International Paper Company $IP Shares Bought by Allstate Corp

Allstate Corp grew its holdings in shares of International Paper Company (NYSE:IP) by 112.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 36,749 shares of the basic materials company’s stock after purchasing an additional 19,482 shares during the period. Allstate Corp’s holdings in International Paper were worth $1,448,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Dynamic Technology Lab Private Ltd acquired a new stake in shares of International Paper in the 1st quarter worth about $249,000. Intech Investment Management LLC grew its position in International Paper by 100.5% in the 1st quarter. Intech Investment Management LLC now owns 32,025 shares of the basic materials company’s stock valued at $1,709,000 after buying an additional 16,055 shares in the last quarter. Cresset Asset Management LLC grew its position in International Paper by 20.8% in the 2nd quarter. Cresset Asset Management LLC now owns 17,345 shares of the basic materials company’s stock valued at $812,000 after buying an additional 2,981 shares in the last quarter. Jump Financial LLC boosted its position in shares of International Paper by 280.9% during the 2nd quarter. Jump Financial LLC now owns 38,092 shares of the basic materials company’s stock valued at $1,784,000 after purchasing an additional 28,092 shares in the last quarter. Finally, Cerity Partners LLC boosted its position in shares of International Paper by 8.0% during the 2nd quarter. Cerity Partners LLC now owns 33,749 shares of the basic materials company’s stock valued at $1,580,000 after purchasing an additional 2,493 shares in the last quarter. 81.95% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on IP. UBS Group reduced their price objective on shares of International Paper from $40.00 to $32.00 and set a “neutral” rating for the company in a research report on Monday, May 4th. Stifel Nicolaus decreased their target price on shares of International Paper from $51.80 to $50.70 and set a “buy” rating for the company in a report on Monday, February 9th. Citigroup decreased their price target on shares of International Paper from $44.00 to $36.00 and set a “buy” rating for the company in a report on Friday, May 1st. Wells Fargo & Company upgraded shares of International Paper from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $38.00 to $39.00 in a report on Monday, May 4th. Finally, Deutsche Bank Aktiengesellschaft began coverage on shares of International Paper in a report on Wednesday, April 1st. They set a “hold” rating and a $38.00 price target for the company. Nine analysts have rated the stock with a Buy rating, three have given a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat, International Paper has a consensus rating of “Moderate Buy” and an average price target of $43.73.

International Paper Stock Performance

Shares of NYSE:IP opened at $33.47 on Friday. The stock has a market capitalization of $17.73 billion, a P/E ratio of -5.26 and a beta of 0.93. International Paper Company has a 1-year low of $29.26 and a 1-year high of $56.13. The company has a current ratio of 1.21, a quick ratio of 0.94 and a debt-to-equity ratio of 0.55. The business has a 50-day moving average price of $33.91 and a two-hundred day moving average price of $38.52.

International Paper (NYSE:IP) last announced its quarterly earnings results on Thursday, April 30th. The basic materials company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.03). International Paper had a negative net margin of 13.42% and a negative return on equity of 0.49%. The company had revenue of $5.97 billion during the quarter, compared to the consensus estimate of $6.02 billion. During the same period last year, the company earned $0.17 earnings per share. The business’s revenue was up 13.4% compared to the same quarter last year. Equities analysts predict that International Paper Company will post 1.38 earnings per share for the current year.

International Paper Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 12th. Investors of record on Friday, May 22nd will be given a $0.4625 dividend. The ex-dividend date is Friday, May 22nd. This represents a $1.85 annualized dividend and a dividend yield of 5.5%. International Paper’s payout ratio is currently -29.09%.

Insider Buying and Selling

In other news, Director Anders Gustafsson purchased 13,217 shares of International Paper stock in a transaction on Thursday, March 12th. The stock was purchased at an average price of $37.83 per share, with a total value of $499,999.11. Following the transaction, the director directly owned 26,092 shares in the company, valued at $987,060.36. The trade was a 102.66% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Scott Tozier purchased 10,000 shares of International Paper stock in a transaction on Friday, May 1st. The shares were purchased at an average cost of $31.30 per share, with a total value of $313,000.00. Following the transaction, the director owned 10,025 shares in the company, valued at approximately $313,782.50. The trade was a 40,000.00% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last ninety days, insiders have acquired 36,092 shares of company stock valued at $1,313,064. Insiders own 0.21% of the company’s stock.

International Paper Company Profile

International Paper is a global producer of renewable fiber-based products, focused primarily on pulp, paper, and packaging. The company manufactures containerboard and corrugated packaging used for shipping and retail display, as well as a range of specialty papers and pulp products that serve industrial, consumer goods, and e-commerce customers. Its product portfolio is oriented toward large-scale packaging solutions, tissue and paper grades, and raw pulp for a variety of manufacturing uses.

Founded in 1898, International Paper is headquartered in Memphis, Tennessee, and is one of the largest and longest-established companies in the forest products sector.