New York State Common Retirement Fund Sells 6,000 Shares of International Paper Company (NYSE:IP)

New York State Common Retirement Fund reduced its holdings in shares of International Paper Company (NYSE:IP - Free Report) by 4.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 136,820 shares of the basic materials company's stock after selling 6,000 shares during the quarter. New York State Common Retirement Fund's holdings in International Paper were worth $7,299,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Summit Financial LLC grew its position in International Paper by 4.3% during the fourth quarter. Summit Financial LLC now owns 5,437 shares of the basic materials company's stock worth $293,000 after buying an additional 224 shares in the last quarter. Greenleaf Trust lifted its holdings in International Paper by 2.5% in the 1st quarter. Greenleaf Trust now owns 9,244 shares of the basic materials company's stock worth $493,000 after buying an additional 224 shares during the period. Sequoia Financial Advisors LLC grew its holdings in shares of International Paper by 2.6% during the 1st quarter. Sequoia Financial Advisors LLC now owns 8,994 shares of the basic materials company's stock worth $480,000 after acquiring an additional 231 shares during the period. Capital Investment Advisors LLC grew its stake in shares of International Paper by 6.0% in the 1st quarter. Capital Investment Advisors LLC now owns 4,176 shares of the basic materials company's stock worth $223,000 after buying an additional 235 shares during the last quarter. Finally, Signaturefd LLC boosted its stake in International Paper by 4.0% during the 4th quarter. Signaturefd LLC now owns 6,277 shares of the basic materials company's stock valued at $338,000 after purchasing an additional 243 shares during the last quarter. 81.95% of the stock is currently owned by institutional investors.

Insider Buying and Selling at International Paper

In related news, CAO Holly G. Goughnour sold 7,500 shares of the business's stock in a transaction on Monday, May 5th. The shares were sold at an average price of $44.85, for a total transaction of $336,375.00. Following the transaction, the chief accounting officer owned 31,525 shares of the company's stock, valued at approximately $1,413,896.25. The trade was a 19.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.55% of the company's stock.

International Paper Stock Up 1.7%

IP traded up $0.86 during trading on Tuesday, hitting $52.22. The company had a trading volume of 1,704,924 shares, compared to its average volume of 6,667,597. The company has a market cap of $27.57 billion, a PE ratio of 44.63, a P/E/G ratio of 0.46 and a beta of 1.02. The business has a 50-day moving average of $48.54 and a 200-day moving average of $50.89. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.33 and a quick ratio of 0.96. International Paper Company has a 1-year low of $43.27 and a 1-year high of $60.36.

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

International Paper Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, June 13th. Stockholders of record on Friday, May 23rd were paid a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date was Friday, May 23rd. International Paper's payout ratio is 158.12%.

Analysts Set New Price Targets

Several brokerages have issued reports on IP. Wells Fargo & Company restated an "underweight" rating and set a $43.00 target price (up previously from $40.00) on shares of International Paper in a research report on Thursday, July 10th. UBS Group started coverage on shares of International Paper in a research note on Wednesday, June 4th. They set a "buy" rating and a $60.00 price target for the company. Wall Street Zen raised shares of International Paper from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. Royal Bank Of Canada reissued an "outperform" rating and set a $64.00 price objective on shares of International Paper in a report on Wednesday, March 26th. Finally, Truist Financial set a $59.00 price target on shares of International Paper in a report on Wednesday, May 28th. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $55.65.

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.