The Manufacturers Life Insurance Company Has $30.46 Million Position in International Paper (NYSE:IP)

The Manufacturers Life Insurance Company cut its holdings in shares of International Paper (NYSE:IP - Free Report) by 9.8% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 623,469 shares of the basic materials company's stock after selling 68,078 shares during the quarter. The Manufacturers Life Insurance Company owned 0.18% of International Paper worth $30,456,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IP. Private Trust Co. NA increased its position in shares of International Paper by 15.9% in the third quarter. Private Trust Co. NA now owns 5,627 shares of the basic materials company's stock worth $275,000 after purchasing an additional 771 shares during the period. Daiwa Securities Group Inc. grew its stake in International Paper by 1.1% during the third quarter. Daiwa Securities Group Inc. now owns 40,947 shares of the basic materials company's stock worth $2,000,000 after buying an additional 442 shares in the last quarter. Pitcairn Co. bought a new position in International Paper in the 3rd quarter valued at about $3,170,000. KKM Financial LLC acquired a new position in shares of International Paper in the 3rd quarter valued at approximately $211,000. Finally, Cerity Partners LLC lifted its holdings in shares of International Paper by 7.3% during the 3rd quarter. Cerity Partners LLC now owns 38,050 shares of the basic materials company's stock worth $1,859,000 after acquiring an additional 2,588 shares during the period. 81.95% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

IP has been the topic of a number of recent analyst reports. BNP Paribas cut shares of International Paper from a "neutral" rating to an "underperform" rating and set a $48.20 price objective on the stock. in a research note on Wednesday, November 13th. Argus upgraded International Paper from a "hold" rating to a "buy" rating and set a $52.00 price target on the stock in a research note on Wednesday, August 14th. Royal Bank of Canada upped their price objective on International Paper from $56.00 to $64.00 and gave the stock an "outperform" rating in a research report on Friday, November 1st. Finally, Truist Financial reiterated a "buy" rating and issued a $61.00 target price (up previously 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 issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $51.54.

International Paper Trading Up 0.8 %

Shares of NYSE:IP traded up $0.45 during midday trading on Friday, hitting $58.83. 1,819,835 shares of the stock were exchanged, compared to its average volume of 5,295,982. The business's 50-day moving average price is $52.39 and its 200 day moving average price is $48.03. The stock has a market capitalization of $20.44 billion, a price-to-earnings ratio of 50.28 and a beta of 1.02. International Paper has a 12 month low of $32.70 and a 12 month high of $60.36. The company has a debt-to-equity ratio of 0.62, a quick ratio of 1.11 and a current ratio of 1.53.

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. The firm had revenue of $4.69 billion during the quarter, compared to analysts' expectations of $4.70 billion. International Paper had a net margin of 2.25% and a return on equity of 6.49%. The company's revenue was up 1.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.64 EPS. Analysts predict that International Paper will post 1.22 earnings per share for the current year.

International Paper Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Friday, November 15th will be given a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 3.14%. The ex-dividend date is Friday, November 15th. International Paper's dividend payout ratio is currently 158.12%.

Insider Buying and Selling at International Paper

In other news, Director Kathryn D. Sullivan sold 600 shares of the business's stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $49.48, for a total value of $29,688.00. Following the transaction, the director now owns 39,802 shares in the company, valued at approximately $1,969,402.96. The trade was a 1.49 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Joseph R. Saab sold 2,440 shares of the stock in a transaction 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 sale, the senior vice president now owns 18,668 shares of the company's stock, valued at approximately $882,996.40. This trade represents a 11.56 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 10,440 shares of company stock worth $505,070. Insiders own 0.55% of the company's stock.

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.