International Paper (NYSE:IP) Shares Acquired by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. grew its stake in International Paper (NYSE:IP - Free Report) by 5.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 937,324 shares of the basic materials company's stock after acquiring an additional 49,125 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.27% of International Paper worth $45,788,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Bank of New York Mellon Corp lifted its holdings 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 worth $613,367,000 after buying an additional 8,132,332 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in International Paper by 35.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 21,135,702 shares of the basic materials company's stock worth $824,716,000 after acquiring an additional 5,492,035 shares in the last quarter. Massachusetts Financial Services Co. MA purchased a new position in International Paper during the 2nd quarter valued at about $119,012,000. Diamond Hill Capital Management Inc. raised its holdings in shares of International Paper by 125.1% in the 3rd quarter. Diamond Hill Capital Management Inc. now owns 4,235,846 shares of the basic materials company's stock valued at $206,921,000 after purchasing an additional 2,354,341 shares in the last quarter. Finally, Samlyn Capital LLC bought a new position in shares of International Paper during the second quarter valued at approximately $88,966,000. 81.95% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, SVP Joseph R. Saab sold 2,440 shares of International Paper stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $47.30, for a total value of $115,412.00. Following the sale, the senior vice president now directly owns 18,668 shares of the company's stock, valued at $882,996.40. The trade was a 11.56 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kathryn D. Sullivan sold 600 shares of the stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $53.50, for a total value of $32,100.00. Following the completion of the transaction, the director now directly owns 38,345 shares of the company's stock, valued at approximately $2,051,457.50. This represents a 1.54 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 18,840 shares of company stock worth $910,826 in the last ninety days. Company insiders own 0.55% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Royal Bank of Canada boosted their price target on 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 objective (up previously from $57.00) on shares of International Paper in a research note on Friday, November 1st. Argus upgraded shares of International Paper from a "hold" rating to a "buy" rating and set a $52.00 target price for the company in a research note on Wednesday, August 14th. Wells Fargo & Company upped their price target on International Paper from $43.00 to $45.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 25th. Finally, BNP Paribas cut International Paper from a "neutral" rating to an "underperform" rating and set a $48.20 price objective for the company. in a research report on Wednesday. One analyst has rated the stock with a sell rating, three have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $51.54.

International Paper Stock Performance

NYSE:IP traded up $1.10 during mid-day trading on Friday, hitting $57.58. The company's stock had a trading volume of 5,336,208 shares, compared to its average volume of 5,333,993. The business's fifty day moving average is $50.36 and its two-hundred day moving average is $46.50. The stock has a market cap of $20.00 billion, a price-to-earnings ratio of 49.21 and a beta of 1.02. International Paper has a 1 year low of $31.76 and a 1 year high of $59.52. 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 (NYSE:IP - Get Free Report) last posted its earnings results on Thursday, October 31st. The basic materials company reported $0.44 EPS for the quarter, topping 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 firm had revenue of $4.69 billion for the quarter, compared to analyst estimates of $4.70 billion. During the same period last year, the company earned $0.64 earnings per share. International Paper's revenue for the quarter was up 1.6% compared to the same quarter last year. Analysts anticipate that International Paper will post 1.29 EPS for the current fiscal year.

International Paper Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Friday, November 15th will be given a $0.4625 dividend. The ex-dividend date is Friday, November 15th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.21%. International Paper's dividend payout ratio (DPR) is currently 158.12%.

International Paper Company Profile

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.