California Public Employees Retirement System Sells 177,804 Shares of International Paper Company $IP

California Public Employees Retirement System lessened its position in shares of International Paper Company (NYSE:IP) by 20.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 710,169 shares of the basic materials company’s stock after selling 177,804 shares during the period. California Public Employees Retirement System owned approximately 0.13% of International Paper worth $33,257,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Rise Advisors LLC lifted its holdings in International Paper by 281.3% during the 1st quarter. Rise Advisors LLC now owns 469 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 346 shares during the last quarter. AlphaQuest LLC lifted its holdings in shares of International Paper by 63,400.0% during the second quarter. AlphaQuest LLC now owns 635 shares of the basic materials company’s stock worth $30,000 after buying an additional 634 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. acquired a new stake in shares of International Paper during the second quarter worth $33,000. Zions Bancorporation National Association UT bought a new stake in shares of International Paper in the first quarter valued at about $34,000. Finally, Elevation Point Wealth Partners LLC acquired a new position in shares of International Paper in the second quarter valued at about $35,000. Institutional investors and hedge funds own 81.95% of the company’s stock.

Insider Buying and Selling

In other International Paper news, SVP Joseph R. Saab sold 9,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 16th. The shares were 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 in the company, valued at $1,259,951.69. This trade represents a 24.54% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.35% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on IP. Jefferies Financial Group dropped their price objective on shares of International Paper from $61.00 to $59.00 and set a “buy” rating for the company in a research note on Friday, September 26th. Truist Financial dropped their price target 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. Wall Street Zen cut International Paper from a “hold” rating to a “sell” rating in a research note on Saturday, October 18th. Stifel Nicolaus set a $57.80 price objective on International Paper and gave the stock a “buy” rating in a research note on Friday, October 17th. Finally, Seaport Res Ptn downgraded International Paper from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 6th. Nine investment analysts have rated the stock with a Buy rating, two have given a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $50.44.

International Paper Price Performance

International Paper stock opened at $39.08 on Thursday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.04 and a current ratio of 1.31. International Paper Company has a 52 week low of $35.56 and a 52 week high of $60.15. The stock has a market capitalization of $20.64 billion, a P/E ratio of -14.97, a price-to-earnings-growth ratio of 1.18 and a beta of 1.09. The stock has a fifty day moving average of $41.56 and a 200-day moving average of $45.97.

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

International Paper Announces Dividend

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

About International Paper

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.