International Paper Company $IP Shares Newly Bought by New Mexico Educational Retirement Board

New Mexico Educational Retirement Board bought a new position in shares of International Paper Company (NYSE:IP) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 26,302 shares of the basic materials company’s stock, valued at approximately $872,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in International Paper during the 2nd quarter valued at approximately $1,940,896,000. Bank of New York Mellon Corp bought a new position in International Paper in the 2nd quarter worth approximately $689,498,000. Atlas FRM LLC bought a new position in International Paper in the 2nd quarter worth approximately $374,904,000. Hill City Capital LP purchased a new stake in International Paper during the 2nd quarter valued at approximately $194,310,000. Finally, Bank of America Corp DE purchased a new stake in International Paper during the 2nd quarter valued at approximately $142,802,000. Institutional investors own 81.95% of the company’s stock.

International Paper Price Performance

NYSE:IP opened at $34.67 on Thursday. The company has a current ratio of 0.99, a quick ratio of 0.75 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $18.36 billion, a P/E ratio of -5.28, a P/E/G ratio of 5.15 and a beta of 0.97. International Paper Company has a 12 month low of $29.26 and a 12 month high of $50.25. The business’s 50-day moving average is $34.22 and its 200 day moving average is $37.13.

International Paper (NYSE:IP) last announced its quarterly earnings results on Wednesday, October 28th. The basic materials company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.08. The company had revenue of $6.20 billion during the quarter, compared to analyst estimates of $6.28 billion. International Paper had a positive return on equity of 1.77% and a negative net margin of 14.32%. The firm’s revenue was down .4% on a year-over-year basis. During the same period in the prior year, the company earned ($0.43) earnings per share. On average, equities research analysts forecast that International Paper Company will post 1.14 earnings per share for the current fiscal year.

International Paper Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 15th. Shareholders of record on Monday, November 16th will be paid a $0.4625 dividend. The ex-dividend date of this dividend is Monday, November 16th. This represents a $1.85 dividend on an annualized basis and a yield of 5.3%. International Paper’s payout ratio is presently -28.20%.

Analyst Upgrades and Downgrades

IP has been the topic of several recent analyst reports. Loop Capital set a $61.00 price objective on shares of International Paper in a research report on Tuesday, July 28th. Citigroup dropped their target price on shares of International Paper from $47.00 to $41.00 and set a “buy” rating for the company in a research report on Friday, October 30th. JPMorgan Chase & Co. dropped their target price on shares of International Paper from $62.00 to $51.00 and set an “overweight” rating for the company in a research report on Thursday, October 29th. Wall Street Zen raised shares of International Paper from a “sell” rating to a “hold” rating in a research note on Saturday, November 7th. Finally, Bank of America reiterated a “buy” rating on shares of International Paper in a report on Thursday, October 29th. Ten investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $45.44.

International Paper Company Profile

International Paper is a global producer of fiber-based packaging and pulp products. Its packaging offerings include containerboard and corrugated packaging used to protect and transport goods, while its pulp products serve a range of consumer and industrial applications. The company traces its origins to 1898, when several U.S. paper manufacturers combined to form International Paper. Over time, it has evolved through acquisitions and changes to its business, with a focus on renewable, fiber-based materials and packaging solutions.