Allspring Global Investments Holdings LLC Sells 540,570 Shares of International Paper Company $IP

Allspring Global Investments Holdings LLC lessened its holdings in shares of International Paper Company (NYSE:IP) by 62.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 324,716 shares of the basic materials company’s stock after selling 540,570 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.06% of International Paper worth $11,579,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. lifted its stake in International Paper by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 64,357,913 shares of the basic materials company’s stock valued at $2,535,058,000 after buying an additional 310,834 shares in the last quarter. Capital International Investors increased its holdings in International Paper by 29.4% during the 4th quarter. Capital International Investors now owns 63,413,335 shares of the basic materials company’s stock worth $2,498,013,000 after purchasing an additional 14,422,616 shares in the last quarter. Capital Research Global Investors raised its stake in shares of International Paper by 0.4% in the 4th quarter. Capital Research Global Investors now owns 54,535,444 shares of the basic materials company’s stock valued at $2,148,154,000 after purchasing an additional 204,654 shares during the period. State Street Corp raised its stake in shares of International Paper by 1.3% in the 4th quarter. State Street Corp now owns 30,009,733 shares of the basic materials company’s stock valued at $1,182,083,000 after purchasing an additional 397,673 shares during the period. Finally, Franklin Resources Inc. lifted its holdings in shares of International Paper by 81.6% in the fourth quarter. Franklin Resources Inc. now owns 14,832,952 shares of the basic materials company’s stock valued at $584,270,000 after purchasing an additional 6,663,986 shares in the last quarter. 81.95% of the stock is currently owned by institutional investors and hedge funds.

International Paper Trading Up 4.8%

Shares of International Paper stock opened at $38.10 on Thursday. International Paper Company has a 12-month low of $29.26 and a 12-month high of $56.13. The company has a market capitalization of $20.17 billion, a price-to-earnings ratio of -5.99 and a beta of 0.94. The company has a quick ratio of 0.94, a current ratio of 1.21 and a debt-to-equity ratio of 0.55. The firm’s 50-day moving average price is $35.31 and its two-hundred day moving average price is $37.98.

International Paper (NYSE:IP) last released its earnings results on Thursday, April 30th. The basic materials company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.03). International Paper had a negative return on equity of 0.49% and a negative net margin of 13.42%.The business had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $6.02 billion. During the same quarter in the previous year, the company earned $0.17 earnings per share. The firm’s revenue for the quarter was up 13.4% on a year-over-year basis. On average, analysts forecast that International Paper Company will post 1.39 earnings per share for the current fiscal year.

International Paper Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, August 14th will be paid a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 4.9%. The ex-dividend date is Friday, August 14th. International Paper’s dividend payout ratio (DPR) is presently -29.09%.

Analyst Ratings Changes

Several equities research analysts have commented on the company. JPMorgan Chase & Co. boosted their target price on International Paper from $43.00 to $51.00 and gave the company a “neutral” rating in a research note on Thursday, July 9th. Wells Fargo & Company raised their price target on shares of International Paper from $39.00 to $42.00 and gave the stock an “overweight” rating in a research note on Thursday, July 9th. Seaport Research Partners upgraded shares of International Paper from a “neutral” rating to a “buy” rating and set a $39.00 price objective on the stock in a report on Friday, May 1st. Citigroup increased their target price on shares of International Paper from $36.00 to $43.00 and gave the stock a “buy” rating in a report on Thursday, July 9th. Finally, UBS Group cut their price objective on International Paper from $40.00 to $32.00 and set a “neutral” rating for the company in a report on Monday, May 4th. Eight equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, International Paper has an average rating of “Moderate Buy” and a consensus price target of $44.31.

Insider Buying and Selling at International Paper

In related news, Director Scott Tozier purchased 10,000 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The shares were bought at an average cost of $31.30 per share, with a total value of $313,000.00. Following the acquisition, the director owned 10,025 shares of the company’s stock, valued at $313,782.50. This trade represents a 40,000.00% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.21% of the company’s stock.

International Paper Company Profile

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.