New York State Common Retirement Fund Cuts Stock Holdings in International Paper Company (NYSE:IP)

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

A number of other institutional investors also recently modified their holdings of IP. Bernard Wealth Management Corp. bought a new position in International Paper in the 4th quarter valued at approximately $37,000. Transce3nd LLC bought a new position in International Paper in the 4th quarter valued at approximately $38,000. Citizens National Bank Trust Department bought a new position in International Paper in the 1st quarter valued at approximately $37,000. Grove Bank & Trust increased its stake in shares of International Paper by 472.0% in the first 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 during the period. Finally, Toth Financial Advisory Corp acquired a new stake in shares of International Paper in the first quarter valued at about $42,000. Institutional investors and hedge funds own 81.95% of the company's stock.

International Paper Stock Up 2.9%

International Paper stock traded up $1.51 during mid-day trading on Wednesday, reaching $54.16. The stock had a trading volume of 5,088,201 shares, compared to its average volume of 3,546,901. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.96 and a current ratio of 1.33. International Paper Company has a fifty-two week low of $43.27 and a fifty-two week high of $60.36. The stock's 50-day simple moving average is $48.78 and its 200-day simple moving average is $50.91. The firm has a market capitalization of $28.59 billion, a PE ratio of 46.29, a price-to-earnings-growth ratio of 0.48 and a beta of 1.02.

International Paper (NYSE:IP - Get Free Report) last announced 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). International Paper had a net margin of 1.99% and a return on equity of 4.05%. The firm had revenue of $5.90 billion during the quarter, compared to analyst estimates of $6.38 billion. During the same period last year, the business posted $0.17 EPS. The company's revenue was up 27.8% on a year-over-year basis. On average, sell-side analysts forecast that International Paper Company will post 2.77 EPS for the current fiscal year.

International Paper Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Friday, August 15th will be paid a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a yield of 3.42%. The ex-dividend date of this dividend is Friday, August 15th. International Paper's dividend payout ratio (DPR) is presently 158.12%.

Insiders Place Their Bets

In related news, CAO Holly G. Goughnour sold 7,500 shares of International Paper stock in a transaction on 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.35% of the company's stock.

Analyst Ratings Changes

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