1,272,256 Shares in International Paper Company $IP Purchased by Mitsubishi UFJ Asset Management Co. Ltd.

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of International Paper Company (NYSE:IP) during the 2nd quarter, Holdings Channel reports. The institutional investor purchased 1,272,256 shares of the basic materials company’s stock, valued at approximately $48,473,000.

Several other large investors have also recently added to or reduced their stakes in the company. McIlrath & Eck LLC lifted its position in shares of International Paper by 452.6% in the 4th quarter. McIlrath & Eck LLC now owns 641 shares of the basic materials company’s stock worth $25,000 after acquiring an additional 525 shares during the period. MV Capital Management Inc. acquired a new stake in shares of International Paper during the 4th quarter worth approximately $25,000. Ascentis Independent Advisors bought a new stake in shares of International Paper during the first quarter valued at approximately $28,000. DV Equities LLC bought a new stake in shares of International Paper during the fourth quarter valued at approximately $29,000. Finally, Summit Securities Group LLC raised its stake in shares of International Paper by 115.4% in the fourth quarter. Summit Securities Group LLC now owns 784 shares of the basic materials company’s stock valued at $31,000 after purchasing an additional 5,875 shares in the last quarter. Institutional investors and hedge funds own 81.95% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on IP shares. Loop Capital set a $61.00 target price on International Paper in a research report on Tuesday, July 28th. Citigroup boosted their price target on shares of International Paper from $43.00 to $48.00 and gave the company a “buy” rating in a report on Friday, July 31st. Wells Fargo & Company increased their price objective on shares of International Paper from $42.00 to $46.00 and gave the company an “overweight” rating in a research note on Friday, July 31st. Seaport Research Partners reaffirmed a “buy” rating and set a $46.00 price objective on shares of International Paper in a report on Wednesday, August 12th. Finally, Royal Bank Of Canada lifted their target price on shares of International Paper from $48.00 to $52.00 and gave the company an “outperform” rating in a research report on Friday, July 31st. Nine equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $48.75.

International Paper Trading Up 2.3%

Shares of IP opened at $40.99 on Thursday. The company has a current ratio of 1.10, a quick ratio of 0.84 and a debt-to-equity ratio of 0.57. The stock has a market cap of $21.71 billion, a PE ratio of -6.29 and a beta of 0.94. International Paper Company has a 1 year low of $29.26 and a 1 year high of $50.25. The stock has a 50 day simple moving average of $39.00 and a 200-day simple moving average of $37.90.

International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.04 EPS for the quarter, beating the consensus estimate of ($0.04) by $0.08. International Paper had a negative return on equity of 1.09% and a negative net margin of 14.20%.The business had revenue of $6 billion for the quarter, compared to analyst estimates of $6.19 billion. During the same quarter in the previous year, the firm earned $0.20 EPS. International Paper’s quarterly revenue was down 11.3% on a year-over-year basis. On average, sell-side analysts predict that International Paper Company will post 1.34 EPS for the current fiscal year.

International Paper Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Friday, August 14th will be issued a dividend of $0.4625 per share. The ex-dividend date of this dividend is Friday, August 14th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 4.5%. International Paper’s dividend payout ratio (DPR) is presently -28.37%.

Insiders Place Their Bets

In related news, CAO Holly G. Goughnour sold 3,500 shares of the stock in a transaction dated Tuesday, August 4th. The shares were sold at an average price of $41.96, for a total transaction of $146,860.00. Following the completion of the sale, the chief accounting officer owned 34,248 shares in the company, valued at $1,437,046.08. This trade represents a 9.27% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP William Thomas Hamic sold 24,500 shares of International Paper stock in a transaction dated Friday, August 7th. The shares were sold at an average price of $41.20, for a total transaction of $1,009,400.00. Following the transaction, the vice president directly owned 106,952 shares of the company’s stock, valued at $4,406,422.40. This represents a 18.64% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.21% of the stock is currently owned by company insiders.

About International Paper

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.