Allstate Corp Invests $524,000 in International Paper (NYSE:IP)

Allstate Corp acquired a new stake in International Paper (NYSE:IP) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor acquired 9,742 shares of the basic materials company’s stock, valued at approximately $524,000.

Several other institutional investors and hedge funds also recently made changes to their positions in IP. Vanguard Group Inc. increased its stake in International Paper by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 41,195,085 shares of the basic materials company’s stock worth $2,217,119,000 after purchasing an additional 340,383 shares during the period. Geode Capital Management LLC grew its holdings in shares of International Paper by 1.2% in the third quarter. Geode Capital Management LLC now owns 8,368,401 shares of the basic materials company’s stock worth $407,463,000 after purchasing an additional 99,720 shares during the last quarter. Point72 Asset Management L.P. increased its stake in shares of International Paper by 511.1% in the third quarter. Point72 Asset Management L.P. now owns 2,970,432 shares of the basic materials company’s stock worth $145,106,000 after buying an additional 2,484,386 shares during the period. Norges Bank bought a new stake in International Paper during the 4th quarter valued at $109,201,000. Finally, Artemis Investment Management LLP boosted its position in International Paper by 147.2% during the 4th quarter. Artemis Investment Management LLP now owns 2,019,806 shares of the basic materials company’s stock valued at $108,706,000 after buying an additional 1,202,632 shares during the period. Institutional investors own 81.95% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. JPMorgan Chase & Co. initiated coverage on shares of International Paper in a research note on Thursday, March 20th. They set an “overweight” rating and a $59.00 price objective for the company. Bank of America initiated coverage on International Paper in a report on Thursday, February 13th. They issued a “neutral” rating for the company. Royal Bank of Canada reissued an “outperform” rating and set a $64.00 target price on shares of International Paper in a research note on Wednesday, March 26th. Citigroup started coverage on International Paper in a research note on Wednesday, March 5th. They issued a “buy” rating and a $60.00 price target for the company. Finally, Truist Financial restated a “buy” rating and issued a $64.00 price objective (down from $65.00) on shares of International Paper in a report on Friday, January 31st. One analyst has rated the stock with a sell rating, four have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.32.

International Paper Stock Performance

Shares of IP stock opened at $53.62 on Wednesday. The company’s fifty day moving average price is $54.69 and its 200-day moving average price is $53.83. The stock has a market cap of $28.21 billion, a PE ratio of 34.15, a price-to-earnings-growth ratio of 0.39 and a beta of 1.02. The company has a current ratio of 1.49, a quick ratio of 1.08 and a debt-to-equity ratio of 0.66. International Paper has a 12 month low of $33.16 and a 12 month high of $60.36.

International Paper (NYSE:IP) last posted its quarterly earnings data 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%. On average, equities analysts expect that International Paper will post 2.77 EPS for the current fiscal year.

International Paper Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Monday, February 24th were paid a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a yield of 3.45%. The ex-dividend date of this dividend was Monday, February 24th. International Paper’s payout ratio is 117.83%.

International Paper Company 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.