Allianz Asset Management GmbH Cuts Position in International Paper Company $IP

Allianz Asset Management GmbH reduced its position in shares of International Paper Company (NYSE:IP) by 7.8% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 348,538 shares of the basic materials company’s stock after selling 29,470 shares during the period. Allianz Asset Management GmbH’s holdings in International Paper were worth $16,172,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp grew its stake in shares of International Paper by 9.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 18,737,896 shares of the basic materials company’s stock worth $877,496,000 after purchasing an additional 1,592,411 shares during the period. AE Wealth Management LLC boosted its holdings in International Paper by 8.5% during the third quarter. AE Wealth Management LLC now owns 332,310 shares of the basic materials company’s stock worth $15,419,000 after buying an additional 26,146 shares in the last quarter. Westfield Capital Management Co. LP grew its position in International Paper by 9.7% during the second quarter. Westfield Capital Management Co. LP now owns 2,323,693 shares of the basic materials company’s stock worth $108,819,000 after buying an additional 205,888 shares during the period. Norges Bank purchased a new position in International Paper in the second quarter valued at about $281,735,000. Finally, Whalen Wealth Management Inc. purchased a new position in International Paper in the second quarter valued at about $604,000. 81.95% of the stock is owned by institutional investors and hedge funds.

International Paper Price Performance

International Paper stock opened at $46.60 on Friday. International Paper Company has a 1 year low of $35.56 and a 1 year high of $57.55. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.02 and a current ratio of 1.28. The firm has a 50 day moving average price of $40.70 and a 200 day moving average price of $43.77. The company has a market cap of $24.61 billion, a price-to-earnings ratio of -6.94, a PEG ratio of 0.56 and a beta of 1.11.

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

Insiders Place Their Bets

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

Analyst Ratings Changes

Several research firms have weighed in on IP. JPMorgan Chase & Co. upped their target price on International Paper from $45.00 to $48.00 and gave the company a “neutral” rating in a report on Friday, January 30th. UBS Group cut shares of International Paper from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $51.00 to $44.00 in a research note on Monday, February 2nd. Argus dropped their target price on shares of International Paper from $55.00 to $50.00 and set a “buy” rating for the company in a report on Monday, December 22nd. Weiss Ratings reiterated a “sell (d+)” rating on shares of International Paper in a research report on Monday, December 29th. Finally, BNP Paribas Exane raised International Paper from a “strong sell” rating to an “outperform” rating and set a $44.00 target price on the stock in a research note on Monday, November 24th. Eight research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, International Paper presently has a consensus rating of “Hold” and an average 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.