The Manufacturers Life Insurance Company Acquires 389,092 Shares of International Paper Company $IP

The Manufacturers Life Insurance Company raised its holdings in shares of International Paper Company (NYSE:IP) by 50.0% in the 2nd quarter, HoldingsChannel reports. The firm owned 1,167,393 shares of the basic materials company’s stock after buying an additional 389,092 shares during the period. The Manufacturers Life Insurance Company’s holdings in International Paper were worth $44,478,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of IP. BlackRock Inc. acquired a new stake in shares of International Paper during the 2nd quarter worth about $1,940,896,000. California State Teachers Retirement System boosted its holdings in shares of International Paper by 3,696.7% during the 2nd quarter. California State Teachers Retirement System now owns 22,244,418 shares of the basic materials company’s stock worth $847,512,000 after buying an additional 21,658,528 shares during the period. Bank of New York Mellon Corp acquired a new position in International Paper in the 2nd quarter valued at about $689,498,000. Capital International Investors raised its holdings in International Paper by 29.4% in the 4th quarter. Capital International Investors now owns 63,413,335 shares of the basic materials company’s stock valued at $2,498,013,000 after acquiring an additional 14,422,616 shares during the period. Finally, Atlas FRM LLC bought a new position in International Paper in the 2nd quarter valued at about $374,904,000. 81.95% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at International Paper

In other news, VP William Hamic sold 24,500 shares of the stock in a transaction on Friday, August 7th. The stock was sold at an average price of $41.20, for a total transaction of $1,009,400.00. Following the sale, the vice president directly owned 106,952 shares of the company’s stock, valued at approximately $4,406,422.40. This represents a 18.64% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Holly G. Goughnour sold 3,500 shares of the firm’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $41.96, for a total value of $146,860.00. Following the completion of the transaction, the chief accounting officer owned 34,248 shares in the company, valued at $1,437,046.08. The trade was a 9.27% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.21% of the company’s stock.

International Paper Stock Up 0.4%

Shares of IP opened at $34.41 on Friday. The company has a current ratio of 1.10, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. International Paper Company has a 12 month low of $29.26 and a 12 month high of $50.25. The firm’s 50 day moving average is $39.21 and its 200-day moving average is $36.96. The stock has a market capitalization of $18.22 billion, a PE ratio of -5.28, a P/E/G ratio of 4.26 and a beta of 0.93.

International Paper (NYSE:IP) last issued its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.04) by $0.08. The business had revenue of $6 billion during the quarter, compared to analysts’ expectations of $6.19 billion. International Paper had a negative return on equity of 1.09% and a negative net margin of 14.20%.The firm’s revenue for the quarter was down 11.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.20 earnings per share. Equities research analysts forecast that International Paper Company will post 1.34 EPS for the current year.

International Paper Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, August 14th will be given a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 5.4%. The ex-dividend date is Friday, August 14th. International Paper’s dividend payout ratio is presently -28.37%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. Weiss Ratings upgraded International Paper from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, August 21st. Loop Capital set a $61.00 price target on International Paper in a report on Tuesday, July 28th. UBS Group boosted their price target on International Paper from $40.00 to $47.00 and gave the company a “neutral” rating in a research note on Friday, July 31st. Royal Bank Of Canada upped their price objective on International Paper from $48.00 to $52.00 and gave the company an “outperform” rating in a report on Friday, July 31st. Finally, Seaport Research Partners reiterated a “buy” rating and set a $46.00 price objective on shares of International Paper in a research report on Wednesday, August 12th. Ten equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, International Paper presently has a consensus rating of “Moderate Buy” and a consensus target price of $49.13.

International Paper Company Profile

International Paper Company (NYSE: IP) is a global producer of sustainable packaging and paper-based products. The company manufactures containerboard, corrugated packaging, and other fiber-based packaging solutions used to transport and protect goods across a range of industries. Its offerings also include absorbent pulp and cellulose fibers used in products such as diapers, hygiene items, and other consumer and industrial applications.

Founded in 1898, International Paper has grown through the development and operation of paper mills, packaging facilities, and related manufacturing assets.