State of New Jersey Common Pension Fund D Has $5.90 Million Position in International Paper (NYSE:IP)

State of New Jersey Common Pension Fund D decreased its position in shares of International Paper (NYSE:IP) by 2.2% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 120,870 shares of the basic materials company’s stock after selling 2,763 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in International Paper were worth $5,904,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Innealta Capital LLC acquired a new stake in International Paper during the 2nd quarter worth $26,000. Crewe Advisors LLC bought a new stake in International Paper in the first quarter valued at about $29,000. Eastern Bank acquired a new position in International Paper in the third quarter valued at about $40,000. Abich Financial Wealth Management LLC acquired a new position in International Paper in the third quarter valued at about $42,000. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new position in International Paper during the second quarter worth about $37,000. 81.95% of the stock is owned by institutional investors and hedge funds.

International Paper Price Performance

Shares of NYSE IP opened at $57.66 on Tuesday. The company has a fifty day moving average price of $49.41 and a 200 day moving average price of $45.86. The firm has a market cap of $20.03 billion, a PE ratio of 49.04 and a beta of 1.02. The company has a current ratio of 1.53, a quick ratio of 1.11 and a debt-to-equity ratio of 0.62. International Paper has a 1-year low of $31.76 and a 1-year high of $59.52.

International Paper (NYSE:IP) last posted its quarterly earnings data on Thursday, October 31st. The basic materials company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.20. The business had revenue of $4.69 billion during the quarter, compared to the consensus estimate of $4.70 billion. International Paper had a return on equity of 6.49% and a net margin of 2.25%. International Paper’s quarterly revenue was up 1.6% on a year-over-year basis. During the same period last year, the company earned $0.64 earnings per share. Research analysts predict that International Paper will post 1.24 earnings per share for the current fiscal year.

International Paper Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Friday, November 15th will be given a $0.4625 dividend. This represents a $1.85 dividend on an annualized basis and a dividend yield of 3.21%. The ex-dividend date of this dividend is Friday, November 15th. International Paper’s dividend payout ratio is presently 158.12%.

Insider Activity at International Paper

In other International Paper news, Director Kathryn D. Sullivan sold 600 shares of the business’s stock in a transaction dated Thursday, October 31st. The shares were sold at an average price of $53.50, for a total transaction of $32,100.00. Following the sale, the director now directly owns 38,345 shares of the company’s stock, valued at $2,051,457.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, Director Kathryn D. Sullivan sold 600 shares of the firm’s stock in a transaction on Thursday, October 31st. The shares were sold at an average price of $53.50, for a total value of $32,100.00. Following the completion of the transaction, the director now directly owns 38,345 shares of the company’s stock, valued at approximately $2,051,457.50. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Holly G. Goughnour sold 5,000 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $47.22, for a total transaction of $236,100.00. Following the sale, the vice president now directly owns 16,788 shares in the company, valued at $792,729.36. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 19,440 shares of company stock valued at $938,486. Corporate insiders own 0.55% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on IP. Royal Bank of Canada increased their price target on shares of International Paper from $56.00 to $64.00 and gave the company an “outperform” rating in a research report on Friday, November 1st. Argus upgraded shares of International Paper from a “hold” rating to a “buy” rating and set a $52.00 target price on the stock in a report on Wednesday, August 14th. Wells Fargo & Company boosted their price target on shares of International Paper from $43.00 to $45.00 and gave the company an “equal weight” rating in a report on Thursday, July 25th. Finally, Truist Financial reaffirmed a “buy” rating and set a $61.00 price objective (up previously from $57.00) on shares of International Paper in a research note on Friday, November 1st. Three equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $51.96.

International Paper Company Profile

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.