California Public Employees Retirement System Sells 42,908 Shares of International Paper (NYSE:IP)

Posted by Defense World Staff on May 11th, 2023

California Public Employees Retirement System cut its holdings in International Paper (NYSE:IP – Get Rating) by 5.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 805,835 shares of the basic materials company’s stock after selling 42,908 shares during the period. California Public Employees Retirement System owned 0.23% of International Paper worth $27,906,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in IP. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in International Paper by 6.6% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 51,817 shares of the basic materials company’s stock valued at $2,391,000 after purchasing an additional 3,209 shares in the last quarter. Raymond James Trust N.A. boosted its holdings in International Paper by 4.5% during the first quarter. Raymond James Trust N.A. now owns 8,660 shares of the basic materials company’s stock valued at $399,000 after purchasing an additional 369 shares in the last quarter. Desjardins Global Asset Management Inc. boosted its holdings in International Paper by 45.5% during the first quarter. Desjardins Global Asset Management Inc. now owns 675 shares of the basic materials company’s stock valued at $31,000 after purchasing an additional 211 shares in the last quarter. Cibc World Market Inc. acquired a new stake in International Paper during the first quarter valued at approximately $206,000. Finally, Vontobel Holding Ltd. boosted its holdings in International Paper by 1.6% during the first quarter. Vontobel Holding Ltd. now owns 41,970 shares of the basic materials company’s stock valued at $1,947,000 after purchasing an additional 676 shares in the last quarter. 83.64% of the stock is currently owned by institutional investors.

Insider Activity

In other International Paper news, CEO Mark S. Sutton sold 85,000 shares of International Paper stock in a transaction dated Thursday, March 16th. The shares were sold at an average price of $34.58, for a total value of $2,939,300.00. Following the sale, the chief executive officer now owns 143,000 shares of the company’s stock, valued at $4,944,940. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other International Paper news, CEO Mark S. Sutton sold 85,000 shares of the business’s stock in a transaction that occurred on Thursday, March 16th. The shares were sold at an average price of $34.58, for a total value of $2,939,300.00. Following the completion of the transaction, the chief executive officer now owns 143,000 shares of the company’s stock, valued at approximately $4,944,940. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, SVP Timothy S. Nicholls sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, February 16th. The stock was sold at an average price of $38.95, for a total transaction of $194,750.00. Following the completion of the transaction, the senior vice president now directly owns 129,261 shares of the company’s stock, valued at approximately $5,034,715.95. The disclosure for this sale can be found here. Insiders sold 93,567 shares of company stock worth $3,261,447 over the last three months. 0.51% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Royal Bank of Canada upgraded shares of International Paper from a “sector perform” rating to an “outperform” rating and dropped their price objective for the stock from $40.00 to $39.00 in a research report on Friday, April 28th. They noted that the move was a valuation call. StockNews.com cut shares of International Paper from a “buy” rating to a “hold” rating in a report on Monday, May 1st. 58.com restated a “maintains” rating on shares of International Paper in a research report on Friday, April 28th. 51job reiterated a “maintains” rating on shares of International Paper in a research report on Friday, April 28th. Finally, Truist Financial raised their price target on shares of International Paper from $30.00 to $38.00 and gave the company a “hold” rating in a research note on Wednesday, February 1st. Three analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $38.55.

International Paper Trading Down 0.7 %

IP opened at $31.89 on Thursday. International Paper has a 1-year low of $30.69 and a 1-year high of $49.32. The company has a current ratio of 1.55, a quick ratio of 1.10 and a debt-to-equity ratio of 0.65. The company has a market cap of $11.07 billion, a P/E ratio of 8.83 and a beta of 1.04. The company has a fifty day moving average price of $35.01 and a two-hundred day moving average price of $35.96.

International Paper (NYSE:IP – Get Rating) last issued its quarterly earnings data on Thursday, April 27th. The basic materials company reported $0.53 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 business’s revenue was down 4.1% on a year-over-year basis. During the same period last year, the company earned $0.76 earnings per share. Analysts predict that International Paper will post 2.36 EPS for the current fiscal year.

International Paper Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Stockholders of record on Friday, May 26th will be issued a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a dividend yield of 5.80%. International Paper’s dividend payout ratio is currently 51.25%.

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.