Bank of New York Mellon Corp Has $322.37 Million Position in International Paper Company $IP

Bank of New York Mellon Corp lowered its holdings in shares of International Paper Company (NYSE:IP) by 51.5% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,184,025 shares of the basic materials company’s stock after selling 8,688,069 shares during the period. Bank of New York Mellon Corp owned about 1.55% of International Paper worth $322,369,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of the business. Natixis Advisors LLC boosted its stake in International Paper by 37.1% during the fourth quarter. Natixis Advisors LLC now owns 520,932 shares of the basic materials company’s stock worth $20,520,000 after buying an additional 140,874 shares in the last quarter. New Mexico Educational Retirement Board boosted its stake in International Paper by 2.1% during the fourth quarter. New Mexico Educational Retirement Board now owns 24,302 shares of the basic materials company’s stock worth $957,000 after buying an additional 500 shares in the last quarter. Florida Financial Advisors LLC acquired a new stake in International Paper during the fourth quarter worth $217,000. Nomura Asset Management Co. Ltd. boosted its stake in International Paper by 6.7% during the fourth quarter. Nomura Asset Management Co. Ltd. now owns 179,451 shares of the basic materials company’s stock worth $7,069,000 after buying an additional 11,315 shares in the last quarter. Finally, MUFG Securities EMEA plc boosted its stake in International Paper by 114.4% during the fourth quarter. MUFG Securities EMEA plc now owns 21,670 shares of the basic materials company’s stock worth $854,000 after buying an additional 11,564 shares in the last quarter. Institutional investors and hedge funds own 81.95% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Seaport Research Partners upgraded shares of International Paper from a “neutral” rating to a “buy” rating and set a $39.00 target price on the stock in a research note on Friday, May 1st. UBS Group reduced their target price on shares of International Paper from $40.00 to $32.00 and set a “neutral” rating on the stock in a research note on Monday, May 4th. Wells Fargo & Company upgraded shares of International Paper from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $38.00 to $39.00 in a research note on Monday, May 4th. Citigroup reduced their target price on shares of International Paper from $44.00 to $36.00 and set a “buy” rating on the stock in a research note on Friday, May 1st. Finally, Royal Bank Of Canada reduced their target price on shares of International Paper from $48.00 to $45.00 and set an “outperform” rating on the stock in a research note on Friday, May 1st. Nine analysts have rated the stock with a Buy rating, three have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $43.73.

Insider Activity

In other news, Director Anders Gustafsson acquired 13,217 shares of the company’s stock in a transaction on Thursday, March 12th. The stock was purchased at an average cost of $37.83 per share, with a total value of $499,999.11. Following the acquisition, the director owned 26,092 shares of the company’s stock, valued at $987,060.36. This trade represents a 102.66% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Scott Tozier acquired 10,000 shares of the company’s stock in a transaction on Friday, May 1st. The shares were purchased at an average cost of $31.30 per share, with a total value of $313,000.00. Following the completion of the acquisition, the director directly owned 10,025 shares in the company, valued at approximately $313,782.50. The trade was a 40,000.00% increase in their position. The SEC filing for this purchase provides additional information. Insiders have acquired a total of 36,092 shares of company stock valued at $1,313,064 over the last three months. Company insiders own 0.21% of the company’s stock.

International Paper Stock Up 1.4%

Shares of NYSE IP opened at $33.88 on Friday. The firm’s 50-day simple moving average is $33.81 and its 200 day simple moving average is $38.41. The company has a market cap of $17.94 billion, a price-to-earnings ratio of -5.33 and a beta of 0.96. The company has a quick ratio of 0.94, a current ratio of 1.21 and a debt-to-equity ratio of 0.55. International Paper Company has a 12-month low of $29.26 and a 12-month high of $56.13.

International Paper (NYSE:IP) last issued its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.03). The company had revenue of $5.97 billion for the quarter, compared to analyst estimates of $6.02 billion. International Paper had a negative return on equity of 0.49% and a negative net margin of 13.42%.The firm’s quarterly revenue was up 13.4% on a year-over-year basis. During the same quarter last year, the company earned $0.17 EPS. On average, research analysts expect that International Paper Company will post 1.38 earnings per share for the current fiscal year.

International Paper Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Shareholders of record on Friday, May 22nd will be issued a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 5.5%. The ex-dividend date of this dividend is Friday, May 22nd. International Paper’s payout ratio is currently -29.09%.

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.