Mackenzie Financial Corp Raises Stock Position in International Paper (NYSE:IP)

Mackenzie Financial Corp grew its holdings in shares of International Paper (NYSE:IP) by 4.7% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 31,775 shares of the basic materials company’s stock after acquiring an additional 1,420 shares during the quarter. Mackenzie Financial Corp’s holdings in International Paper were worth $1,371,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD lifted its stake in shares of International Paper by 35.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 21,135,702 shares of the basic materials company’s stock valued at $824,716,000 after purchasing an additional 5,492,035 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in International Paper by 133.7% during the second quarter. Bank of New York Mellon Corp now owns 14,214,754 shares of the basic materials company’s stock worth $613,367,000 after buying an additional 8,132,332 shares during the period. Massachusetts Financial Services Co. MA bought a new position in International Paper during the second quarter valued at $119,012,000. Samlyn Capital LLC bought a new stake in shares of International Paper in the 2nd quarter worth about $88,966,000. Finally, Diamond Hill Capital Management Inc. purchased a new position in shares of International Paper during the 2nd quarter worth about $81,187,000. Hedge funds and other institutional investors own 81.95% of the company’s stock.

International Paper Stock Performance

Shares of NYSE:IP opened at $47.96 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.59 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $16.66 billion, a price-to-earnings ratio of 97.87 and a beta of 1.04. The firm has a 50 day moving average of $47.51 and a 200 day moving average of $43.46. International Paper has a 52 week low of $31.76 and a 52 week high of $50.68.

International Paper (NYSE:IP) last issued its quarterly earnings data on Wednesday, July 24th. The basic materials company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.41 by $0.14. International Paper had a return on equity of 7.28% and a net margin of 2.34%. The firm had revenue of $4.73 billion during the quarter, compared to analysts’ expectations of $4.78 billion. During the same period in the prior year, the business posted $0.59 EPS. The firm’s quarterly revenue was up 1.1% on a year-over-year basis. On average, sell-side analysts predict that International Paper will post 1.55 earnings per share for the current fiscal year.

International Paper Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Thursday, August 15th were paid a dividend of $0.4625 per share. The ex-dividend date of this dividend was Thursday, August 15th. This represents a $1.85 annualized dividend and a dividend yield of 3.86%. International Paper’s dividend payout ratio (DPR) is presently 377.55%.

Analysts Set New Price Targets

IP has been the subject of several analyst reports. Wells Fargo & Company raised their price objective on shares of International Paper from $43.00 to $45.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 25th. Argus raised International Paper from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a research report on Wednesday, August 14th. Stifel Nicolaus began coverage on shares of International Paper in a research note on Tuesday, July 9th. They set a “hold” rating and a $48.70 target price for the company. Royal Bank of Canada raised their price target on shares of International Paper from $52.00 to $56.00 and gave the stock an “outperform” rating in a research note on Thursday, July 25th. Finally, Seaport Res Ptn upgraded shares of International Paper from a “hold” rating to a “strong-buy” rating in a research note on Friday, June 28th. Three research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $50.21.

Insider Activity at International Paper

In related news, Director Kathryn D. Sullivan sold 600 shares of the business’s stock in a transaction on Monday, September 30th. The stock was sold at an average price of $48.68, for a total transaction of $29,208.00. Following the transaction, the director now directly owns 39,545 shares in the company, valued at approximately $1,925,050.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other International Paper news, SVP Clay R. Ellis sold 9,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $48.83, for a total value of $439,470.00. Following the completion of the transaction, the senior vice president now owns 49,832 shares of the company’s stock, valued at $2,433,296.56. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Kathryn D. Sullivan sold 600 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $48.68, for a total transaction of $29,208.00. Following the sale, the director now directly owns 39,545 shares in the company, valued at $1,925,050.60. The disclosure for this sale can be found here. Insiders sold 19,440 shares of company stock valued at $931,502 over the last 90 days. Insiders own 0.55% of the company’s stock.

International Paper Profile

International Paper Company produces and sells renewable fiber-based packaging and pulp products in North America, Latin America, Europe, and North Africa. It operates through two segments, Industrial Packaging and Global Cellulose Fibers. The company offers linerboard, medium, whitetop, recycled linerboard, recycled medium and saturating kraft; and pulp for a range of applications, such as diapers, towel and tissue products, feminine care, incontinence, and other personal care products, as well as specialty pulps for use in textiles, construction materials, paints, coatings, and others.