Bank of New York Mellon Corp boosted its position in International Paper Company (NYSE:IP) by 13.1% during the second quarter, Holdings Channel reports. The institutional investor owned 7,226,283 shares of the basic materials company’s stock after buying an additional 836,888 shares during the period. Bank of New York Mellon Corp’s holdings in International Paper were worth $409,080,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of IP. JPMorgan Chase & Co. increased its position in shares of International Paper by 2.2% in the first quarter. JPMorgan Chase & Co. now owns 438,814 shares of the basic materials company’s stock worth $22,282,000 after buying an additional 9,553 shares in the last quarter. Macquarie Group Ltd. increased its position in shares of International Paper by 1,220.4% in the fourth quarter. Macquarie Group Ltd. now owns 136,003 shares of the basic materials company’s stock worth $7,216,000 after buying an additional 125,703 shares in the last quarter. Private Trust Co. NA increased its position in shares of International Paper by 10.4% in the second quarter. Private Trust Co. NA now owns 5,245 shares of the basic materials company’s stock worth $296,000 after buying an additional 492 shares in the last quarter. Sound Shore Management Inc. CT increased its position in shares of International Paper by 16.5% in the first quarter. Sound Shore Management Inc. CT now owns 3,370,525 shares of the basic materials company’s stock worth $171,155,000 after buying an additional 477,084 shares in the last quarter. Finally, City Holding Co. increased its position in shares of International Paper by 2.5% in the second quarter. City Holding Co. now owns 4,100 shares of the basic materials company’s stock worth $232,000 after buying an additional 100 shares in the last quarter. Institutional investors own 83.68% of the company’s stock.

International Paper Company (NYSE:IP) opened at 54.40 on Thursday. The company’s 50-day moving average is $55.77 and its 200 day moving average is $53.58. International Paper Company has a one year low of $43.55 and a one year high of $58.95. The company has a market capitalization of $22.46 billion, a P/E ratio of 27.63 and a beta of 1.46.

International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.65 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.01. International Paper had a net margin of 3.73% and a return on equity of 27.09%. The business had revenue of $5.77 billion during the quarter, compared to analysts’ expectations of $5.72 billion. During the same period last year, the business earned $0.92 earnings per share. The business’s revenue for the quarter was up 8.5% on a year-over-year basis. On average, equities analysts anticipate that International Paper Company will post $3.47 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Tuesday, August 15th will be given a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date is Friday, August 11th. International Paper’s dividend payout ratio is presently 93.91%.

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Several brokerages recently issued reports on IP. KeyCorp restated a “hold” rating on shares of International Paper in a report on Thursday, July 27th. ValuEngine cut shares of International Paper from a “buy” rating to a “hold” rating in a report on Monday, July 17th. Jefferies Group LLC reiterated a “buy” rating and set a $65.00 price target (up previously from $63.00) on shares of International Paper in a research note on Saturday, April 29th. Zacks Investment Research upgraded shares of International Paper from a “sell” rating to a “hold” rating in a research note on Friday, June 30th. Finally, DA Davidson upgraded shares of International Paper from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $53.75 to $62.00 in a research note on Monday. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. International Paper has an average rating of “Hold” and a consensus price target of $58.14.

In other International Paper news, insider Gregory T. Wanta sold 1,044 shares of International Paper stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $55.22, for a total transaction of $57,649.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 0.64% of the stock is owned by company insiders.

International Paper Company Profile

International Paper Company is a paper and packaging company with primary markets and manufacturing operations in North America, Europe, Latin America, Russia, Asia, Africa and the Middle East. The Company’s segments include Industrial Packaging, Global Cellulose Fibers, Printing Papers and Consumer Packaging.

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

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