Mitsubishi UFJ Asset Management Co. Ltd. Invests $48.47 Million in International Paper Company $IP

Mitsubishi UFJ Asset Management Co. Ltd. purchased a new stake in shares of International Paper Company (NYSE:IP) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund purchased 1,272,256 shares of the basic materials company’s stock, valued at approximately $48,473,000. Mitsubishi UFJ Asset Management Co. Ltd. owned about 0.24% of International Paper at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. DNB Asset Management AS raised its holdings in shares of International Paper by 144.2% during the 4th quarter. DNB Asset Management AS now owns 258,920 shares of the basic materials company’s stock valued at $10,199,000 after purchasing an additional 152,907 shares in the last quarter. D.A. Davidson & CO. boosted its holdings in International Paper by 29.6% in the first quarter. D.A. Davidson & CO. now owns 137,856 shares of the basic materials company’s stock worth $4,921,000 after purchasing an additional 31,518 shares in the last quarter. Bellwether Advisors LLC bought a new stake in International Paper in the first quarter worth $2,615,000. Norges Bank acquired a new position in International Paper during the fourth quarter worth $250,093,000. Finally, Franklin Resources Inc. increased its position in International Paper by 81.6% during the fourth quarter. Franklin Resources Inc. now owns 14,832,952 shares of the basic materials company’s stock worth $584,270,000 after buying an additional 6,663,986 shares during the last quarter. Institutional investors own 81.95% of the company’s stock.

International Paper Stock Up 2.3%

International Paper stock opened at $40.99 on Thursday. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.10 and a quick ratio of 0.84. International Paper Company has a fifty-two week low of $29.26 and a fifty-two week high of $50.25. The firm has a fifty day moving average price of $39.00 and a two-hundred day moving average price of $37.90. The firm has a market cap of $21.71 billion, a price-to-earnings ratio of -6.29 and a beta of 0.94.

International Paper (NYSE:IP) last issued its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.04 earnings per share (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 company had revenue of $6 billion for the quarter, compared to the consensus estimate of $6.19 billion. During the same period last year, the business posted $0.20 earnings per share. The firm’s revenue was down 11.3% compared to the same quarter last year. As a group, analysts forecast that International Paper Company will post 1.34 earnings per share for the current year.

International Paper Announces Dividend

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

Insider Activity at International Paper

In other news, VP William Thomas Hamic sold 24,500 shares of the stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $41.20, for a total value of $1,009,400.00. Following the completion of the sale, the vice president directly owned 106,952 shares of the company’s stock, valued at approximately $4,406,422.40. This represents a 18.64% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Holly G. Goughnour sold 3,500 shares of the firm’s stock in a transaction on Tuesday, August 4th. The stock was 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 approximately $1,437,046.08. The trade was a 9.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.21% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on IP shares. Wall Street Zen raised International Paper from a “sell” rating to a “hold” rating in a research report on Monday. Truist Financial reiterated a “buy” rating and set a $49.00 price target (up from $46.00) on shares of International Paper in a research note on Friday, July 31st. Citigroup increased their price objective on International Paper from $43.00 to $48.00 and gave the company a “buy” rating in a report on Friday, July 31st. Royal Bank Of Canada raised their price objective on International Paper from $48.00 to $52.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Finally, Loop Capital set a $61.00 target price on International Paper in a report on Tuesday, July 28th. Nine equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $48.75.

International Paper Profile

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.