Bessemer Group Inc. Increases Holdings in International Paper Company (NYSE:IP)

Bessemer Group Inc. raised its stake in International Paper Company (NYSE:IP) by 3,304.9% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,547,255 shares of the basic materials company’s stock after buying an additional 2,472,443 shares during the quarter. Bessemer Group Inc.’s holdings in International Paper were worth $135,897,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of IP. Picton Mahoney Asset Management grew its holdings in shares of International Paper by 67.0% in the fourth quarter. Picton Mahoney Asset Management now owns 536 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 215 shares during the period. Venturi Wealth Management LLC boosted its holdings in International Paper by 90.2% in the 4th quarter. Venturi Wealth Management LLC now owns 622 shares of the basic materials company’s stock valued at $33,000 after purchasing an additional 295 shares during the last quarter. Bernard Wealth Management Corp. purchased a new stake in shares of International Paper in the 4th quarter valued at approximately $37,000. Transce3nd LLC purchased a new stake in shares of International Paper in the 4th quarter valued at approximately $38,000. Finally, Grove Bank & Trust increased its holdings in shares of International Paper by 472.0% during the 1st quarter. Grove Bank & Trust now owns 755 shares of the basic materials company’s stock worth $40,000 after buying an additional 623 shares during the last quarter. 81.95% of the stock is owned by institutional investors and hedge funds.

International Paper Price Performance

IP opened at $46.62 on Wednesday. The stock’s 50-day moving average price is $47.02 and its 200 day moving average price is $51.48. International Paper Company has a 12-month low of $41.50 and a 12-month high of $60.36. The firm has a market cap of $24.61 billion, a price-to-earnings ratio of 39.85, a PEG ratio of 0.42 and a beta of 1.04. The company has a current ratio of 1.33, a quick ratio of 0.96 and a debt-to-equity ratio of 0.51.

International Paper (NYSE:IP) last issued its quarterly earnings results on Wednesday, April 30th. The basic materials company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.12). International Paper had a return on equity of 4.05% and a net margin of 1.99%. The business had revenue of $5.90 billion for the quarter, compared to analyst estimates of $6.38 billion. During the same period in the prior year, the company posted $0.17 EPS. The firm’s revenue for the quarter was up 27.8% compared to the same quarter last year. As a group, sell-side analysts expect that International Paper Company will post 2.77 earnings per share for the current year.

International Paper Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 23rd were issued a dividend of $0.4625 per share. The ex-dividend date of this dividend was Friday, May 23rd. This represents a $1.85 dividend on an annualized basis and a yield of 3.97%. International Paper’s dividend payout ratio (DPR) is presently 158.12%.

Insider Buying and Selling at International Paper

In other International Paper news, CAO Holly G. Goughnour sold 7,500 shares of the stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $44.85, for a total value of $336,375.00. Following the sale, the chief accounting officer now owns 31,525 shares of the company’s stock, valued at $1,413,896.25. This trade represents a 19.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.55% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Truist Financial set a $59.00 price objective on International Paper in a report on Wednesday, May 28th. Wall Street Zen lowered International Paper from a “hold” rating to a “sell” rating in a research note on Monday, May 5th. Royal Bank Of Canada reissued an “outperform” rating and set a $64.00 price objective on shares of International Paper in a research report on Wednesday, March 26th. JPMorgan Chase & Co. initiated coverage on shares of International Paper in a report on Thursday, March 20th. They issued an “overweight” rating and a $59.00 price objective on the stock. Finally, Citigroup initiated coverage on shares of International Paper in a research note on Wednesday, March 5th. They set a “buy” rating and a $60.00 target price for the company. Three equities research analysts have rated the stock with a sell rating, two have given a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $54.54.

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.