Bank of New York Mellon Corp Sells 1,865,802 Shares of International Paper Company $IP

Bank of New York Mellon Corp lowered its holdings in International Paper Company (NYSE:IP) by 10.0% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 16,872,094 shares of the basic materials company’s stock after selling 1,865,802 shares during the quarter. Bank of New York Mellon Corp owned 3.20% of International Paper worth $782,865,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the business. AlphaQuest LLC grew its stake in shares of International Paper by 63,400.0% in the 2nd quarter. AlphaQuest LLC now owns 635 shares of the basic materials company’s stock valued at $30,000 after purchasing an additional 634 shares during the period. Migdal Insurance & Financial Holdings Ltd. bought a new stake in International Paper in the second quarter valued at $33,000. Elevation Point Wealth Partners LLC bought a new stake in International Paper in the second quarter valued at $35,000. CYBER HORNET ETFs LLC acquired a new position in International Paper during the second quarter worth $43,000. Finally, City Holding Co. acquired a new stake in shares of International Paper in the 3rd quarter valued at $46,000. Institutional investors and hedge funds own 81.95% of the company’s stock.

International Paper Price Performance

IP opened at $41.44 on Thursday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.31 and a quick ratio of 1.04. The stock has a market capitalization of $21.88 billion, a P/E ratio of -15.88, a price-to-earnings-growth ratio of 0.49 and a beta of 1.10. The company’s 50 day simple moving average is $40.11 and its 200-day simple moving average is $44.20. International Paper Company has a one year low of $35.56 and a one year high of $58.97.

International Paper (NYSE:IP) last posted its quarterly earnings data on Thursday, October 30th. The basic materials company reported ($0.43) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.96). The firm had revenue of $6.22 billion for the quarter, compared to analyst estimates of $6.76 billion. International Paper had a negative return on equity of 0.16% and a negative net margin of 5.45%.The firm’s quarterly revenue was up 56.4% compared to the same quarter last year. During the same period in the prior year, the company posted $0.33 EPS. Sell-side analysts anticipate that International Paper Company will post 2.77 earnings per share for the current fiscal year.

Insider Buying and Selling

In other International Paper news, SVP Clay R. Ellis sold 18,819 shares of the business’s stock in a transaction dated Tuesday, November 18th. The stock was sold at an average price of $36.85, for a total transaction of $693,480.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.55% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on IP. Zacks Research cut shares of International Paper from a “hold” rating to a “strong sell” rating in a research report on Monday, January 12th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of International Paper in a report on Monday, December 29th. Jefferies Financial Group lifted their target price on shares of International Paper from $47.00 to $48.00 and gave the company a “buy” rating in a research note on Thursday, January 22nd. Royal Bank Of Canada set a $55.00 price target on International Paper and gave the stock an “outperform” rating in a research report on Thursday, December 18th. Finally, BNP Paribas Exane raised International Paper from a “strong sell” rating to an “outperform” rating and set a $44.00 price target for the company in a report on Monday, November 24th. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $49.07.

About International Paper

International Paper is a global producer of renewable fiber-based products, focused primarily on pulp, paper, and packaging. The company manufactures containerboard and corrugated packaging used for shipping and retail display, as well as a range of specialty papers and pulp products that serve industrial, consumer goods, and e-commerce customers. Its product portfolio is oriented toward large-scale packaging solutions, tissue and paper grades, and raw pulp for a variety of manufacturing uses.

Founded in 1898, International Paper is headquartered in Memphis, Tennessee, and is one of the largest and longest-established companies in the forest products sector.