Sumitomo Mitsui Trust Holdings Inc. Sells 3,912 Shares of International Paper (NYSE:IP)

Sumitomo Mitsui Trust Holdings Inc. lowered its stake in shares of International Paper (NYSE:IPFree Report) by 0.4% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,020,577 shares of the basic materials company’s stock after selling 3,912 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.29% of International Paper worth $39,823,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Jones Financial Companies Lllp increased its holdings in shares of International Paper by 208.3% during the 4th quarter. Jones Financial Companies Lllp now owns 703 shares of the basic materials company’s stock worth $25,000 after acquiring an additional 475 shares during the last quarter. CVA Family Office LLC acquired a new position in shares of International Paper during the 4th quarter worth approximately $27,000. MCF Advisors LLC increased its holdings in shares of International Paper by 1,094.7% during the 1st quarter. MCF Advisors LLC now owns 681 shares of the basic materials company’s stock worth $27,000 after acquiring an additional 624 shares during the last quarter. Assetmark Inc. increased its holdings in shares of International Paper by 309.0% during the 4th quarter. Assetmark Inc. now owns 859 shares of the basic materials company’s stock worth $31,000 after acquiring an additional 649 shares during the last quarter. Finally, Princeton Global Asset Management LLC acquired a new position in shares of International Paper during the 4th quarter worth approximately $36,000. Institutional investors own 81.95% of the company’s stock.

International Paper Stock Performance

IP opened at $42.82 on Monday. The firm has a market cap of $14.87 billion, a P/E ratio of 87.39 and a beta of 1.06. International Paper has a 52-week low of $30.78 and a 52-week high of $47.40. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.22 and a current ratio of 1.68. The business’s fifty day moving average is $42.68 and its 200-day moving average is $38.62.

International Paper (NYSE:IPGet Free Report) last released its earnings results on Thursday, April 25th. The basic materials company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.06). International Paper had a return on equity of 7.45% and a net margin of 0.93%. The company had revenue of $4.62 billion for the quarter, compared to analyst estimates of $4.56 billion. During the same period last year, the company posted $0.53 earnings per share. The business’s revenue for the quarter was down 8.0% compared to the same quarter last year. Sell-side analysts expect that International Paper will post 1.9 EPS for the current fiscal year.

International Paper Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 24th. Investors of record on Friday, May 24th were given a dividend of $0.4625 per share. The ex-dividend date of this dividend was Thursday, May 23rd. This represents a $1.85 annualized dividend and a dividend yield of 4.32%. International Paper’s dividend payout ratio is currently 377.55%.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on IP. Jefferies Financial Group raised International Paper from a “hold” rating to a “buy” rating and boosted their target price for the stock from $38.00 to $57.00 in a report on Thursday, May 23rd. Truist Financial reaffirmed a “buy” rating and issued a $52.00 price objective on shares of International Paper in a report on Thursday, June 27th. Seaport Res Ptn raised International Paper from a “hold” rating to a “strong-buy” rating in a report on Friday, June 28th. Citigroup raised International Paper from a “neutral” rating to a “buy” rating and upped their price objective for the company from $36.00 to $46.00 in a report on Wednesday, March 20th. Finally, Wells Fargo & Company upped their price objective on International Paper from $37.00 to $41.00 and gave the company an “equal weight” rating in a report on Thursday, May 30th. Four equities research analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $44.71.

Read Our Latest Analysis on IP

Insider Buying and Selling

In related news, Director Kathryn D. Sullivan sold 600 shares of the company’s stock in a transaction on Friday, June 14th. The stock was sold at an average price of $45.11, for a total transaction of $27,066.00. Following the completion of the sale, the director now directly owns 43,402 shares in the company, valued at approximately $1,957,864.22. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders sold a total of 3,600 shares of company stock worth $147,054 in the last ninety days. 0.55% of the stock is owned by insiders.

International Paper Profile

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for International Paper (NYSE:IP)

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