MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. Sells 367,899 Shares of International Paper Company $IP

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. decreased its holdings in International Paper Company (NYSE:IP) by 85.6% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 61,843 shares of the basic materials company’s stock after selling 367,899 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.’s holdings in International Paper were worth $3,299,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Zions Bancorporation National Association UT bought a new position in shares of International Paper in the first quarter worth about $34,000. Bernard Wealth Management Corp. bought a new position in International Paper during the fourth quarter valued at approximately $37,000. Citizens National Bank Trust Department bought a new stake in shares of International Paper in the 1st quarter valued at approximately $37,000. Grove Bank & Trust lifted its stake in shares of International Paper by 472.0% in the 1st quarter. Grove Bank & Trust now owns 755 shares of the basic materials company’s stock valued at $40,000 after purchasing an additional 623 shares during the last quarter. Finally, Toth Financial Advisory Corp bought a new stake in shares of International Paper in the 1st quarter valued at approximately $42,000. Institutional investors own 81.95% of the company’s stock.

International Paper Stock Performance

Shares of IP opened at $46.01 on Friday. The stock has a 50-day moving average of $49.43 and a two-hundred day moving average of $49.01. International Paper Company has a one year low of $43.27 and a one year high of $60.36. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.96 and a current ratio of 1.33. The stock has a market cap of $24.29 billion, a P/E ratio of -460.10, a P/E/G ratio of 0.53 and a beta of 1.05.

International Paper (NYSE:IP) last released its quarterly earnings data on Thursday, July 31st. The basic materials company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.18). The company had revenue of $6.77 billion for the quarter, compared to analysts’ expectations of $6.64 billion. International Paper had a negative net margin of 0.12% and a positive return on equity of 2.63%. The business’s quarterly revenue was up 42.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.55 EPS. As a group, research analysts predict that International Paper Company will post 2.77 EPS for the current year.

International Paper Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Friday, August 15th will be issued a $0.4625 dividend. This represents a $1.85 annualized dividend and a yield of 4.0%. The ex-dividend date is Friday, August 15th. International Paper’s payout ratio is presently -1,850.00%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on IP shares. Zacks Research downgraded International Paper from a “hold” rating to a “strong sell” rating in a report on Monday, August 18th. Bank of America upgraded International Paper from a “neutral” rating to a “buy” rating and increased their price target for the stock from $55.00 to $57.00 in a report on Thursday, August 28th. Wells Fargo & Company restated an “underweight” rating and set a $43.00 price objective (up from $40.00) on shares of International Paper in a report on Thursday, July 10th. Wall Street Zen upgraded International Paper from a “sell” rating to a “hold” rating in a report on Friday, June 27th. Finally, Truist Financial set a $59.00 target price on International Paper in a research report on Wednesday, May 28th. Five investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, International Paper currently has a consensus rating of “Hold” and a consensus price target of $55.65.

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.