International Paper (NYSE:IP) Shares Sold by Axa S.A.

Axa S.A. reduced its holdings in International Paper (NYSE:IP) by 84.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 54,132 shares of the basic materials company’s stock after selling 298,957 shares during the period. Axa S.A.’s holdings in International Paper were worth $2,336,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Price T Rowe Associates Inc. MD raised its position in shares of International Paper by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 21,135,702 shares of the basic materials company’s stock worth $824,716,000 after purchasing an additional 5,492,035 shares during the last quarter. Bank of New York Mellon Corp increased its stake in International Paper by 133.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 14,214,754 shares of the basic materials company’s stock worth $613,367,000 after buying an additional 8,132,332 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new position in shares of International Paper during the second quarter valued at approximately $119,012,000. Samlyn Capital LLC purchased a new position in shares of International Paper in the second quarter valued at approximately $88,966,000. Finally, Diamond Hill Capital Management Inc. acquired a new stake in shares of International Paper in the second quarter worth approximately $81,187,000. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on IP. Argus upgraded International Paper from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a report on Wednesday, August 14th. Stifel Nicolaus began coverage on shares of International Paper in a research report on Tuesday, July 9th. They set a “hold” rating and a $48.70 price target on the stock. Royal Bank of Canada increased their price objective on shares of International Paper from $52.00 to $56.00 and gave the company an “outperform” rating in a report on Thursday, July 25th. Truist Financial raised their target price on shares of International Paper from $52.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, July 16th. Finally, Seaport Res Ptn upgraded International Paper from a “hold” rating to a “strong-buy” rating in a research report on Friday, June 28th. Three investment analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, International Paper currently has an average rating of “Moderate Buy” and an average price target of $50.21.

International Paper Stock Down 0.4 %

Shares of NYSE:IP opened at $48.85 on Tuesday. The business has a 50-day moving average price of $47.38 and a 200 day moving average price of $43.31. International Paper has a 12-month low of $31.76 and a 12-month high of $50.68. The company has a current ratio of 1.59, a quick ratio of 1.17 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $16.97 billion, a price-to-earnings ratio of 99.69 and a beta of 1.04.

International Paper (NYSE:IP) last released its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.14. The business had revenue of $4.73 billion for the quarter, compared to the consensus estimate of $4.78 billion. International Paper had a net margin of 2.34% and a return on equity of 7.28%. The business’s revenue was up 1.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.59 EPS. Sell-side analysts expect that International Paper will post 1.55 EPS for the current year.

International Paper Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Thursday, August 15th were given a dividend of $0.4625 per share. The ex-dividend date was Thursday, August 15th. This represents a $1.85 annualized dividend and a dividend yield of 3.79%. International Paper’s dividend payout ratio is currently 377.55%.

Insider Activity

In related news, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction dated Wednesday, July 31st. The stock was sold at an average price of $46.26, for a total transaction of $27,756.00. Following the completion of the transaction, the director now directly owns 41,602 shares in the company, valued at approximately $1,924,508.52. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, SVP Clay R. Ellis sold 9,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 28th. The shares were sold at an average price of $48.83, for a total value of $439,470.00. Following the sale, the senior vice president now owns 49,832 shares of the company’s stock, valued at $2,433,296.56. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Kathryn D. Sullivan sold 600 shares of the business’s stock in a transaction that occurred on Wednesday, July 31st. The stock was sold at an average price of $46.26, for a total transaction of $27,756.00. Following the transaction, the director now owns 41,602 shares of the company’s stock, valued at approximately $1,924,508.52. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 18,840 shares of company stock valued at $902,294. 0.55% of the stock is currently owned by corporate insiders.

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.