Legal & General Group Plc Has $107.02 Million Holdings in International Paper Company $IP

by · The Cerbat Gem

Legal & General Group Plc cut its holdings in International Paper Company (NYSE:IP – Free Report) by 14.7% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,721,575 shares of the basic materials company’s stock after selling 469,982 shares during the quarter. Legal & General Group Plc owned 0.52% of International Paper worth $107,020,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in IP. Capital International Investors lifted its stake in International Paper by 51.4% in the third quarter. Capital International Investors now owns 48,990,719 shares of the basic materials company’s stock valued at $2,272,966,000 after buying an additional 16,622,062 shares during the period. Capital Research Global Investors lifted its stake in International Paper by 7.5% in the third quarter. Capital Research Global Investors now owns 54,330,790 shares of the basic materials company’s stock valued at $2,520,945,000 after buying an additional 3,768,772 shares during the period. Invesco Ltd. increased its holdings in shares of International Paper by 11.8% during the third quarter. Invesco Ltd. now owns 9,121,170 shares of the basic materials company’s stock valued at $423,222,000 after acquiring an additional 960,240 shares in the last quarter. BNP Paribas Financial Markets increased its holdings in shares of International Paper by 19.1% during the third quarter. BNP Paribas Financial Markets now owns 5,039,300 shares of the basic materials company’s stock valued at $233,824,000 after acquiring an additional 809,727 shares in the last quarter. Finally, SG Americas Securities LLC increased its holdings in shares of International Paper by 94.8% during the fourth quarter. SG Americas Securities LLC now owns 1,590,689 shares of the basic materials company’s stock valued at $62,657,000 after acquiring an additional 774,301 shares in the last quarter. 81.95% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at International Paper

In related news, Director Scott Tozier purchased 10,000 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The stock was acquired at an average price of $31.30 per share, for a total transaction of $313,000.00. Following the completion of the acquisition, the director owned 10,025 shares of the company’s stock, valued at $313,782.50. This represents a 40,000.00% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Anders Gustafsson purchased 13,217 shares of the firm’s stock in a transaction that occurred on Thursday, March 12th. The shares were bought at an average price of $37.83 per share, with a total value of $499,999.11. Following the acquisition, the director directly owned 26,092 shares of the company’s stock, valued at $987,060.36. This represents a 102.66% increase in their position. The disclosure for this purchase is available in the SEC filing. Insiders have purchased 36,092 shares of company stock valued at $1,313,064 in the last quarter. 0.21% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on IP shares. Truist Financial decreased their price objective on International Paper from $48.00 to $44.00 and set a “buy” rating for the company in a report on Wednesday, April 15th. Seaport Research Partners upgraded International Paper from a “neutral” rating to a “buy” rating and set a $39.00 price objective for the company in a report on Friday, May 1st. Zacks Research cut shares of International Paper from a “hold” rating to a “strong sell” rating in a report on Thursday, April 23rd. Stifel Nicolaus reduced their price objective on shares of International Paper from $51.80 to $50.70 and set a “buy” rating for the company in a report on Monday, February 9th. Finally, UBS Group reduced their price objective on shares of International Paper from $40.00 to $32.00 and set a “neutral” rating for the company in a report on Monday, May 4th. Nine investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $43.73.

Get Our Latest Stock Analysis on IP

International Paper Stock Up 2.8%

Shares of NYSE IP opened at $33.31 on Friday. The company has a 50-day moving average price of $33.95 and a 200-day moving average price of $38.56. International Paper Company has a 1 year low of $29.26 and a 1 year high of $56.13. The stock has a market capitalization of $17.64 billion, a P/E ratio of -5.24 and a beta of 0.93. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.21 and a quick ratio of 0.94.

International Paper (NYSE:IP – Get Free Report) last announced its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.03). International Paper had a negative return on equity of 0.49% and a negative net margin of 13.42%.The company had revenue of $5.97 billion for the quarter, compared to the consensus estimate of $6.02 billion. During the same quarter last year, the company posted $0.17 EPS. The company’s quarterly revenue was up 13.4% compared to the same quarter last year. On average, equities research analysts forecast that International Paper Company will post 1.38 EPS for the current fiscal year.

International Paper Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 22nd will be issued a dividend of $0.4625 per share. The ex-dividend date is Friday, May 22nd. This represents a $1.85 annualized dividend and a yield of 5.6%. International Paper’s dividend payout ratio is -29.09%.

About International Paper

(Free Report)

International Paper is a global producer of renewable fiber-based products, focused primarily on pulp, paper, and packaging. The company manufactures containerboard and corrugated packaging used for shipping and retail display, as well as a range of specialty papers and pulp products that serve industrial, consumer goods, and e-commerce customers. Its product portfolio is oriented toward large-scale packaging solutions, tissue and paper grades, and raw pulp for a variety of manufacturing uses.

Founded in 1898, International Paper is headquartered in Memphis, Tennessee, and is one of the largest and longest-established companies in the forest products sector.

Read More