California Public Employees Retirement System Sells 34,374 Shares of International Paper (NYSE:IP)

California Public Employees Retirement System decreased its holdings in shares of International Paper (NYSE:IP) by 4.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 670,630 shares of the basic materials company’s stock after selling 34,374 shares during the period. California Public Employees Retirement System owned 0.19% of International Paper worth $24,243,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Manchester Capital Management LLC purchased a new position in shares of International Paper during the 3rd quarter worth approximately $25,000. CVA Family Office LLC purchased a new position in shares of International Paper during the 4th quarter worth approximately $27,000. Venturi Wealth Management LLC grew its holdings in shares of International Paper by 2,281.8% during the 3rd quarter. Venturi Wealth Management LLC now owns 786 shares of the basic materials company’s stock worth $28,000 after acquiring an additional 753 shares during the period. Princeton Global Asset Management LLC purchased a new position in shares of International Paper during the 4th quarter worth approximately $36,000. Finally, First Command Advisory Services Inc. purchased a new position in shares of International Paper during the 3rd quarter worth approximately $39,000. Institutional investors own 81.95% of the company’s stock.

Insider Activity

In other news, SVP James P. Jr. Royalty sold 5,800 shares of the stock in a transaction on Wednesday, February 28th. The stock was sold at an average price of $34.75, for a total transaction of $201,550.00. Following the transaction, the senior vice president now directly owns 69,488 shares of the company’s stock, valued at approximately $2,414,708. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders have sold 8,800 shares of company stock valued at $310,438 in the last ninety days. 0.55% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on IP shares. Wells Fargo & Company cut their price target on International Paper from $39.00 to $35.00 and set an “equal weight” rating on the stock in a research note on Friday, February 2nd. Bank of America upgraded International Paper from an “underperform” rating to a “buy” rating and upped their price target for the stock from $37.00 to $42.00 in a research note on Monday, March 4th. Truist Financial restated a “buy” rating and issued a $40.00 price target on shares of International Paper in a research note on Wednesday, April 17th. Argus downgraded International Paper from a “buy” rating to a “hold” rating in a research note on Monday, February 26th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $43.00 price target on shares of International Paper in a research note on Friday, February 2nd. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $37.13.

International Paper Stock Performance

Shares of IP opened at $33.83 on Monday. The business’s fifty day simple moving average is $36.64 and its two-hundred day simple moving average is $35.81. The company has a current ratio of 1.68, a quick ratio of 1.19 and a debt-to-equity ratio of 0.66. International Paper has a 12 month low of $29.00 and a 12 month high of $41.28. The company has a market cap of $11.75 billion, a price-to-earnings ratio of 69.04 and a beta of 0.99.

International Paper (NYSE:IP) last released its quarterly earnings results on Thursday, April 25th. The basic materials company reported $0.17 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.06). The firm had revenue of $4.62 billion for the quarter, compared to the consensus estimate of $4.56 billion. International Paper had a net margin of 0.93% and a return on equity of 7.45%. International Paper’s quarterly revenue was down 8.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.53 earnings per share. Research analysts anticipate that International Paper will post 1.9 earnings per share for the current fiscal year.

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.