Sumitomo Mitsui Trust Group Inc. Has $45.68 Million Stake in International Paper Company $IP

Sumitomo Mitsui Trust Group Inc. decreased its position in shares of International Paper Company (NYSE:IP) by 11.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,159,760 shares of the basic materials company’s stock after selling 151,810 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in International Paper were worth $45,683,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of IP. Dynamic Technology Lab Private Ltd bought a new position in International Paper during the 1st quarter worth approximately $249,000. Intech Investment Management LLC boosted its stake in International Paper by 100.5% during the 1st quarter. Intech Investment Management LLC now owns 32,025 shares of the basic materials company’s stock worth $1,709,000 after acquiring an additional 16,055 shares during the last quarter. Cresset Asset Management LLC boosted its stake in International Paper by 20.8% during the 2nd quarter. Cresset Asset Management LLC now owns 17,345 shares of the basic materials company’s stock worth $812,000 after acquiring an additional 2,981 shares during the last quarter. Jump Financial LLC boosted its stake in International Paper by 280.9% during the 2nd quarter. Jump Financial LLC now owns 38,092 shares of the basic materials company’s stock worth $1,784,000 after acquiring an additional 28,092 shares during the last quarter. Finally, Cerity Partners LLC boosted its stake in International Paper by 8.0% during the 2nd quarter. Cerity Partners LLC now owns 33,749 shares of the basic materials company’s stock worth $1,580,000 after acquiring an additional 2,493 shares during the last quarter. Institutional investors own 81.95% of the company’s stock.

International Paper Stock Performance

Shares of IP opened at $36.50 on Thursday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 1.02 and a current ratio of 1.28. International Paper Company has a twelve month low of $33.57 and a twelve month high of $56.13. The firm’s 50 day moving average price is $40.28 and its two-hundred day moving average price is $41.02. The firm has a market cap of $19.33 billion, a P/E ratio of -5.44 and a beta of 1.14.

International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, January 29th. The basic materials company reported ($0.08) earnings per share for the quarter, missing analysts’ consensus estimates of $0.28 by ($0.36). International Paper had a negative net margin of 14.12% and a negative return on equity of 0.35%. The company had revenue of $6.01 billion during the quarter, compared to the consensus estimate of $5.90 billion. During the same period in the previous year, the firm posted ($0.02) EPS. The business’s quarterly revenue was up 53.1% compared to the same quarter last year. On average, analysts forecast that International Paper Company will post 2.77 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on IP. Zacks Research raised shares of International Paper from a “strong sell” rating to a “hold” rating in a research note on Friday, March 13th. Deutsche Bank Aktiengesellschaft began coverage on shares of International Paper in a research note on Wednesday, April 1st. They set a “hold” rating and a $38.00 price objective on the stock. Argus reduced their price objective on shares of International Paper from $55.00 to $50.00 and set a “buy” rating on the stock in a research note on Monday, December 22nd. Stifel Nicolaus reduced their price objective on shares of International Paper from $51.80 to $50.70 and set a “buy” rating on the stock in a research note on Monday, February 9th. Finally, Truist Financial reduced their price objective on shares of International Paper from $48.00 to $44.00 and set a “buy” rating on the stock in a research note on Wednesday. Eight investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $45.98.

Insider Buying and Selling

In related news, Director Anders Gustafsson purchased 13,217 shares of the business’s stock in a transaction on Thursday, March 12th. The shares were purchased at an average price of $37.83 per share, with a total value of $499,999.11. Following the completion of the purchase, the director owned 26,092 shares in the company, valued at $987,060.36. This represents a 102.66% increase in their position. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Andrew K. Silvernail purchased 50,000 shares of the business’s stock in a transaction on Friday, January 30th. The stock was bought at an average cost of $39.98 per share, for a total transaction of $1,999,000.00. Following the purchase, the chief executive officer owned 50,000 shares of the company’s stock, valued at approximately $1,999,000. This represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders acquired 76,092 shares of company stock worth $2,999,064. Insiders own 0.21% of the company’s stock.

International Paper Company 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.