New York State Common Retirement Fund Has $9.71 Million Stock Position in International Paper Company $IP

New York State Common Retirement Fund raised its stake in International Paper Company (NYSE:IP) by 51.5% during the 2nd quarter, Holdings Channel reports. The fund owned 207,320 shares of the basic materials company’s stock after acquiring an additional 70,500 shares during the period. New York State Common Retirement Fund’s holdings in International Paper were worth $9,709,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently made changes to their positions in the company. Gentry Private Wealth LLC grew its position in shares of International Paper by 2.1% in the second quarter. Gentry Private Wealth LLC now owns 9,357 shares of the basic materials company’s stock valued at $438,000 after purchasing an additional 188 shares during the last quarter. Wright Investors Service Inc. boosted its stake in International Paper by 2.9% in the 2nd quarter. Wright Investors Service Inc. now owns 7,226 shares of the basic materials company’s stock valued at $338,000 after purchasing an additional 201 shares during the period. Wellington Shields Capital Management LLC boosted its stake in International Paper by 7.0% in the 2nd quarter. Wellington Shields Capital Management LLC now owns 3,468 shares of the basic materials company’s stock valued at $162,000 after purchasing an additional 226 shares during the period. Atalanta Sosnoff Capital LLC grew its holdings in International Paper by 3.8% in the 2nd quarter. Atalanta Sosnoff Capital LLC now owns 6,759 shares of the basic materials company’s stock valued at $317,000 after buying an additional 245 shares in the last quarter. Finally, Blue Trust Inc. increased its position in International Paper by 10.1% during the 2nd quarter. Blue Trust Inc. now owns 2,836 shares of the basic materials company’s stock worth $133,000 after buying an additional 259 shares during the period. Institutional investors own 81.95% of the company’s stock.

International Paper Trading Down 0.3%

Shares of International Paper stock opened at $39.12 on Friday. The company has a quick ratio of 1.04, a current ratio of 1.31 and a debt-to-equity ratio of 0.52. International Paper Company has a 12-month low of $35.56 and a 12-month high of $60.15. The company has a market capitalization of $20.66 billion, a price-to-earnings ratio of -14.99, a PEG ratio of 1.23 and a beta of 1.09. The firm’s 50-day moving average price is $42.16 and its two-hundred day moving average price is $46.28.

International Paper (NYSE:IP) last issued its earnings results on Thursday, October 30th. The basic materials company reported ($0.43) EPS for the quarter, missing the consensus estimate of $0.53 by ($0.96). International Paper had a negative net margin of 5.45% and a negative return on equity of 0.16%. The firm had revenue of $6.22 billion during the quarter, compared to analyst estimates of $6.76 billion. During the same quarter in the previous year, the firm posted $0.33 earnings per share. International Paper’s quarterly revenue was up 56.4% compared to the same quarter last year. On average, analysts forecast that International Paper Company will post 2.77 earnings per share for the current fiscal year.

International Paper Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, December 16th. Shareholders of record on Friday, November 14th will be paid a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 4.7%. International Paper’s payout ratio is presently -70.88%.

Insider Buying and Selling at International Paper

In other International Paper news, SVP Joseph R. Saab sold 9,000 shares of the firm’s stock in a transaction on Tuesday, September 16th. The stock was sold at an average price of $45.53, for a total value of $409,770.00. Following the sale, the senior vice president owned 27,673 shares of the company’s stock, valued at approximately $1,259,951.69. This trade represents a 24.54% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.35% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on IP. Truist Financial reduced their target price on shares of International Paper from $55.00 to $53.00 and set a “buy” rating for the company in a research report on Monday, October 13th. Stifel Nicolaus set a $57.80 price objective on shares of International Paper and gave the stock a “buy” rating in a research note on Friday, October 17th. Wells Fargo & Company cut their price objective on shares of International Paper from $44.00 to $36.00 and set an “underweight” rating for the company in a report on Friday, October 31st. Citigroup decreased their target price on shares of International Paper from $55.00 to $46.00 and set a “buy” rating on the stock in a research report on Monday, November 3rd. Finally, Seaport Res Ptn downgraded shares of International Paper from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Nine analysts have rated the stock with a Buy rating, two have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, International Paper currently has a consensus rating of “Hold” and a consensus price target of $50.62.

International Paper Company 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.