International Paper (NYSE:IP) Shares Sold by State Board of Administration of Florida Retirement System

Posted by Defense World Staff on May 8th, 2023

State Board of Administration of Florida Retirement System reduced its position in International Paper (NYSE:IP – Get Rating) by 2.3% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 458,015 shares of the basic materials company’s stock after selling 10,960 shares during the period. State Board of Administration of Florida Retirement System owned about 0.13% of International Paper worth $15,861,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in the company. Desjardins Global Asset Management Inc. raised its position in shares of International Paper by 45.5% in the first quarter. Desjardins Global Asset Management Inc. now owns 675 shares of the basic materials company’s stock valued at $31,000 after buying an additional 211 shares during the last quarter. EverSource Wealth Advisors LLC raised its position in shares of International Paper by 165.8% in the third quarter. EverSource Wealth Advisors LLC now owns 776 shares of the basic materials company’s stock valued at $25,000 after buying an additional 484 shares during the last quarter. Dupont Capital Management Corp grew its holdings in shares of International Paper by 133.4% in the fourth quarter. Dupont Capital Management Corp now owns 803 shares of the basic materials company’s stock valued at $28,000 after purchasing an additional 459 shares during the period. Glassman Wealth Services grew its holdings in shares of International Paper by 38.0% in the fourth quarter. Glassman Wealth Services now owns 1,016 shares of the basic materials company’s stock valued at $35,000 after purchasing an additional 280 shares during the period. Finally, Kistler Tiffany Companies LLC grew its holdings in shares of International Paper by 576.5% in the fourth quarter. Kistler Tiffany Companies LLC now owns 1,035 shares of the basic materials company’s stock valued at $36,000 after purchasing an additional 882 shares during the period. 83.64% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other International Paper news, SVP Joseph R. Saab sold 1,705 shares of the stock in a transaction dated Tuesday, March 21st. The shares were sold at an average price of $35.35, for a total value of $60,271.75. Following the completion of the transaction, the senior vice president now directly owns 1,671 shares of the company’s stock, valued at $59,069.85. The sale was disclosed in a filing with the SEC, which is available at this link. In related news, SVP Timothy S. Nicholls sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 16th. The shares were sold at an average price of $38.95, for a total transaction of $194,750.00. Following the sale, the senior vice president now owns 129,261 shares in the company, valued at $5,034,715.95. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Joseph R. Saab sold 1,705 shares of the firm’s stock in a transaction that occurred on Tuesday, March 21st. The stock was sold at an average price of $35.35, for a total transaction of $60,271.75. Following the sale, the senior vice president now owns 1,671 shares in the company, valued at approximately $59,069.85. The disclosure for this sale can be found here. Insiders sold 93,567 shares of company stock valued at $3,261,447 over the last ninety days. Corporate insiders own 0.51% of the company’s stock.

Analyst Ratings Changes

IP has been the subject of several research analyst reports. Royal Bank of Canada raised shares of International Paper from a “sector perform” rating to an “outperform” rating and lowered their target price for the stock from $40.00 to $39.00 in a research note on Friday, April 28th. They noted that the move was a valuation call. Truist Financial increased their target price on shares of International Paper from $30.00 to $38.00 and gave the stock a “hold” rating in a research note on Wednesday, February 1st. Wells Fargo & Company increased their target price on shares of International Paper from $32.00 to $38.00 and gave the stock an “equal weight” rating in a research note on Wednesday, February 1st. 58.com reaffirmed a “maintains” rating on shares of International Paper in a research note on Friday, April 28th. Finally, StockNews.com cut shares of International Paper from a “buy” rating to a “hold” rating in a research report on Monday, May 1st. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $38.55.

International Paper Price Performance

Shares of NYSE:IP opened at $32.35 on Monday. The company has a 50-day simple moving average of $35.28 and a 200-day simple moving average of $36.00. International Paper has a one year low of $30.69 and a one year high of $49.32. The company has a debt-to-equity ratio of 0.65, a quick ratio of 1.10 and a current ratio of 1.55. The stock has a market capitalization of $11.23 billion, a price-to-earnings ratio of 8.96 and a beta of 1.04.

International Paper (NYSE:IP – Get Rating) last posted its quarterly earnings results on Thursday, April 27th. The basic materials company reported $0.53 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.49 by $0.04. The firm had revenue of $5.02 billion during the quarter, compared to analysts’ expectations of $5.03 billion. International Paper had a net margin of 6.28% and a return on equity of 14.87%. The firm’s revenue for the quarter was down 4.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.76 earnings per share. On average, analysts predict that International Paper will post 2.36 EPS for the current year.

International Paper Company Profile

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International Paper Co engages in the manufacture of paper and packaging products. It operates through the following segments: Industrial Packaging, Global Cellulose Fibers, and Printing Papers. The Industrial Packaging segment is involved in manufacturing containerboards, which include linerboard, medium, whitetop, recycled linerboard, recycled medium, and saturating kraft.