Five Paper Stocks That Have Not Jumped the Shark (IP, WY, MWV, RKT, FBR, WOOD, CUT)

Last night's episode of the American sitcom

was the first without star Steve Carell as the hapless regional manager of the fictional paper company Dunder Mifflin. While Will Ferrell did a terrific job as Carell's temporary replacement, one cannot deny a creeping sense that

may have finally jumped the shark, as they say. Well, you may not be able to invest in Dunder Mifflin (given what we've seen of its management over the past seven seasons, would you want to?), but are there any real-life alternatives worth a look? Here are five paper product stocks (and two timber ETFs) that haven't yet jumped the shark.

Headquartered in Memphis, Tennessee, International Paper

is one of the world's largest manufacturers of printing papers. The company delivered a larger-than-expected first-quarter profit, due in part to its global reach. During the quarter, International Paper also boosted its dividend above its pre-recession level. The dividend yield is 1.8%, and this year's earnings per share growth forecast is 11.8%. Analysts on average recommend buying International Paper. Its shares are trading at 11.4 times earnings estimates. They are also trading near their 52-week high of $32.42. Barrons recently suggested that the share price could go to $42 over the next year.

Weyerhauser

is a leading U.S. forest products company; that is, it produces lumber and other wood products in addition to pulp and paper. This company delivered weaker-than-expected first-quarter earnings, but that was the company's fourth straight profitable quarter after a string of losses. Still, Scotia Capital downgraded the stock and Goldman lowered its earnings estimates in response to the report. Weyerhauser's long-term EPS growth forecast is only 2.5%, and its P/E and PEG ratios are unattractive. So it is no surprise that the stock has a consensus Hold rating and that the mean price target is only about a buck and a half higher than today's opening price. The share price is approximately 9% lower than it was three months ago.

Richmond, Virginia-based MeadWestvaco

specializes in office and school supplies, as well as product packaging such as cartons, boxes and covers. This company also reported better-than-expected first-quarter results, attributed in part to strong growth in its packaging business. MeadWestvaco's dividend yield is 2.9% and the long-term earnings per share growth forecast is 10.0%. The consensus recommendation of analysts shifted from holding to buying MWV in the past 60 days, and their mean price target is currently $38.40 per share. Shares are trading near the 52-week high of $34.37. The stock has outperformed the broader market year-to-date.

Founded in 1936, Rock-Tenn

manufactures packaging, paper products, merchandise displays and other goods. The Georgia-based company announced earlier this year that it would acquire competitor Smurfit-Stone Container

for $3.5 billion. Rock-Tenn has a dividend yield of 1.0% and a return on equity of 22.8%. Its shares are trading at 13.3 times earnings estimates, which is much lower than the industry average. The consensus recommendation of analysts remains to buy RKT despite a recent downgrade. The mean price target of $80.71 per share gives the stock plenty of room to run from today's opening price of $68.82. The stock has outperformed the broader market year-to-date.

Fibria Celulose

is headquartered in Sao Paulo, Brazil. The paper products and wood pulp producer harvests eucalyptus trees grown on renewable plantations. Since the beginning of the year, Fibria has seen upgrades from JPMorgan, Goldman, Deutsche Bank and Scotia Capital. As the global economic climate improves, the increased need for product packaging is also expected to grow. Fibria has a P/E ratio of 9.7, but it also has a PEG ratio of 2.5, suggesting overvaluation, as well as a long-term EPS growth forecast of just 7.8%. The share price is about 3% lower than it was at the beginning of the year; the stock has underperformed the broader market during that time.

If exchange traded funds are more to your liking, check out iShares S&P Global Timber & Industry Index (

), which is up about 8% year-to-date, and Guggenheim Timber (

), which is up more than 10% year-to-date.