State of Michigan Retirement System Increases Stock Holdings in International Paper Company (NYSE:IP)

State of Michigan Retirement System grew its stake in International Paper Company (NYSE:IP - Free Report) by 51.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 142,996 shares of the basic materials company's stock after acquiring an additional 48,700 shares during the quarter. State of Michigan Retirement System's holdings in International Paper were worth $7,629,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. Spire Wealth Management lifted its position in shares of International Paper by 2,343.9% in the first quarter. Spire Wealth Management now owns 1,613 shares of the basic materials company's stock valued at $86,000 after acquiring an additional 1,547 shares in the last quarter. Korea Investment CORP lifted its position in International Paper by 220.6% during the fourth quarter. Korea Investment CORP now owns 310,674 shares of the basic materials company's stock worth $16,720,000 after buying an additional 213,783 shares during the period. Raymond James Financial Inc. purchased a new position in International Paper during the fourth quarter worth about $21,307,000. Sequoia Financial Advisors LLC lifted its position in International Paper by 2.6% during the first quarter. Sequoia Financial Advisors LLC now owns 8,994 shares of the basic materials company's stock worth $480,000 after buying an additional 231 shares during the period. Finally, Assenagon Asset Management S.A. lifted its position in International Paper by 37.3% during the first quarter. Assenagon Asset Management S.A. now owns 22,378 shares of the basic materials company's stock worth $1,194,000 after buying an additional 6,077 shares during the period. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on IP. Wall Street Zen upgraded International Paper from a "sell" rating to a "hold" rating in a research report on Friday, June 27th. Truist Financial set a $59.00 target price on International Paper in a research report on Wednesday, May 28th. JPMorgan Chase & Co. began coverage on International Paper in a research report on Thursday, March 20th. They set an "overweight" rating and a $59.00 target price on the stock. UBS Group began coverage on International Paper in a research report on Wednesday, June 4th. They set a "buy" rating and a $60.00 target price on the stock. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $64.00 price objective on shares of International Paper in a report on Wednesday, March 26th. Two analysts have rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $55.65.

International Paper Trading Up 0.1%

Shares of International Paper stock traded up $0.06 during trading hours on Friday, reaching $52.47. The stock had a trading volume of 6,329,691 shares, compared to its average volume of 3,290,962. The firm has a 50 day simple moving average of $47.86 and a two-hundred day simple moving average of $51.01. The firm has a market capitalization of $27.70 billion, a price-to-earnings ratio of 44.85, a P/E/G ratio of 0.48 and a beta of 1.02. The company has a current ratio of 1.33, a quick ratio of 0.96 and a debt-to-equity ratio of 0.51. International Paper Company has a 1 year low of $42.73 and a 1 year high of $60.36.

International Paper (NYSE:IP - Get Free Report) last released its quarterly earnings data on Wednesday, April 30th. The basic materials company reported $0.23 EPS for the quarter, missing analysts' consensus estimates 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 business's revenue for the quarter was up 27.8% compared to the same quarter last year. During the same quarter last year, the business earned $0.17 earnings per share. As a group, equities research analysts anticipate that International Paper Company will post 2.77 earnings per share for the current year.

International Paper Dividend Announcement

The business 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. The ex-dividend date was Friday, May 23rd. This represents a $1.85 annualized dividend and a dividend yield of 3.53%. International Paper's payout ratio is currently 158.12%.

Insider Activity at International Paper

In related news, CAO Holly G. Goughnour sold 7,500 shares of the firm's 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 sale, the chief accounting officer directly owned 31,525 shares in the company, valued at approximately $1,413,896.25. This trade represents a 19.22% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.35% of the company's stock.

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.