New York State Teachers Retirement System Decreases Holdings in International Paper Company (IP)
New York State Teachers Retirement System trimmed its holdings in shares of International Paper Company (NYSE:IP) by 0.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 647,410 shares of the basic materials company’s stock after selling 1,600 shares during the period. New York State Teachers Retirement System owned approximately 0.16% of International Paper worth $36,786,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in IP. BlackRock Inc. lifted its stake in International Paper by 4.4% during the 2nd quarter. BlackRock Inc. now owns 38,831,623 shares of the basic materials company’s stock valued at $2,198,257,000 after acquiring an additional 1,648,915 shares during the period. Iridian Asset Management LLC CT lifted its stake in International Paper by 42.6% during the 2nd quarter. Iridian Asset Management LLC CT now owns 5,342,050 shares of the basic materials company’s stock valued at $302,413,000 after acquiring an additional 1,596,230 shares during the period. Miller Howard Investments Inc. NY acquired a new stake in International Paper during the 2nd quarter valued at approximately $82,229,000. Point72 Asset Management L.P. acquired a new stake in International Paper during the 1st quarter valued at approximately $63,845,000. Finally, First Eagle Investment Management LLC lifted its stake in International Paper by 114.8% during the 2nd quarter. First Eagle Investment Management LLC now owns 2,162,979 shares of the basic materials company’s stock valued at $122,446,000 after acquiring an additional 1,156,003 shares during the period. Institutional investors and hedge funds own 83.06% of the company’s stock.
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Several equities analysts have recently weighed in on IP shares. Jefferies Group LLC reaffirmed a “buy” rating and set a $66.00 target price (up from $65.00) on shares of International Paper in a report on Friday, July 14th. Zacks Investment Research lowered shares of International Paper from a “buy” rating to a “hold” rating in a report on Friday, July 14th. BidaskClub lowered shares of International Paper from a “buy” rating to a “hold” rating in a report on Monday, July 24th. DA Davidson raised shares of International Paper from a “neutral” rating to a “buy” rating and lifted their target price for the company from $53.75 to $62.00 in a report on Monday, August 14th. Finally, Barclays PLC reaffirmed a “sell” rating and set a $50.00 target price on shares of International Paper in a report on Wednesday, August 2nd. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $61.73.
Shares of International Paper Company (IP) opened at $57.12 on Friday. The firm has a market capitalization of $23.74 billion, a P/E ratio of 18.79, a price-to-earnings-growth ratio of 1.72 and a beta of 1.46. The company has a debt-to-equity ratio of 2.31, a quick ratio of 0.97 and a current ratio of 1.48.
International Paper (NYSE:IP) last released its quarterly earnings data on Wednesday, October 25th. The basic materials company reported $1.08 earnings per share for the quarter, beating the consensus estimate of $1.04 by $0.04. The business had revenue of $5.91 billion for the quarter, compared to analyst estimates of $5.85 billion. International Paper had a return on equity of 27.56% and a net margin of 4.00%. The company’s revenue was up 12.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.91 EPS. analysts anticipate that International Paper Company will post 3.51 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Stockholders of record on Wednesday, November 15th will be paid a $0.475 dividend. This is a positive change from International Paper’s previous quarterly dividend of $0.46. This represents a $1.90 annualized dividend and a dividend yield of 3.33%. The ex-dividend date is Tuesday, November 14th. International Paper’s payout ratio is currently 85.25%.
International Paper Profile
International Paper Company is a paper and packaging company with primary markets and manufacturing operations in North America, Europe, Latin America, Russia, Asia, Africa and the Middle East. The Company’s segments include Industrial Packaging, Global Cellulose Fibers, Printing Papers and Consumer Packaging.
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