Lmcg Investments LLC Has $929,000 Position in International Paper (NYSE:IP)

Lmcg Investments LLC trimmed its position in shares of International Paper (NYSE:IP) by 11.5% in the second quarter, Holdings Channel reports. The fund owned 21,531 shares of the basic materials company’s stock after selling 2,785 shares during the quarter. Lmcg Investments LLC’s holdings in International Paper were worth $929,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Bank of New York Mellon Corp grew its holdings in shares of International Paper by 133.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 14,214,754 shares of the basic materials company’s stock worth $613,367,000 after purchasing an additional 8,132,332 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of International Paper by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 21,135,702 shares of the basic materials company’s stock valued at $824,716,000 after purchasing an additional 5,492,035 shares during the period. Franklin Resources Inc. raised its stake in shares of International Paper by 61.5% in the 4th quarter. Franklin Resources Inc. now owns 13,030,839 shares of the basic materials company’s stock valued at $471,065,000 after purchasing an additional 4,960,005 shares during the period. Massachusetts Financial Services Co. MA acquired a new stake in shares of International Paper in the second quarter valued at approximately $119,012,000. Finally, Norges Bank bought a new stake in International Paper during the fourth quarter worth about $94,913,000. Institutional investors and hedge funds own 81.95% of the company’s stock.

Insider Transactions at International Paper

In related news, SVP Clay R. Ellis sold 9,000 shares of International Paper stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $48.83, for a total transaction of $439,470.00. Following the completion of the transaction, the senior vice president now owns 49,832 shares of the company’s stock, valued at $2,433,296.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other International Paper news, SVP Clay R. Ellis sold 9,000 shares of International Paper stock in a transaction that occurred on Wednesday, August 28th. The stock was sold at an average price of $48.83, for a total value of $439,470.00. Following the completion of the sale, the senior vice president now directly owns 49,832 shares in the company, valued at $2,433,296.56. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Kathryn D. Sullivan sold 600 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $43.68, for a total value of $26,208.00. Following the completion of the transaction, the director now directly owns 42,202 shares in the company, valued at $1,843,383.36. The disclosure for this sale can be found here. Insiders sold a total of 19,440 shares of company stock worth $927,956 over the last three months. 0.55% of the stock is owned by company insiders.

International Paper Stock Down 0.6 %

Shares of IP opened at $49.52 on Wednesday. The stock’s 50-day moving average price is $46.62 and its two-hundred day moving average price is $42.50. International Paper has a 12 month low of $31.76 and a 12 month high of $50.55. The company has a market capitalization of $17.20 billion, a PE ratio of 101.06 and a beta of 1.04. The company has a current ratio of 1.59, a quick ratio of 1.17 and a debt-to-equity ratio of 0.62.

International Paper (NYSE:IP) last posted its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.55 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.14. International Paper had a return on equity of 7.28% and a net margin of 2.34%. The company had revenue of $4.73 billion for the quarter, compared to analyst estimates of $4.78 billion. During the same period in the previous year, the firm earned $0.59 earnings per share. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. On average, analysts anticipate that International Paper will post 1.55 EPS for the current year.

International Paper Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Thursday, August 15th were paid a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date was Thursday, August 15th. International Paper’s dividend payout ratio is currently 377.55%.

Wall Street Analyst Weigh In

A number of equities analysts have commented on IP shares. Jefferies Financial Group raised shares of International Paper from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $38.00 to $57.00 in a research report on Thursday, May 23rd. Stifel Nicolaus began coverage on International Paper in a research note on Tuesday, July 9th. They issued a “hold” rating and a $48.70 price target on the stock. Truist Financial increased their price objective on shares of International Paper from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. Seaport Res Ptn raised International Paper from a “hold” rating to a “strong-buy” rating in a report on Friday, June 28th. Finally, Wells Fargo & Company upped their target price on International Paper from $43.00 to $45.00 and gave the stock an “equal weight” rating in a report on Thursday, July 25th. Three investment analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, International Paper presently has an average rating of “Moderate Buy” and an average price target of $50.21.

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.