Man Group plc Buys New Position in International Paper Company $IP

Man Group plc bought a new stake in shares of International Paper Company (NYSE:IP) during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 646,714 shares of the basic materials company’s stock, valued at approximately $24,640,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IP. Jupiter Topco LLC acquired a new stake in shares of International Paper in the 2nd quarter worth approximately $4,445,000. EFG International AG acquired a new position in shares of International Paper during the second quarter valued at approximately $4,101,000. Dayah Capital LLC bought a new stake in International Paper during the second quarter worth approximately $4,907,000. Canada Pension Plan Investment Board bought a new stake in International Paper during the second quarter worth approximately $11,054,000. Finally, Legal & General Group Plc acquired a new stake in International Paper in the second quarter worth approximately $84,520,000. 81.95% of the stock is currently owned by institutional investors.

Insider Buying and Selling at International Paper

In other news, VP William Thomas Hamic sold 24,500 shares of the company’s stock in a transaction on 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 completion of the sale, the vice president directly owned 106,952 shares of the company’s stock, valued at $4,406,422.40. This represents a 18.64% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Holly G. Goughnour sold 3,500 shares of the stock in a transaction on 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 disclosure for this sale is available in the SEC filing. Corporate insiders own 0.21% of the company’s stock.

International Paper Trading Up 0.8%

Shares of NYSE:IP opened at $41.31 on Thursday. The stock has a market capitalization of $21.88 billion, a price-to-earnings ratio of -6.34 and a beta of 0.94. International Paper Company has a 1-year low of $29.26 and a 1-year 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. The company has a 50 day moving average price of $39.51 and a 200 day moving average price of $37.85.

International Paper (NYSE:IP) last posted 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. 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 for the quarter, compared to analysts’ expectations of $6.19 billion. During the same quarter in the prior year, the company earned $0.20 earnings per share. The firm’s revenue was down 11.3% on a year-over-year basis. On average, research analysts anticipate that International Paper Company will post 1.34 EPS for the current fiscal year.

International Paper Announces Dividend

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

Analyst Upgrades and Downgrades

IP has been the subject of a number of research reports. Zacks Research raised International Paper from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. Seaport Research Partners restated a “buy” rating and issued a $46.00 price objective on shares of International Paper in a report on Wednesday, August 12th. Loop Capital set a $61.00 target price on International Paper in a research note on Tuesday, July 28th. Royal Bank Of Canada raised their target price on International Paper from $48.00 to $52.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Finally, Citigroup boosted their price target on shares of International Paper from $43.00 to $48.00 and gave the stock a “buy” rating in a research report on Friday, July 31st. Nine investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus 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.