Mackenzie Financial Corp Has $1.11 Million Stock Position in International Paper (NYSE:IP)

Mackenzie Financial Corp reduced its position in International Paper (NYSE:IPGet Rating) by 4.1% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 26,457 shares of the basic materials company’s stock after selling 1,135 shares during the quarter. Mackenzie Financial Corp’s holdings in International Paper were worth $1,107,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IP. Ranch Capital Advisors Inc. raised its position in International Paper by 4.0% during the second quarter. Ranch Capital Advisors Inc. now owns 24,537 shares of the basic materials company’s stock valued at $1,026,000 after acquiring an additional 951 shares in the last quarter. Cerity Partners LLC bought a new position in shares of International Paper during the 2nd quarter valued at $422,000. Qtron Investments LLC acquired a new stake in shares of International Paper in the 2nd quarter valued at $399,000. Mitsubishi UFJ Trust & Banking Corp boosted its holdings in International Paper by 6.0% in the second quarter. Mitsubishi UFJ Trust & Banking Corp now owns 245,279 shares of the basic materials company’s stock worth $10,261,000 after purchasing an additional 13,953 shares in the last quarter. Finally, Pictet Asset Management SA increased its position in International Paper by 35.7% during the second quarter. Pictet Asset Management SA now owns 5,057,703 shares of the basic materials company’s stock worth $211,564,000 after buying an additional 1,329,598 shares during the last quarter. 85.84% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on IP shares. KeyCorp decreased their price target on International Paper from $37.00 to $27.00 and set an “underweight” rating for the company in a research note on Friday, September 30th. Truist Financial decreased their price objective on shares of International Paper from $40.00 to $34.00 and set a “hold” rating for the company in a report on Friday, October 28th. Citigroup decreased their price target on shares of International Paper from $46.00 to $34.00 and set a “neutral” rating for the company in a report on Tuesday, October 11th. StockNews.com assumed coverage on International Paper in a research note on Wednesday, October 12th. They issued a “buy” rating on the stock. Finally, Jefferies Financial Group cut International Paper from a “hold” rating to an “underperform” rating and cut their price objective for the stock from $40.00 to $31.00 in a research report on Friday, September 16th. Three equities research analysts have rated the stock with a sell rating, six have issued a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $34.44.

Insider Buying and Selling

In other news, major shareholder Paper Co /New/ International sold 4,614,358 shares of the firm’s stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $36.25, for a total transaction of $167,270,477.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, SVP Timothy S. Nicholls sold 7,500 shares of the stock in a transaction that occurred on Monday, October 31st. The shares were sold at an average price of $33.66, for a total transaction of $252,450.00. Following the sale, the senior vice president now directly owns 101,897 shares of the company’s stock, valued at $3,429,853.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, major shareholder Paper Co /New/ International sold 4,614,358 shares of International Paper stock in a transaction on Monday, September 12th. The shares were sold at an average price of $36.25, for a total value of $167,270,477.50. The disclosure for this sale can be found here. 0.42% of the stock is currently owned by corporate insiders.

International Paper Price Performance

Shares of IP stock opened at $36.81 on Thursday. The stock’s fifty day simple moving average is $33.83 and its 200 day simple moving average is $40.37. International Paper has a one year low of $30.69 and a one year high of $50.23. The firm has a market cap of $13.09 billion, a price-to-earnings ratio of 7.01 and a beta of 0.99. The company has a debt-to-equity ratio of 0.50, a current ratio of 1.38 and a quick ratio of 0.97.

International Paper Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 15th. Stockholders of record on Tuesday, November 15th will be issued a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 5.03%. The ex-dividend date of this dividend is Monday, November 14th. International Paper’s payout ratio is 35.24%.

International Paper Company Profile

(Get Rating)

International Paper Company operates as a packaging company primarily in United States, the Middle East, Europe, Africa, Pacific Rim, Asia, and rest of the Americas. It operates through two segments: Industrial Packaging and Global Cellulose Fibers. The Industrial Packaging segment manufactures containerboards, including linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft.

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Institutional Ownership by Quarter for International Paper (NYSE:IP)

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