a 24.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.55% of the company's stock.

International Paper Stock Down 1.4%

Shares of NYSE IP traded down $0.68 during trading on Friday, reaching $46.43. The company had a trading volume of 9,209,781 shares, compared to its average volume of 3,791,487. International Paper Company has a 12-month low of $43.27 and a 12-month high of $60.36. The stock has a market cap of $24.51 billion, a PE ratio of -464.30, a P/E/G ratio of 0.52 and a beta of 1.05. The business's 50-day moving average is $48.94 and its 200 day moving average is $48.67. The company has a quick ratio of 0.96, a current ratio of 1.33 and a debt-to-equity ratio of 0.52.

International Paper (NYSE:IP - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The basic materials company reported $0.20 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.38 by ($0.18). The business had revenue of $6.77 billion for the quarter, compared to the consensus estimate of $6.64 billion. International Paper had a negative net margin of 0.12% and a positive return on equity of 2.63%. The company's revenue for the quarter was up 42.9% compared to the same quarter last year. During the same period in the previous year, the company earned $0.55 earnings per share. As a group, equities analysts forecast that International Paper Company will post 2.77 earnings per share for the current fiscal year.

International Paper Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 16th. Shareholders of record on Friday, August 15th were issued a $0.4625 dividend. The ex-dividend date of this dividend was Friday, August 15th. This represents a $1.85 dividend on an annualized basis and a yield of 4.0%. International Paper's dividend payout ratio is currently -1,850.00%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on IP. UBS Group began 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. Wall Street Zen raised International Paper from a "sell" rating to a "hold" rating in a report on Friday, June 27th. 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. Truist Financial set a $59.00 target price on International Paper in a report on Wednesday, May 28th. Finally, Wells Fargo & Company reiterated an "underweight" rating and set a $43.00 price target (up previously from $40.00) on shares of International Paper in a research report on Thursday, July 10th. Five equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $55.65.

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.