Eventide Asset Management LLC Cuts Position in International Paper Company $IP

Eventide Asset Management LLC reduced its position in International Paper Company (NYSE:IP) by 22.2% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 677,353 shares of the basic materials company’s stock after selling 193,082 shares during the period. Eventide Asset Management LLC owned approximately 0.13% of International Paper worth $32,062,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the business. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in International Paper during the first quarter worth approximately $2,830,000. Public Sector Pension Investment Board lifted its holdings in shares of International Paper by 64.9% during the 1st quarter. Public Sector Pension Investment Board now owns 75,572 shares of the basic materials company’s stock valued at $4,032,000 after acquiring an additional 29,735 shares in the last quarter. Resona Asset Management Co. Ltd. boosted its position in International Paper by 61.8% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 160,798 shares of the basic materials company’s stock worth $8,575,000 after purchasing an additional 61,434 shares during the period. Prudential PLC raised its position in International Paper by 124.6% in the first quarter. Prudential PLC now owns 9,672 shares of the basic materials company’s stock valued at $516,000 after purchasing an additional 5,365 shares during the period. Finally, Russell Investments Group Ltd. lifted its stake in shares of International Paper by 37.3% during the first quarter. Russell Investments Group Ltd. now owns 746,816 shares of the basic materials company’s stock worth $39,835,000 after purchasing an additional 203,007 shares in the last quarter. Institutional investors and hedge funds own 81.95% of the company’s stock.

Insider Activity

In other news, SVP Joseph R. Saab sold 9,000 shares of International Paper stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $45.53, for a total transaction of $409,770.00. Following the transaction, the senior vice president directly owned 27,673 shares in the company, valued at approximately $1,259,951.69. This trade represents a 24.54% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.35% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on IP shares. UBS Group lowered their target price on International Paper from $60.00 to $55.00 and set a “buy” rating for the company in a research note on Monday, October 6th. Stifel Nicolaus set a $57.80 price objective on shares of International Paper and gave the company a “buy” rating in a research report on Friday, October 17th. Seaport Res Ptn cut shares of International Paper from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. JPMorgan Chase & Co. lowered their price target on shares of International Paper from $48.00 to $46.00 and set a “neutral” rating for the company in a report on Friday, December 5th. Finally, Zacks Research lowered shares of International Paper from a “hold” rating to a “strong sell” rating in a report on Monday, November 10th. Nine equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, International Paper currently has a consensus rating of “Hold” and a consensus price target of $50.44.

International Paper Stock Performance

Shares of IP opened at $38.57 on Friday. The firm has a market capitalization of $20.37 billion, a PE ratio of -14.78, a P/E/G ratio of 1.23 and a beta of 1.09. The company has a quick ratio of 1.04, a current ratio of 1.31 and a debt-to-equity ratio of 0.52. The firm has a 50-day moving average price of $41.24 and a 200 day moving average price of $45.85. International Paper Company has a 52-week low of $35.56 and a 52-week high of $60.15.

International Paper (NYSE:IP) last issued its quarterly earnings results on Thursday, October 30th. The basic materials company reported ($0.43) earnings per share for the quarter, missing analysts’ consensus estimates of $0.53 by ($0.96). The company had revenue of $6.22 billion during 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 company’s revenue was up 56.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.33 earnings per share. On average, sell-side analysts anticipate that International Paper Company will post 2.77 earnings per share for the current fiscal year.

International Paper Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, December 16th. Shareholders of record on Friday, November 14th will be paid a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a yield of 4.8%. International Paper’s payout ratio is currently -70.88%.

About International Paper

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.