Illinois Municipal Retirement Fund Grows Stake in International Paper Company (NYSE:IP)

Illinois Municipal Retirement Fund boosted its holdings in International Paper Company (NYSE:IP - Free Report) by 969.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 284,168 shares of the basic materials company's stock after buying an additional 257,603 shares during the period. Illinois Municipal Retirement Fund owned approximately 0.05% of International Paper worth $15,160,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of IP. Picton Mahoney Asset Management grew its position in shares of International Paper by 67.0% in the fourth quarter. Picton Mahoney Asset Management now owns 536 shares of the basic materials company's stock valued at $29,000 after purchasing an additional 215 shares in the last quarter. Bernard Wealth Management Corp. bought a new position in International Paper in the 4th quarter worth about $37,000. Transce3nd LLC bought a new position in International Paper in the 4th quarter worth about $38,000. Grove Bank & Trust grew its holdings in International Paper by 472.0% during the 1st quarter. Grove Bank & Trust now owns 755 shares of the basic materials company's stock valued at $40,000 after buying an additional 623 shares in the last quarter. Finally, Toth Financial Advisory Corp bought a new stake in shares of International Paper during the first quarter valued at about $42,000. Institutional investors own 81.95% of the company's stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Wall Street Zen cut shares of International Paper from a "hold" rating to a "sell" rating in a research note on Monday, May 5th. Wells Fargo & Company reissued an "underweight" rating and issued a $40.00 price target (down from $45.00) on shares of International Paper in a report on Friday, May 9th. Citigroup assumed coverage on shares of International Paper in a report on Wednesday, March 5th. They issued a "buy" rating and a $60.00 price target on the stock. JPMorgan Chase & Co. assumed coverage on International Paper in a research note on Thursday, March 20th. They set an "overweight" rating and a $59.00 price objective for the company. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $64.00 price target on shares of International Paper in a report on Wednesday, March 26th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $54.54.

Insider Buying and Selling

In related news, CAO Holly G. Goughnour sold 7,500 shares of the stock in a transaction dated Monday, May 5th. The stock was sold at an average price of $44.85, for a total transaction of $336,375.00. Following the completion of the sale, the chief accounting officer now directly owns 31,525 shares in the company, valued at $1,413,896.25. This represents a 19.22% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.35% of the stock is owned by corporate insiders.

International Paper Price Performance

Shares of IP traded up $0.94 during midday trading on Friday, reaching $47.45. The stock had a trading volume of 4,305,535 shares, compared to its average volume of 7,077,415. The company has a current ratio of 1.33, a quick ratio of 0.96 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $25.05 billion, a price-to-earnings ratio of 40.56, a price-to-earnings-growth ratio of 0.42 and a beta of 1.04. The company's 50-day moving average is $47.03 and its 200 day moving average is $51.38. International Paper Company has a 12-month low of $42.26 and a 12-month high of $60.36.

International Paper (NYSE:IP - Get Free Report) last issued its earnings results on Wednesday, April 30th. The basic materials company reported $0.23 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.35 by ($0.12). The firm had revenue of $5.90 billion during the quarter, compared to analysts' expectations of $6.38 billion. International Paper had a return on equity of 4.05% and a net margin of 1.99%. The firm's quarterly revenue was up 27.8% compared to the same quarter last year. During the same period in the prior year, the company earned $0.17 EPS. On average, equities analysts predict that International Paper Company will post 2.77 EPS for the current fiscal year.

International Paper Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 13th. Investors of record on Friday, May 23rd were issued a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a dividend yield of 3.90%. The ex-dividend date of this dividend was Friday, May 23rd. International Paper's dividend payout ratio is currently 158.12%.

International Paper 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.