Principal Financial Group Inc. Acquires 45,838 Shares of International Paper Company $IP

Principal Financial Group Inc. lifted its holdings in shares of International Paper Company (NYSE:IP) by 7.7% in the third quarter, Holdings Channel.com reports. The fund owned 640,447 shares of the basic materials company’s stock after purchasing an additional 45,838 shares during the quarter. Principal Financial Group Inc.’s holdings in International Paper were worth $29,717,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Dynamic Technology Lab Private Ltd bought a new position in International Paper during the first quarter worth about $249,000. Intech Investment Management LLC raised its holdings in shares of International Paper by 100.5% in the 1st quarter. Intech Investment Management LLC now owns 32,025 shares of the basic materials company’s stock worth $1,709,000 after buying an additional 16,055 shares in the last quarter. Ameritas Advisory Services LLC bought a new position in shares of International Paper during the 2nd quarter worth approximately $50,000. DAVENPORT & Co LLC lifted its position in shares of International Paper by 22.7% during the 2nd quarter. DAVENPORT & Co LLC now owns 13,157 shares of the basic materials company’s stock worth $616,000 after buying an additional 2,435 shares during the period. Finally, KLP Kapitalforvaltning AS boosted its stake in International Paper by 6.8% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 190,006 shares of the basic materials company’s stock valued at $8,898,000 after buying an additional 12,100 shares in the last quarter. Institutional investors own 81.95% of the company’s stock.

International Paper Price Performance

IP opened at $46.60 on Friday. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.28 and a quick ratio of 1.02. The stock has a market capitalization of $24.61 billion, a P/E ratio of -6.94, a price-to-earnings-growth ratio of 0.54 and a beta of 1.11. The company’s 50 day simple moving average is $40.70 and its 200-day simple moving average is $43.83. International Paper Company has a one year low of $35.56 and a one year high of $57.55.

International Paper (NYSE:IP) last posted its quarterly earnings data on Thursday, January 29th. The basic materials company reported ($0.08) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.28 by ($0.36). The firm had revenue of $6.01 billion for the quarter, compared to analyst estimates of $5.90 billion. International Paper had a negative return on equity of 0.35% and a negative net margin of 14.12%.The firm’s quarterly revenue was up 53.1% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.02) EPS. Sell-side analysts anticipate that International Paper Company will post 2.77 earnings per share for the current fiscal year.

Insider Transactions at International Paper

In other International Paper news, CEO Andrew K. Silvernail bought 50,000 shares of International Paper stock in a transaction dated Friday, January 30th. The shares were bought at an average price of $39.98 per share, with a total value of $1,999,000.00. Following the purchase, the chief executive officer owned 50,000 shares of the company’s stock, valued at $1,999,000. This trade represents a ? increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, SVP Clay R. Ellis sold 18,819 shares of International Paper stock in a transaction that occurred on Tuesday, November 18th. The stock was sold at an average price of $36.85, for a total transaction of $693,480.15. The SEC filing for this sale provides additional information. 0.35% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on IP. Wells Fargo & Company raised International Paper from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $36.00 to $40.00 in a report on Friday, January 30th. Citigroup lifted their price target on shares of International Paper from $46.00 to $47.00 and gave the company a “buy” rating in a report on Friday, January 30th. Weiss Ratings restated a “sell (d+)” rating on shares of International Paper in a research report on Monday, December 29th. JPMorgan Chase & Co. raised their price objective on shares of International Paper from $45.00 to $48.00 and gave the stock a “neutral” rating in a report on Friday, January 30th. Finally, Wall Street Zen downgraded International Paper from a “hold” rating to a “sell” rating in a report on Saturday, October 18th. Eight analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, International Paper presently has a consensus rating of “Hold” and a consensus price target of $48.89.

International Paper Company Profile

International Paper is a global producer of renewable fiber-based products, focused primarily on pulp, paper, and packaging. The company manufactures containerboard and corrugated packaging used for shipping and retail display, as well as a range of specialty papers and pulp products that serve industrial, consumer goods, and e-commerce customers. Its product portfolio is oriented toward large-scale packaging solutions, tissue and paper grades, and raw pulp for a variety of manufacturing uses.

Founded in 1898, International Paper is headquartered in Memphis, Tennessee, and is one of the largest and longest-established companies in the forest products sector.