New Mexico Educational Retirement Board Purchases New Holdings in International Paper Company $IP

New Mexico Educational Retirement Board purchased a new position in shares of International Paper Company (NYSE:IP) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 26,302 shares of the basic materials company’s stock, valued at approximately $1,002,000.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in IP. BlackRock Inc. acquired a new position in shares of International Paper in the 2nd quarter valued at approximately $1,940,896,000. Bank of New York Mellon Corp acquired a new stake in shares of International Paper during the 2nd quarter worth approximately $689,498,000. Capital International Investors increased its stake in International Paper by 29.4% in the fourth quarter. Capital International Investors now owns 63,413,335 shares of the basic materials company’s stock valued at $2,498,013,000 after acquiring an additional 14,422,616 shares during the last quarter. Atlas FRM LLC bought a new stake in International Paper during the second quarter worth $374,904,000. Finally, Franklin Resources Inc. boosted its holdings in shares of International Paper by 81.6% in the 4th quarter. Franklin Resources Inc. now owns 14,832,952 shares of the basic materials company’s stock valued at $584,270,000 after purchasing an additional 6,663,986 shares in the last quarter. 81.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on IP shares. Bank of America lowered International Paper from a “buy” rating to a “neutral” rating and set a $41.00 price target on the stock. in a research note on Tuesday, July 14th. Seaport Research Partners restated a “buy” rating and set a $46.00 price objective on shares of International Paper in a research report on Wednesday, August 12th. Truist Financial reaffirmed a “buy” rating and issued a $49.00 price objective (up from $46.00) on shares of International Paper in a research note on Friday, July 31st. Weiss Ratings raised International Paper from a “sell (d)” rating to a “sell (d+)” rating in a research note on Friday, August 21st. Finally, Wall Street Zen downgraded shares of International Paper from a “hold” rating to a “sell” rating in a research note on Tuesday, August 25th. Nine equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $48.75.

Insider Activity

In other news, CAO Holly G. Goughnour sold 3,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $41.96, for a total value of $146,860.00. Following the completion of the transaction, the chief accounting officer owned 34,248 shares of the company’s stock, valued at $1,437,046.08. This represents a 9.27% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, VP William Thomas Hamic sold 24,500 shares of the firm’s stock in a transaction that occurred on Friday, August 7th. The shares were sold at an average price of $41.20, for a total transaction of $1,009,400.00. Following the completion of the transaction, the vice president owned 106,952 shares of the company’s stock, valued at approximately $4,406,422.40. This trade represents a 18.64% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.21% of the company’s stock.

International Paper Stock Down 3.4%

Shares of NYSE:IP opened at $37.96 on Tuesday. International Paper Company has a 52-week low of $29.26 and a 52-week high of $50.25. The company has a market capitalization of $20.10 billion, a PE ratio of -5.82 and a beta of 0.94. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.84 and a current ratio of 1.10. The company has a fifty day moving average of $39.64 and a 200-day moving average of $37.67.

International Paper (NYSE:IP) last released its quarterly earnings data on Thursday, July 30th. The basic materials company reported $0.04 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.08. International Paper had a negative return on equity of 1.09% and a negative net margin of 14.20%.The company had revenue of $6 billion for the quarter, compared to the consensus estimate of $6.19 billion. During the same quarter last year, the business posted $0.20 EPS. International Paper’s revenue for the quarter was down 11.3% on a year-over-year basis. On average, equities analysts predict that International Paper Company will post 1.34 EPS for the current fiscal year.

International Paper Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Stockholders of record on Friday, August 14th will be issued a dividend of $0.4625 per share. This represents a $1.85 annualized dividend and a dividend yield of 4.9%. The ex-dividend date is Friday, August 14th. International Paper’s payout ratio is -28.37%.

About International Paper

International Paper is a global producer of renewable fiber-based products, focused primarily on pulp, paper, and packaging. The company manufactures containerboard and corrugated packaging used for shipping and retail display, as well as a range of specialty papers and pulp products that serve industrial, consumer goods, and e-commerce customers. Its product portfolio is oriented toward large-scale packaging solutions, tissue and paper grades, and raw pulp for a variety of manufacturing uses.

Founded in 1898, International Paper is headquartered in Memphis, Tennessee, and is one of the largest and longest-established companies in the forest products sector.