International Paper (NYSE:IP) Shares Sold by California Public Employees Retirement System

California Public Employees Retirement System trimmed its position in shares of International Paper (NYSE:IP) by 6.4% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 606,665 shares of the basic materials company’s stock after selling 41,241 shares during the quarter. California Public Employees Retirement System owned approximately 0.17% of International Paper worth $32,651,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in IP. Point72 Asset Management L.P. grew its holdings in International Paper by 511.1% in the third quarter. Point72 Asset Management L.P. now owns 2,970,432 shares of the basic materials company’s stock valued at $145,106,000 after purchasing an additional 2,484,386 shares during the period. Norges Bank acquired a new stake in International Paper in the 4th quarter valued at $109,201,000. Artemis Investment Management LLP increased its holdings in International Paper by 147.2% in the 4th quarter. Artemis Investment Management LLP now owns 2,019,806 shares of the basic materials company’s stock worth $108,706,000 after acquiring an additional 1,202,632 shares in the last quarter. Lord Abbett & CO. LLC acquired a new position in International Paper during the third quarter worth $24,327,000. Finally, Two Sigma Advisers LP purchased a new position in International Paper during the third quarter valued at $24,151,000. 81.95% of the stock is currently owned by institutional investors and hedge funds.

International Paper Trading Up 1.6 %

Shares of IP opened at $54.51 on Thursday. International Paper has a 12-month low of $33.16 and a 12-month high of $60.36. The firm has a market capitalization of $28.68 billion, a P/E ratio of 34.72, a P/E/G ratio of 0.39 and a beta of 1.02. The firm has a 50-day moving average price of $54.62 and a 200 day moving average price of $53.84. The company has a current ratio of 1.49, a quick ratio of 1.08 and a debt-to-equity ratio of 0.66.

International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). International Paper had a return on equity of 4.75% and a net margin of 2.99%. Sell-side analysts forecast that International Paper will post 2.77 EPS for the current year.

International Paper Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Monday, February 24th were paid a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 3.39%. The ex-dividend date of this dividend was Monday, February 24th. International Paper’s dividend payout ratio (DPR) is presently 117.83%.

Wall Street Analyst Weigh In

Several research firms recently weighed in on IP. Citigroup started coverage on shares of International Paper in a research report on Wednesday, March 5th. They set a “buy” rating and a $60.00 price target for the company. Truist Financial restated a “buy” rating and issued a $64.00 target price (down previously from $65.00) on shares of International Paper in a research report on Friday, January 31st. Bank of America began coverage on International Paper in a research report on Thursday, February 13th. They set a “neutral” rating for the company. StockNews.com lowered International Paper from a “buy” rating to a “hold” rating in a report on Friday, March 28th. Finally, JPMorgan Chase & Co. started coverage on shares of International Paper in a report on Thursday, March 20th. They set an “overweight” rating and a $59.00 target price for the company. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $55.32.

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.