Maryland State Retirement & Pension System Cuts Stock Position in International Paper (NYSE:IP)

Maryland State Retirement & Pension System decreased its holdings in shares of International Paper (NYSE:IP) by 6.4% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 18,495 shares of the basic materials company’s stock after selling 1,268 shares during the period. Maryland State Retirement & Pension System’s holdings in International Paper were worth $995,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Brooklyn Investment Group purchased a new stake in International Paper during the 3rd quarter worth approximately $25,000. Sierra Ocean LLC acquired a new stake in shares of International Paper in the fourth quarter worth approximately $26,000. Centricity Wealth Management LLC purchased a new stake in shares of International Paper during the fourth quarter worth approximately $26,000. Legacy Investment Solutions LLC acquired a new position in International Paper in the 3rd quarter valued at $28,000. Finally, Picton Mahoney Asset Management lifted its holdings in International Paper by 67.0% in the 4th quarter. Picton Mahoney Asset Management now owns 536 shares of the basic materials company’s stock valued at $29,000 after purchasing an additional 215 shares in the last quarter. Institutional investors and hedge funds own 81.95% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on IP. StockNews.com raised shares of International Paper from a “hold” rating to a “buy” rating in a report on Thursday. Citigroup initiated coverage on International Paper in a research note on Wednesday, March 5th. They set a “buy” rating and a $60.00 price objective on the stock. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $64.00 target price on shares of International Paper in a research note on Friday, January 31st. Bank of America began coverage on shares of International Paper in a report on Thursday, February 13th. They issued a “neutral” rating for the company. Finally, JPMorgan Chase & Co. began coverage on shares of International Paper in a research note on Thursday. They set an “overweight” rating and a $59.00 target price on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $55.32.

International Paper Stock Performance

NYSE:IP opened at $51.29 on Monday. International Paper has a fifty-two week low of $33.16 and a fifty-two week high of $60.36. The company has a debt-to-equity ratio of 0.66, a quick ratio of 1.08 and a current ratio of 1.49. The company has a 50 day moving average price of $54.96 and a 200 day moving average price of $53.50. The stock has a market capitalization of $26.99 billion, a P/E ratio of 32.67, a PEG ratio of 0.39 and a beta of 1.02.

International Paper (NYSE:IP) last released its quarterly earnings results on Thursday, January 30th. The basic materials company reported ($0.02) EPS for the quarter, missing the consensus estimate of $0.03 by ($0.05). International Paper had a return on equity of 4.75% and a net margin of 2.99%. Equities research analysts forecast that International Paper will post 2.77 EPS for the current year.

International Paper Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, February 24th were given a $0.4625 dividend. This represents a $1.85 annualized dividend and a yield of 3.61%. The ex-dividend date of this dividend was Monday, February 24th. International Paper’s dividend payout ratio is currently 117.83%.

International Paper 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.