Bank of New York Mellon Corp Cuts Stock Position in International Paper (NYSE:IP)

Bank of New York Mellon Corp trimmed its position in International Paper (NYSE:IP) by 10.8% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,363,443 shares of the basic materials company’s stock after selling 1,742,692 shares during the period. Bank of New York Mellon Corp’s holdings in International Paper were worth $773,041,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. First Horizon Advisors Inc. lifted its stake in shares of International Paper by 5.7% in the 3rd quarter. First Horizon Advisors Inc. now owns 3,282 shares of the basic materials company’s stock worth $160,000 after acquiring an additional 177 shares during the period. AlphaMark Advisors LLC raised its holdings in International Paper by 5.7% during the fourth quarter. AlphaMark Advisors LLC now owns 3,814 shares of the basic materials company’s stock worth $205,000 after purchasing an additional 204 shares in the last quarter. MassMutual Private Wealth & Trust FSB lifted its position in International Paper by 14.7% in the fourth quarter. MassMutual Private Wealth & Trust FSB now owns 1,601 shares of the basic materials company’s stock valued at $86,000 after purchasing an additional 205 shares during the period. Kestra Private Wealth Services LLC boosted its holdings in International Paper by 1.4% in the 4th quarter. Kestra Private Wealth Services LLC now owns 15,244 shares of the basic materials company’s stock valued at $820,000 after purchasing an additional 212 shares in the last quarter. Finally, Empirical Finance LLC increased its position in International Paper by 1.9% during the 3rd quarter. Empirical Finance LLC now owns 12,270 shares of the basic materials company’s stock worth $599,000 after purchasing an additional 224 shares during the period. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on IP shares. BNP Paribas cut International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 price target for the company. in a report on Wednesday, November 13th. Royal Bank of Canada reissued an “outperform” rating and issued a $64.00 target price on shares of International Paper in a report on Friday, January 31st. Bank of America assumed coverage on shares of International Paper in a research report on Thursday, February 13th. They set a “neutral” rating on the stock. Finally, Truist Financial reiterated a “buy” rating and issued a $64.00 price target (down previously from $65.00) on shares of International Paper in a report on Friday, January 31st. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, International Paper presently has an average rating of “Moderate Buy” and an average price target of $51.88.

Insider Activity at International Paper

In related news, Director Kathryn D. Sullivan sold 600 shares of the business’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $58.39, for a total value of $35,034.00. Following the completion of the transaction, the director now owns 37,145 shares of the company’s stock, valued at approximately $2,168,896.55. The trade was a 1.59 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.55% of the stock is owned by corporate insiders.

International Paper Trading Down 0.1 %

NYSE:IP opened at $55.27 on Wednesday. International Paper has a 52-week low of $33.16 and a 52-week high of $60.36. The company has a quick ratio of 1.08, a current ratio of 1.49 and a debt-to-equity ratio of 0.66. The stock has a fifty day simple moving average of $55.58 and a 200-day simple moving average of $52.89. The company has a market capitalization of $19.20 billion, a PE ratio of 35.20, a price-to-earnings-growth ratio of 0.39 and a beta of 1.02.

International Paper (NYSE:IP) last posted its earnings results on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.05). International Paper had a net margin of 2.99% and a return on equity of 4.75%. On average, equities research analysts expect that International Paper will post 2.77 earnings per share for the current fiscal year.

International Paper Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, February 24th will be given a dividend of $0.4625 per share. The ex-dividend date is Monday, February 24th. This represents a $1.85 annualized dividend and a dividend yield of 3.35%. International Paper’s dividend payout ratio is currently 117.83%.

International Paper 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.