Clearbridge Investments LLC Lowers Position in International Paper Company $IP

by · The Markets Daily

Clearbridge Investments LLC cut its holdings in shares of International Paper Company (NYSE:IP – Free Report) by 5.8% in the fourth quarter, HoldingsChannel.com reports. The firm owned 2,438,968 shares of the basic materials company’s stock after selling 149,556 shares during the quarter. Clearbridge Investments LLC’s holdings in International Paper were worth $96,071,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of International Paper by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 64,357,913 shares of the basic materials company’s stock worth $2,535,058,000 after purchasing an additional 310,834 shares during the period. Capital International Investors grew its holdings in shares of International Paper by 29.4% during the 4th quarter. Capital International Investors now owns 63,413,335 shares of the basic materials company’s stock worth $2,498,013,000 after purchasing an additional 14,422,616 shares during the period. Capital Research Global Investors grew its holdings in shares of International Paper by 0.4% during the 4th quarter. Capital Research Global Investors now owns 54,535,444 shares of the basic materials company’s stock worth $2,148,154,000 after purchasing an additional 204,654 shares during the period. State Street Corp grew its holdings in shares of International Paper by 0.8% during the 3rd quarter. State Street Corp now owns 29,612,060 shares of the basic materials company’s stock worth $1,374,000,000 after purchasing an additional 225,444 shares during the period. Finally, Geode Capital Management LLC grew its holdings in shares of International Paper by 0.9% during the 4th quarter. Geode Capital Management LLC now owns 13,577,185 shares of the basic materials company’s stock worth $532,744,000 after purchasing an additional 115,558 shares during the period. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

International Paper Stock Performance

Shares of International Paper stock opened at $32.83 on Tuesday. The business has a 50-day moving average of $33.69 and a 200 day moving average of $38.36. International Paper Company has a 12 month low of $29.26 and a 12 month high of $56.13. The stock has a market capitalization of $17.39 billion, a price-to-earnings ratio of -5.16 and a beta of 0.96. 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 earnings results on Thursday, April 30th. The basic materials company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.03). International Paper had a negative net margin of 13.42% and a negative return on equity of 0.49%. The firm had revenue of $5.97 billion for the quarter, compared to analysts’ expectations of $6.02 billion. During the same quarter last year, the business earned $0.17 earnings per share. The business’s revenue was up 13.4% compared to the same quarter last year. As a group, sell-side analysts forecast that International Paper Company will post 1.38 earnings per share for the current year.

International Paper Announces Dividend

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

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on the company. Weiss Ratings cut International Paper from a “sell (d+)” rating to a “sell (d)” rating in a report on Monday, April 27th. Stifel Nicolaus lowered their target price on International Paper from $51.80 to $50.70 and set a “buy” rating for the company in a report on Monday, February 9th. Zacks Research cut International Paper from a “hold” rating to a “strong sell” rating in a report on Thursday, April 23rd. JPMorgan Chase & Co. lowered their target price on International Paper from $46.00 to $43.00 and set a “neutral” rating for the company in a report on Friday, May 1st. Finally, Wells Fargo & Company upgraded International Paper from an “equal weight” rating to an “overweight” rating and raised their target price for the company from $38.00 to $39.00 in a report on Monday, May 4th. Nine equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $43.73.

Check Out Our Latest Research Report on International Paper

Insider Activity

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

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.

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