California State Teachers Retirement System Cuts Stock Holdings in International Paper Company $IP

Key Points

• California State Teachers Retirement System reduced its International Paper stake by 0.3% in the second quarter, selling 2,047 shares and retaining 583,843 shares worth about $22.2 million. Institutional investors and hedge funds collectively own 81.95% of the company.
• International Paper’s shares fell 1.4% to $33.76, while the company reported quarterly revenue of $6 billion, down 11.3% year over year, and adjusted earnings of $0.04 per share—above analyst expectations.
• The company declared a quarterly dividend of $0.4625 per share, equivalent to an annualized $1.85 payout and a 5.5% yield. Analysts maintain a “Moderate Buy” consensus, with an average price target of $49.13.

California State Teachers Retirement System lowered its position in shares of International Paper Company (NYSE:IP - Free Report) by 0.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 583,843 shares of the basic materials company's stock after selling 2,047 shares during the period. California State Teachers Retirement System owned 0.11% of International Paper worth $22,244,418 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the business. MCF Advisors LLC grew its stake in shares of International Paper by 36.7% during the fourth quarter. MCF Advisors LLC now owns 853 shares of the basic materials company's stock worth $34,000 after purchasing an additional 229 shares during the period. Rothschild Investment LLC increased its position in shares of International Paper by 4.2% during the fourth quarter. Rothschild Investment LLC now owns 5,993 shares of the basic materials company's stock worth $236,000 after acquiring an additional 242 shares in the last quarter. Independent Advisor Alliance increased its position in International Paper by 3.3% in the fourth quarter. Independent Advisor Alliance now owns 7,750 shares of the basic materials company's stock worth $305,000 after buying an additional 244 shares during the last quarter. Stephens Inc. AR increased its position in shares of International Paper by 1.3% in the first quarter. Stephens Inc. AR now owns 23,032 shares of the basic materials company's stock worth $853,000 after purchasing an additional 298 shares during the last quarter. Finally, Rockefeller Capital Management L.P. boosted its holdings in shares of International Paper by 2.3% during the fourth quarter. Rockefeller Capital Management L.P. now owns 13,274 shares of the basic materials company's stock worth $523,000 after purchasing an additional 302 shares during the period. 81.95% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at International Paper

In related news, VP William Hamic sold 24,500 shares of the firm's stock in a transaction that occurred on Friday, August 7th. The stock was sold at an average price of $41.20, for a total transaction of $1,009,400.00. Following the completion of the transaction, the vice president owned 106,952 shares in the company, valued at $4,406,422.40. This trade represents a 18.64% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Holly G. Goughnour sold 3,500 shares of the firm's stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $41.96, for a total transaction of $146,860.00. Following the sale, the chief accounting officer owned 34,248 shares in the company, valued at approximately $1,437,046.08. The trade was a 9.27% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.21% of the company's stock.

International Paper Trading Down 1.4%

IP traded down $0.49 on Tuesday, hitting $33.76. 3,249,362 shares of the company were exchanged, compared to its average volume of 6,319,252. International Paper Company has a 12 month low of $29.26 and a 12 month high of $50.25. The stock has a market capitalization of $17.88 billion, a PE ratio of -5.17, a price-to-earnings-growth ratio of 4.32 and a beta of 0.93. The firm has a fifty day simple moving average of $39.12 and a two-hundred day simple moving average of $36.84. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.10.

International Paper (NYSE:IP - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The basic materials company reported $0.04 earnings per share for the quarter, topping the consensus estimate of ($0.04) by $0.08. International Paper had a negative return on equity of 1.09% and a negative net margin of 14.20%.The business had revenue of $6 billion during the quarter, compared to the consensus estimate of $6.19 billion. During the same period in the prior year, the company posted $0.20 EPS. The firm's revenue for the quarter was down 11.3% compared to the same quarter last year. Sell-side analysts expect that International Paper Company will post 1.33 earnings per share for the current year.

International Paper Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Friday, August 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 5.5%. The ex-dividend date is Friday, August 14th. International Paper's dividend payout ratio (DPR) is currently -28.37%.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on IP shares. Truist Financial reiterated a "buy" rating and set a $49.00 price objective (up from $46.00) on shares of International Paper in a research report on Friday, July 31st. Loop Capital set a $61.00 price target on International Paper in a report on Tuesday, July 28th. Weiss Ratings raised International Paper from a "sell (d)" rating to a "sell (d+)" rating in a research report on Friday, August 21st. Citigroup boosted their price objective on International Paper from $43.00 to $48.00 and gave the stock a "buy" rating in a research report on Friday, July 31st. Finally, Wells Fargo & Company upped their target price on International Paper from $42.00 to $46.00 and gave the stock an "overweight" rating in a research report on Friday, July 31st. Ten analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $49.13.

About International Paper

International Paper Company NYSE: IP is a global producer of sustainable packaging and paper-based products. The company manufactures containerboard, corrugated packaging, and other fiber-based packaging solutions used to transport and protect goods across a range of industries. Its offerings also include absorbent pulp and cellulose fibers used in products such as diapers, hygiene items, and other consumer and industrial applications.

Founded in 1898, International Paper has grown through the development and operation of paper mills, packaging facilities, and related manufacturing assets.

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