215,587 Shares in International Paper Company $IP Purchased by Korea Investment CORP

Korea Investment CORP purchased a new position in shares of International Paper Company (NYSE:IP) in the second quarter, HoldingsChannel reports. The institutional investor purchased 215,587 shares of the basic materials company’s stock, valued at approximately $8,214,000.

A number of other hedge funds have also modified their holdings of the stock. Dynamic Technology Lab Private Ltd bought a new stake in International Paper in the first quarter valued at $249,000. Intech Investment Management LLC lifted its holdings in shares of International Paper by 100.5% during the first quarter. Intech Investment Management LLC now owns 32,025 shares of the basic materials company’s stock valued at $1,709,000 after acquiring an additional 16,055 shares during the period. Cresset Asset Management LLC boosted its stake in shares of International Paper by 20.8% in the 2nd quarter. Cresset Asset Management LLC now owns 17,345 shares of the basic materials company’s stock valued at $812,000 after purchasing an additional 2,981 shares in the last quarter. Jump Financial LLC grew its holdings in shares of International Paper by 280.9% in the 2nd quarter. Jump Financial LLC now owns 38,092 shares of the basic materials company’s stock worth $1,784,000 after purchasing an additional 28,092 shares during the last quarter. Finally, Cerity Partners LLC grew its holdings in shares of International Paper by 8.0% in the 2nd quarter. Cerity Partners LLC now owns 33,749 shares of the basic materials company’s stock worth $1,580,000 after purchasing an additional 2,493 shares during the last quarter. 81.95% of the stock is owned by institutional investors and hedge funds.

International Paper Stock Down 1.1%

NYSE IP opened at $41.03 on Tuesday. The stock has a fifty day moving average of $39.30 and a 200-day moving average of $37.90. The stock has a market capitalization of $21.73 billion, a P/E ratio of -6.29 and a beta of 0.94. International Paper Company has a 52 week low of $29.26 and a 52 week high of $50.25. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.10.

International Paper (NYSE:IP) last issued its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.08. The business had revenue of $6 billion for the quarter, compared to analyst estimates of $6.19 billion. International Paper had a negative return on equity of 1.09% and a negative net margin of 14.20%.The firm’s revenue for the quarter was down 11.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.20 earnings per share. On average, equities research analysts forecast that International Paper Company will post 1.34 EPS for the current year.

International Paper Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, August 14th will be issued a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 4.5%. The ex-dividend date of this dividend is Friday, August 14th. International Paper’s payout ratio is currently -28.37%.

Insider Transactions at International Paper

In related news, VP William Thomas Hamic sold 24,500 shares of the stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $41.20, for a total value of $1,009,400.00. Following the transaction, the vice president directly 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 sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Holly G. Goughnour sold 3,500 shares of International Paper stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $41.96, for a total transaction of $146,860.00. Following the sale, the chief accounting officer directly owned 34,248 shares of the company’s stock, valued at $1,437,046.08. This represents a 9.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.21% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on IP. UBS Group lifted their price target on shares of International Paper from $40.00 to $47.00 and gave the company a “neutral” rating in a report on Friday, July 31st. Wells Fargo & Company raised their price objective on shares of International Paper from $42.00 to $46.00 and gave the stock an “overweight” rating in a report on Friday, July 31st. Truist Financial reiterated a “buy” rating and issued a $49.00 target price (up from $46.00) on shares of International Paper in a research note on Friday, July 31st. Royal Bank Of Canada boosted their target price on International Paper from $48.00 to $52.00 and gave the stock an “outperform” rating in a report on Friday, July 31st. Finally, JPMorgan Chase & Co. upgraded International Paper from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $51.00 to $61.00 in a research report on Tuesday, July 28th. Nine equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $48.75.

International Paper 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.