International Paper Company (NYSE:IP) Shares Bought by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank grew its position in International Paper Company (NYSE:IP) by 20.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 200,944 shares of the basic materials company’s stock after purchasing an additional 34,183 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in International Paper were worth $10,720,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in IP. Norges Bank purchased a new position in shares of International Paper in the 4th quarter valued at approximately $109,201,000. Allstate Corp acquired a new stake in shares of International Paper during the fourth quarter worth $524,000. Schroder Investment Management Group lifted its stake in shares of International Paper by 588.7% during the fourth quarter. Schroder Investment Management Group now owns 301,538 shares of the basic materials company’s stock worth $16,178,000 after buying an additional 257,752 shares during the period. Clearbridge Investments LLC grew its holdings in shares of International Paper by 645.6% during the fourth quarter. Clearbridge Investments LLC now owns 577,453 shares of the basic materials company’s stock valued at $31,079,000 after buying an additional 500,001 shares during the last quarter. Finally, O Shaughnessy Asset Management LLC increased its position in shares of International Paper by 1.5% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 78,922 shares of the basic materials company’s stock valued at $4,248,000 after acquiring an additional 1,148 shares during the period. 81.95% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other International Paper news, CAO Holly G. Goughnour sold 7,500 shares of the stock in a transaction that occurred on Monday, May 5th. The stock was sold at an average price of $44.85, for a total transaction of $336,375.00. Following the transaction, the chief accounting officer owned 31,525 shares in the company, valued at approximately $1,413,896.25. This represents a 19.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.35% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on IP. Wall Street Zen raised International Paper from a “sell” rating to a “hold” rating in a research report on Friday, June 27th. Truist Financial set a $59.00 price objective on International Paper in a research note on Wednesday, May 28th. Wells Fargo & Company reiterated an “underweight” rating and issued a $43.00 target price (up previously from $40.00) on shares of International Paper in a research report on Thursday, July 10th. Finally, UBS Group started coverage on shares of International Paper in a report on Wednesday, June 4th. They issued a “buy” rating and a $60.00 price target on the stock. Two research analysts have rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $55.65.

International Paper Price Performance

NYSE:IP opened at $53.72 on Thursday. The company has a 50 day moving average price of $49.28 and a 200-day moving average price of $50.93. International Paper Company has a 1-year low of $43.27 and a 1-year high of $60.36. The firm has a market cap of $28.36 billion, a price-to-earnings ratio of 45.91, a price-to-earnings-growth ratio of 0.50 and a beta of 1.02. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.33 and a quick ratio of 0.96.

International Paper (NYSE:IP) last released its quarterly earnings data on Wednesday, April 30th. The basic materials company reported $0.23 earnings per share for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.12). International Paper had a net margin of 1.99% and a return on equity of 4.05%. The firm had revenue of $5.90 billion during the quarter, compared to analysts’ expectations of $6.38 billion. During the same period in the previous year, the firm posted $0.17 EPS. The firm’s quarterly revenue was up 27.8% on a year-over-year basis. Equities research analysts forecast that International Paper Company will post 2.77 EPS for the current year.

International Paper Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Friday, August 15th will be paid a $0.4625 dividend. The ex-dividend date is Friday, August 15th. This represents a $1.85 annualized dividend and a dividend yield of 3.44%. International Paper’s dividend payout ratio is presently 158.12%.

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.