New York State Teachers Retirement System reduced its position in International Paper Company (NYSE:IP) by 1.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 684,408 shares of the basic materials company’s stock after selling 8,097 shares during the period. New York State Teachers Retirement System owned 0.17% of International Paper worth $34,754,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently bought and sold shares of the company. HighPoint Advisor Group LLC bought a new stake in International Paper during the fourth quarter worth about $707,000. UBS Asset Management Americas Inc. increased its stake in International Paper by 3.1% in the fourth quarter. UBS Asset Management Americas Inc. now owns 1,066,651 shares of the basic materials company’s stock worth $56,598,000 after buying an additional 31,894 shares during the last quarter. Norges Bank bought a new stake in International Paper during the fourth quarter worth about $196,164,000. AE Wealth Management LLC bought a new stake in International Paper during the fourth quarter worth about $948,000. Finally, I.G. Investment Management LTD. increased its stake in International Paper by 2.6% in the fourth quarter. I.G. Investment Management LTD. now owns 31,022 shares of the basic materials company’s stock worth $1,646,000 after buying an additional 788 shares during the last quarter. 83.08% of the stock is owned by hedge funds and other institutional investors.
International Paper Company (IP) traded down 4.78% on Friday, reaching $54.74. 6,280,646 shares of the company were exchanged. The stock has a 50 day moving average of $56.61 and a 200 day moving average of $53.65. The firm has a market capitalization of $22.60 billion, a PE ratio of 29.26 and a beta of 1.48. International Paper Company has a 12-month low of $43.55 and a 12-month high of $58.95.
International Paper (NYSE:IP) last posted its quarterly earnings results on Thursday, July 27th. The basic materials company reported $0.65 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.01. International Paper had a net margin of 3.63% and a return on equity of 30.44%. The firm had revenue of $5.77 billion for the quarter, compared to analyst estimates of $5.72 billion. During the same period in the prior year, the firm posted $0.92 earnings per share. The company’s quarterly revenue was up 8.5% compared to the same quarter last year. Equities analysts anticipate that International Paper Company will post $3.60 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Tuesday, August 15th will be given a $0.4625 dividend. This represents a $1.85 annualized dividend and a dividend yield of 3.38%. The ex-dividend date is Friday, August 11th. International Paper’s payout ratio is presently 98.40%.
A number of equities research analysts have issued reports on IP shares. Jefferies Group LLC reiterated a “buy” rating and issued a $65.00 target price (up previously from $63.00) on shares of International Paper in a research report on Saturday, April 29th. Goldman Sachs Group, Inc. (The) upgraded shares of International Paper from a “neutral” rating to a “buy” rating and increased their target price for the stock from $60.00 to $64.00 in a research report on Thursday, July 13th. Zacks Investment Research upgraded shares of International Paper from a “hold” rating to a “buy” rating and set a $64.00 target price for the company in a research report on Tuesday, July 11th. BidaskClub upgraded shares of International Paper from a “hold” rating to a “buy” rating in a research report on Friday, June 16th. Finally, Vertical Research reiterated a “buy” rating on shares of International Paper in a research report on Friday. Three analysts have rated the stock with a sell rating, nine have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. International Paper presently has an average rating of “Hold” and an average price target of $56.90.
About International Paper
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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