Davidson Kempner Capital Management LP Makes New $7.55 Million Investment in International Paper (NYSE:IP)

Davidson Kempner Capital Management LP acquired a new stake in shares of International Paper (NYSE:IP) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 175,000 shares of the basic materials company’s stock, valued at approximately $7,551,000. Davidson Kempner Capital Management LP owned about 0.05% of International Paper at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of IP. Bank of New York Mellon Corp increased its position 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 purchasing an additional 8,132,332 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings 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. Massachusetts Financial Services Co. MA purchased a new stake in shares of International Paper during the 2nd quarter valued at $119,012,000. Norges Bank acquired a new stake in shares of International Paper during the 4th quarter worth $94,913,000. Finally, Diamond Hill Capital Management Inc. purchased a new position in shares of International Paper in the 2nd quarter worth $81,187,000. Institutional investors and hedge funds own 81.95% of the company’s stock.

International Paper Stock Performance

Shares of IP stock opened at $48.71 on Monday. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.59 and a quick ratio of 1.17. The company’s fifty day moving average price is $47.00 and its two-hundred day moving average price is $42.78. The firm has a market capitalization of $16.92 billion, a P/E ratio of 99.41 and a beta of 1.04. International Paper has a 12 month low of $31.76 and a 12 month high of $50.68.

International Paper (NYSE:IP) last issued its quarterly earnings results on Wednesday, July 24th. The basic materials company reported $0.55 EPS for the quarter, beating 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 the consensus estimate of $4.78 billion. During the same quarter in the prior year, the business posted $0.59 earnings per share. International Paper’s revenue for the quarter was up 1.1% on a year-over-year basis. On average, research analysts anticipate that International Paper will post 1.55 earnings per share for the current fiscal year.

International Paper Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Investors of record on Thursday, August 15th were paid a $0.4625 dividend. The ex-dividend date was Thursday, August 15th. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.80%. International Paper’s dividend payout ratio (DPR) is presently 377.55%.

Insider Activity at International Paper

In other International Paper news, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $43.68, for a total transaction of $26,208.00. Following the completion of the transaction, the director now directly owns 42,202 shares of the company’s stock, valued at approximately $1,843,383.36. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director Kathryn D. Sullivan sold 600 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $43.68, for a total value of $26,208.00. Following the completion of the sale, the director now directly owns 42,202 shares in the company, valued at approximately $1,843,383.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Clay R. Ellis sold 9,000 shares of the firm’s stock in a transaction on Wednesday, August 28th. The stock was sold at an average price of $48.83, for a total value of $439,470.00. Following the transaction, the senior vice president now owns 49,832 shares in the company, valued at $2,433,296.56. The disclosure for this sale can be found here. Insiders have sold 19,440 shares of company stock valued at $927,956 over the last ninety days. Corporate insiders own 0.55% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on IP. Royal Bank of Canada boosted their price target on International Paper from $52.00 to $56.00 and gave the company an “outperform” rating in a research report on Thursday, July 25th. Stifel Nicolaus initiated coverage on shares of International Paper in a research report on Tuesday, July 9th. They set a “hold” rating and a $48.70 target price for the company. Wells Fargo & Company raised their price target on shares of International Paper from $43.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, July 25th. 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. Finally, Truist Financial raised their target price on shares of International Paper from $52.00 to $55.00 and gave the company a “buy” rating in a research note on Tuesday, July 16th. Three 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 company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $50.21.

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.