State Street Corp Lowers Position in International Paper (NYSE:IP)

State Street Corp lessened its holdings in International Paper (NYSE:IP - Free Report) by 0.9% during the third quarter, according to its most recent disclosure with the SEC. The institutional investor owned 21,719,761 shares of the basic materials company's stock after selling 203,432 shares during the period. State Street Corp owned 6.25% of International Paper worth $1,061,010,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. FMR LLC raised its stake in International Paper by 88.4% in the third 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 raised its position in shares of International Paper by 133.7% during 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 buying an additional 8,132,332 shares in the last quarter. Diamond Hill Capital Management Inc. lifted its holdings in shares of 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 acquiring an additional 2,354,341 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in International Paper by 0.3% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,579,679 shares of the basic materials company's stock worth $174,867,000 after acquiring an additional 9,774 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in International Paper by 19.5% in the third quarter. Massachusetts Financial Services Co. MA now owns 3,295,926 shares of the basic materials company's stock valued at $161,006,000 after acquiring an additional 537,825 shares during the last quarter. Institutional investors own 81.95% of the company's stock.

Insider Transactions at International Paper

In other news, Director Kathryn D. Sullivan sold 600 shares of the stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $58.39, for a total transaction of $35,034.00. Following the sale, the director now owns 37,145 shares in the company, valued at $2,168,896.55. This represents a 1.59 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Joseph R. Saab sold 2,440 shares of the business's stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $47.30, for a total transaction of $115,412.00. Following the completion of the transaction, the senior vice president now owns 18,668 shares of the company's stock, valued at approximately $882,996.40. The trade was a 11.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 6,040 shares of company stock valued at $304,004 in the last three months. 0.55% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Argus raised International Paper from a "hold" rating to a "buy" rating and set a $52.00 price objective on the stock in a report on Wednesday, August 14th. Royal Bank of Canada boosted their price objective on shares of International Paper from $56.00 to $64.00 and gave the stock an "outperform" rating in a report on Friday, November 1st. BNP Paribas cut shares of International Paper from a "neutral" rating to an "underperform" rating and set a $48.20 target price on the stock. in a research report on Wednesday, November 13th. Finally, Truist Financial restated a "buy" rating and set a $61.00 price target (up from $57.00) on shares of International Paper in a research report on Friday, November 1st. One analyst has rated the stock with a sell rating, three have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, International Paper presently has a consensus rating of "Moderate Buy" and an average price target of $51.54.

International Paper Trading Up 0.1 %

NYSE:IP traded up $0.07 during trading hours on Friday, hitting $56.78. The company had a trading volume of 2,204,679 shares, compared to its average volume of 3,890,151. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.53 and a quick ratio of 1.11. International Paper has a 52 week low of $32.70 and a 52 week high of $60.36. The company has a market capitalization of $19.73 billion, a PE ratio of 48.53 and a beta of 1.02. The stock has a 50-day moving average price of $53.29 and a 200 day moving average price of $48.62.

International Paper (NYSE:IP - Get Free Report) last released its quarterly earnings results on Thursday, October 31st. The basic materials company reported $0.44 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.24 by $0.20. International Paper had a net margin of 2.25% and a return on equity of 6.49%. The company had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $4.70 billion. During the same period in the prior year, the firm earned $0.64 earnings per share. International Paper's revenue was up 1.6% on a year-over-year basis. On average, equities research analysts predict that International Paper will post 1.22 EPS for the current fiscal year.

International Paper Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 15th will be issued a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date is Friday, November 15th. International Paper's dividend payout ratio (DPR) is presently 158.12%.

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.