Franklin Resources Inc. Sells 3,102,219 Shares of International Paper (NYSE:IP)

Franklin Resources Inc. lowered its stake in shares of International Paper (NYSE:IP - Free Report) by 35.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,724,590 shares of the basic materials company's stock after selling 3,102,219 shares during the quarter. Franklin Resources Inc. owned about 1.65% of International Paper worth $275,238,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of IP. FMR LLC boosted its stake in shares of International Paper by 88.4% in the 3rd quarter. FMR LLC now owns 17,839,237 shares of the basic materials company's stock valued at $871,447,000 after purchasing an additional 8,370,273 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of International Paper by 133.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 14,214,754 shares of the basic materials company's stock valued at $613,367,000 after purchasing an additional 8,132,332 shares in the last quarter. Massachusetts Financial Services Co. MA acquired a new stake in shares of International Paper in the 2nd quarter valued at $119,012,000. Point72 Asset Management L.P. boosted its stake in shares of International Paper by 511.1% in the 3rd quarter. Point72 Asset Management L.P. now owns 2,970,432 shares of the basic materials company's stock valued at $145,106,000 after purchasing an additional 2,484,386 shares in the last quarter. Finally, Diamond Hill Capital Management Inc. lifted its position in International Paper by 125.1% during the 3rd quarter. Diamond Hill Capital Management Inc. now owns 4,235,846 shares of the basic materials company's stock worth $206,921,000 after buying an additional 2,354,341 shares in the last quarter. Institutional investors own 81.95% of the company's stock.

International Paper Stock Up 1.2 %

Shares of NYSE IP traded up $0.68 during trading hours on Friday, hitting $55.54. The company had a trading volume of 3,254,901 shares, compared to its average volume of 5,211,820. The stock has a market capitalization of $19.30 billion, a P/E ratio of 47.47 and a beta of 1.02. The company has a quick ratio of 1.11, a current ratio of 1.53 and a debt-to-equity ratio of 0.62. International Paper has a 1-year low of $32.70 and a 1-year high of $60.36. The firm's 50 day moving average is $53.95 and its 200-day moving average is $48.99.

International Paper (NYSE:IP - Get Free Report) last announced its quarterly earnings results on Thursday, October 31st. The basic materials company reported $0.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.20. International Paper had a return on equity of 6.49% and a net margin of 2.25%. The business had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same quarter last year, the firm posted $0.64 EPS. The company's quarterly revenue was up 1.6% on a year-over-year basis. On average, analysts expect that International Paper will post 1.18 earnings per share for the current fiscal year.

International Paper Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 15th will be issued a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 3.33%. The ex-dividend date of this dividend is Friday, November 15th. International Paper's dividend payout ratio is 158.12%.

Insiders Place Their Bets

In related news, Director Kathryn D. Sullivan sold 600 shares of the firm's stock in a transaction on Monday, September 30th. The stock was sold at an average price of $48.68, for a total value of $29,208.00. Following the transaction, the director now owns 39,545 shares in the company, valued at approximately $1,925,050.60. This trade represents a 1.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 3,600 shares of company stock worth $188,592 in the last 90 days. Company insiders own 0.55% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Royal Bank of Canada upped their price target on shares of International Paper from $56.00 to $64.00 and gave the stock an "outperform" rating in a research report on Friday, November 1st. Truist Financial reiterated a "buy" rating and set a $61.00 price target (up previously from $57.00) on shares of International Paper in a research report on Friday, November 1st. Finally, BNP Paribas downgraded shares of International Paper from a "neutral" rating to an "underperform" rating and set a $48.20 price target on the stock. in a research report on Wednesday, November 13th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, International Paper presently has an average rating of "Moderate Buy" and a consensus price target of $51.54.

About International Paper

International Paper Company produces and sells renewable fiber-based packaging and pulp products in North America, Latin America, Europe, and North Africa. It operates through two segments, Industrial Packaging and Global Cellulose Fibers. The company offers linerboard, medium, whitetop, recycled linerboard, recycled medium and saturating kraft; and pulp for a range of applications, such as diapers, towel and tissue products, feminine care, incontinence, and other personal care products, as well as specialty pulps for use in textiles, construction materials, paints, coatings, and others.