State of Michigan Retirement System Has $5.08 Million Stake in International Paper (NYSE:IP)

State of Michigan Retirement System reduced its stake in shares of International Paper (NYSE:IP) by 7.4% in the 4th quarter, HoldingsChannel.com reports. The firm owned 94,296 shares of the basic materials company’s stock after selling 7,552 shares during the quarter. State of Michigan Retirement System’s holdings in International Paper were worth $5,075,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the stock. Sierra Ocean LLC purchased a new position in International Paper in the fourth quarter valued at about $26,000. Centricity Wealth Management LLC bought a new stake in shares of International Paper in the 4th quarter valued at approximately $26,000. Brooklyn Investment Group acquired a new position in International Paper in the third quarter worth approximately $25,000. Legacy Investment Solutions LLC bought a new position in International Paper during the third quarter valued at approximately $28,000. Finally, Ashton Thomas Securities LLC acquired a new stake in International Paper in the third quarter valued at approximately $28,000. 81.95% of the stock is currently owned by institutional investors and hedge funds.

International Paper Stock Performance

Shares of NYSE IP opened at $51.79 on Friday. International Paper has a 12 month low of $33.16 and a 12 month high of $60.36. The company has a market cap of $27.25 billion, a P/E ratio of 32.99, a P/E/G ratio of 0.39 and a beta of 1.02. The business’s 50 day moving average is $55.53 and its two-hundred day moving average is $53.19. The company has a quick ratio of 1.08, a current ratio of 1.49 and a debt-to-equity ratio of 0.66.

International Paper (NYSE:IP) last announced its earnings results on Thursday, January 30th. The basic materials company reported ($0.02) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.03 by ($0.05). International Paper had a return on equity of 4.75% and a net margin of 2.99%. On average, equities analysts expect that International Paper will post 2.77 EPS for the current year.

International Paper Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Monday, February 24th will be given a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a yield of 3.57%. The ex-dividend date of this dividend is Monday, February 24th. International Paper’s dividend payout ratio (DPR) is presently 117.83%.

Wall Street Analysts Forecast Growth

IP has been the topic of several analyst reports. Truist Financial restated a “buy” rating and set a $64.00 price target (down previously from $65.00) on shares of International Paper in a research note on Friday, January 31st. Bank of America initiated coverage on shares of International Paper in a research report on Thursday, February 13th. They set a “neutral” rating on the stock. BNP Paribas downgraded International Paper from a “neutral” rating to an “underperform” rating and set a $48.20 price target for the company. in a research note on Wednesday, November 13th. Royal Bank of Canada reissued an “outperform” rating and issued a $64.00 price objective on shares of International Paper in a research note on Friday, January 31st. Finally, Citigroup began coverage on International Paper in a research report on Wednesday. They set a “buy” rating and a $60.00 target price for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, International Paper presently has an average rating of “Moderate Buy” and a consensus target price of $54.86.

About International Paper

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.