Sumitomo Mitsui Trust Group Inc. Sells 26,184 Shares of International Paper Company $IP

Sumitomo Mitsui Trust Group Inc. trimmed its position in International Paper Company (NYSE:IP) by 1.9% during the second quarter, HoldingsChannel.com reports. The fund owned 1,319,032 shares of the basic materials company’s stock after selling 26,184 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in International Paper were worth $61,770,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the company. Asset Management One Co. Ltd. increased its stake in International Paper by 1.4% in the second quarter. Asset Management One Co. Ltd. now owns 203,759 shares of the basic materials company’s stock valued at $9,542,000 after acquiring an additional 2,860 shares during the last quarter. LifeWealth Investments LLC increased its stake in International Paper by 12.0% in the second quarter. LifeWealth Investments LLC now owns 8,847 shares of the basic materials company’s stock valued at $414,000 after acquiring an additional 949 shares during the last quarter. FNY Investment Advisers LLC bought a new position in International Paper in the second quarter valued at approximately $47,000. Chevy Chase Trust Holdings LLC grew its stake in shares of International Paper by 0.8% during the second quarter. Chevy Chase Trust Holdings LLC now owns 279,086 shares of the basic materials company’s stock worth $13,070,000 after buying an additional 2,313 shares during the last quarter. Finally, Easterly Investment Partners LLC grew its stake in shares of International Paper by 19.9% during the second quarter. Easterly Investment Partners LLC now owns 195,576 shares of the basic materials company’s stock worth $9,159,000 after buying an additional 32,473 shares during the last quarter. 81.95% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Wall Street Zen cut shares of International Paper from a “hold” rating to a “sell” rating in a research note on Saturday, October 18th. UBS Group cut their price target on shares of International Paper from $60.00 to $55.00 and set a “buy” rating on the stock in a report on Monday, October 6th. Bank of America upgraded shares of International Paper from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $55.00 to $57.00 in a report on Thursday, August 28th. Weiss Ratings restated a “hold (c)” rating on shares of International Paper in a report on Tuesday, October 14th. Finally, Jefferies Financial Group dropped their target price on shares of International Paper from $61.00 to $59.00 and set a “buy” rating on the stock in a report on Friday, September 26th. Seven analysts have rated the stock with a Buy rating, four have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $53.85.

Insider Activity at International Paper

In related news, SVP Joseph R. Saab sold 9,000 shares of the stock in a transaction on Tuesday, September 16th. The shares were sold at an average price of $45.53, for a total transaction of $409,770.00. Following the transaction, the senior vice president owned 27,673 shares of the company’s stock, valued at approximately $1,259,951.69. This trade represents a 24.54% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.55% of the company’s stock.

International Paper Stock Down 0.5%

IP opened at $48.86 on Monday. The company has a quick ratio of 0.96, a current ratio of 1.33 and a debt-to-equity ratio of 0.52. The stock has a market cap of $25.80 billion, a price-to-earnings ratio of -488.60, a PEG ratio of 0.59 and a beta of 1.10. International Paper Company has a twelve month low of $43.27 and a twelve month high of $60.36. The company’s 50-day moving average price is $47.20 and its two-hundred day moving average price is $47.88.

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

International Paper Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 16th. Stockholders of record on Friday, November 14th will be issued a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.8%. International Paper’s payout ratio is -1,850.00%.

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.