International Paper (NYSE:IP) Shares Sold by Legal & General Group Plc

Legal & General Group Plc lowered its position in International Paper (NYSE:IP - Free Report) by 20.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,205,157 shares of the basic materials company's stock after selling 581,788 shares during the period. Legal & General Group Plc owned approximately 0.63% of International Paper worth $118,682,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in IP. Wellington Management Group LLP purchased a new stake in shares of International Paper in the 3rd quarter worth $14,192,000. Orion Portfolio Solutions LLC boosted its stake in International Paper by 4.1% in the third quarter. Orion Portfolio Solutions LLC now owns 22,444 shares of the basic materials company's stock valued at $1,096,000 after acquiring an additional 888 shares in the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in International Paper by 1.2% in the third quarter. Nomura Asset Management Co. Ltd. now owns 160,736 shares of the basic materials company's stock worth $7,852,000 after purchasing an additional 1,843 shares during the last quarter. Barclays PLC lifted its holdings in shares of International Paper by 4.5% during the 3rd quarter. Barclays PLC now owns 916,599 shares of the basic materials company's stock valued at $44,774,000 after purchasing an additional 39,404 shares during the last quarter. Finally, Vestcor Inc lifted its holdings in shares of International Paper by 35.2% during the 3rd quarter. Vestcor Inc now owns 6,537 shares of the basic materials company's stock valued at $319,000 after purchasing an additional 1,702 shares during the last quarter. 81.95% of the stock is owned by hedge funds and other institutional investors.

International Paper Price Performance

IP traded up $0.13 on Wednesday, reaching $47.00. 634,151 shares of the company's stock were exchanged, compared to its average volume of 8,989,533. International Paper has a twelve month low of $33.16 and a twelve month high of $60.36. The stock has a market cap of $24.81 billion, a PE ratio of 29.94, a P/E/G ratio of 0.39 and a beta of 0.99. The company has a debt-to-equity ratio of 0.66, a current ratio of 1.49 and a quick ratio of 1.08. The stock's fifty day moving average price is $52.46 and its 200-day moving average price is $53.66.

International Paper (NYSE:IP - Get Free Report) last posted its quarterly earnings results on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.03 by ($0.05). International Paper had a net margin of 2.99% and a return on equity of 4.75%. Sell-side analysts expect that International Paper will post 2.77 EPS for the current year.

International Paper Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, February 24th were paid a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.94%. The ex-dividend date was Monday, February 24th. International Paper's dividend payout ratio (DPR) is presently 117.83%.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. StockNews.com lowered International Paper from a "buy" rating to a "hold" rating in a research report on Friday, March 28th. Bank of America initiated coverage on shares of International Paper in a research note on Thursday, February 13th. They issued a "neutral" rating for the company. Truist Financial restated a "buy" rating and set a $64.00 price target (down previously from $65.00) on shares of International Paper in a research note on Friday, January 31st. JPMorgan Chase & Co. began coverage on shares of International Paper in a research note on Thursday, March 20th. They set an "overweight" rating and a $59.00 price objective for the company. Finally, Royal Bank of Canada reissued an "outperform" rating and issued a $64.00 target price on shares of International Paper in a research report on Wednesday, March 26th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, International Paper presently has a consensus rating of "Moderate Buy" and a consensus price target of $55.32.

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.