Bank of New York Mellon Corp Cuts Position in International Paper (NYSE:IP)

Posted by Defense World Staff on Mar 21st, 2023

Bank of New York Mellon Corp trimmed its holdings in shares of International Paper (NYSE:IP – Get Rating) by 7.8% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,021,201 shares of the basic materials company’s stock after selling 256,342 shares during the period. Bank of New York Mellon Corp owned about 0.85% of International Paper worth $95,771,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the business. State Street Corp grew its stake in International Paper by 0.9% during the first quarter. State Street Corp now owns 24,364,091 shares of the basic materials company’s stock worth $1,124,403,000 after buying an additional 218,754 shares during the period. Charles Schwab Investment Management Inc. grew its stake in International Paper by 7.4% during the first quarter. Charles Schwab Investment Management Inc. now owns 6,506,475 shares of the basic materials company’s stock worth $300,274,000 after buying an additional 450,484 shares during the period. Nordea Investment Management AB grew its stake in International Paper by 0.5% during the third quarter. Nordea Investment Management AB now owns 5,963,318 shares of the basic materials company’s stock worth $193,987,000 after buying an additional 27,986 shares during the period. Dimensional Fund Advisors LP grew its stake in International Paper by 1.3% during the third quarter. Dimensional Fund Advisors LP now owns 5,232,061 shares of the basic materials company’s stock worth $165,880,000 after buying an additional 69,539 shares during the period. Finally, Northern Trust Corp grew its stake in International Paper by 7.6% during the second quarter. Northern Trust Corp now owns 4,642,484 shares of the basic materials company’s stock worth $194,196,000 after buying an additional 328,208 shares during the period. 83.64% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on IP shares. UBS Group upgraded shares of International Paper from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $31.00 to $43.00 in a research note on Friday, February 3rd. Citigroup boosted their price objective on shares of International Paper from $36.00 to $44.00 and gave the stock a “neutral” rating in a research note on Thursday, February 2nd. Wells Fargo & Company upped their target price on shares of International Paper from $32.00 to $38.00 and gave the company an “equal weight” rating in a research note on Wednesday, February 1st. Royal Bank of Canada upped their target price on shares of International Paper from $36.00 to $40.00 and gave the company a “sector perform” rating in a research note on Wednesday, February 1st. Finally, Argus upped their target price on shares of International Paper from $43.00 to $50.00 and gave the company a “buy” rating in a research note on Thursday, February 2nd. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $38.82.

Insider Activity at International Paper

In other International Paper news, SVP Timothy S. Nicholls sold 5,000 shares of the stock in a transaction on Thursday, February 16th. The shares were sold at an average price of $38.95, for a total transaction of $194,750.00. Following the sale, the senior vice president now directly owns 129,261 shares of the company’s stock, valued at $5,034,715.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other International Paper news, SVP Timothy S. Nicholls sold 5,000 shares of the stock in a transaction on Thursday, February 16th. The shares were sold at an average price of $38.95, for a total transaction of $194,750.00. Following the sale, the senior vice president now directly owns 129,261 shares of the company’s stock, valued at $5,034,715.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Aimee K. Gregg sold 1,862 shares of the stock in a transaction on Wednesday, February 22nd. The stock was sold at an average price of $36.05, for a total transaction of $67,125.10. Following the sale, the senior vice president now directly owns 4,260 shares in the company, valued at $153,573. The disclosure for this sale can be found here. Insiders have sold 91,862 shares of company stock valued at $3,201,175 over the last ninety days. Corporate insiders own 0.42% of the company’s stock.

International Paper Trading Up 2.3 %

IP opened at $34.83 on Tuesday. The stock has a market capitalization of $12.19 billion, a PE ratio of 8.56 and a beta of 1.07. The firm’s fifty day moving average price is $37.55 and its 200 day moving average price is $36.06. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.35 and a quick ratio of 0.97. International Paper has a 12-month low of $30.69 and a 12-month high of $50.23.

International Paper (NYSE:IP – Get Rating) last posted its quarterly earnings results on Tuesday, January 31st. The basic materials company reported $0.87 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.69 by $0.18. The firm had revenue of $5.13 billion for the quarter, compared to analysts’ expectations of $5.20 billion. International Paper had a net margin of 7.11% and a return on equity of 15.81%. The firm’s quarterly revenue was up .9% on a year-over-year basis. During the same period in the prior year, the company posted $0.78 earnings per share. As a group, research analysts expect that International Paper will post 2.86 EPS for the current fiscal year.

International Paper Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, March 15th. Investors of record on Friday, February 17th were issued a $0.4625 dividend. The ex-dividend date was Thursday, February 16th. This represents a $1.85 annualized dividend and a yield of 5.31%. International Paper’s dividend payout ratio is presently 45.45%.

International Paper Profile

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International Paper Co engages in the manufacture of paper and packaging products. It operates through the following segments: Industrial Packaging, Global Cellulose Fibers, and Printing Papers. The Industrial Packaging segment is involved in manufacturing containerboards, which include linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft.