Allstate Corp Makes New $801,000 Investment in International Paper Company $IP

Allstate Corp acquired a new stake in shares of International Paper Company (NYSE:IP) in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 17,267 shares of the basic materials company’s stock, valued at approximately $801,000.

A number of other institutional investors also recently modified their holdings of IP. Norges Bank purchased a new position in International Paper during the 2nd quarter valued at about $281,735,000. M&G PLC grew its position in shares of International Paper by 165.9% in the 2nd quarter. M&G PLC now owns 3,220,070 shares of the basic materials company’s stock worth $150,553,000 after buying an additional 2,009,123 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of International Paper by 9.3% during the second quarter. Bank of New York Mellon Corp now owns 18,737,896 shares of the basic materials company’s stock valued at $877,496,000 after buying an additional 1,592,411 shares during the period. Sound Shore Management Inc CT purchased a new position in shares of International Paper during the second quarter valued at approximately $69,208,000. Finally, Vanguard Group Inc. raised its holdings in shares of International Paper by 2.0% during the second quarter. Vanguard Group Inc. now owns 63,879,190 shares of the basic materials company’s stock valued at $2,991,462,000 after acquiring an additional 1,255,650 shares in the last quarter. 81.95% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts recently weighed in on IP shares. Wells Fargo & Company cut their price target on shares of International Paper from $44.00 to $36.00 and set an “underweight” rating on the stock in a report on Friday, October 31st. Royal Bank Of Canada set a $55.00 target price on shares of International Paper and gave the stock an “outperform” rating in a research report on Thursday, December 18th. BNP Paribas Exane raised shares of International Paper from a “strong sell” rating to an “outperform” rating and set a $44.00 target price on the stock in a research note on Monday, November 24th. Citigroup reduced their price target on shares of International Paper from $55.00 to $46.00 and set a “buy” rating on the stock in a research report on Monday, November 3rd. Finally, Jefferies Financial Group lowered their price objective on shares of International Paper from $51.00 to $47.00 and set a “buy” rating for the company in a report on Wednesday, December 17th. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $49.07.

Insider Transactions at International Paper

In related news, SVP Clay R. Ellis sold 18,819 shares of the stock in a transaction dated Tuesday, November 18th. The shares were sold at an average price of $36.85, for a total transaction of $693,480.15. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.35% of the stock is currently owned by insiders.

International Paper Stock Up 3.0%

IP stock opened at $42.89 on Thursday. The business has a 50 day moving average of $39.58 and a 200 day moving average of $44.52. The firm has a market cap of $22.65 billion, a PE ratio of -16.43, a price-to-earnings-growth ratio of 0.47 and a beta of 1.10. International Paper Company has a twelve month low of $35.56 and a twelve month high of $60.15. The company has a quick ratio of 1.04, a current ratio of 1.31 and a debt-to-equity ratio of 0.52.

International Paper (NYSE:IP) last released its earnings results on Thursday, October 30th. The basic materials company reported ($0.43) EPS for the quarter, missing the consensus estimate of $0.53 by ($0.96). International Paper had a negative return on equity of 0.16% and a negative net margin of 5.45%.The company had revenue of $6.22 billion during the quarter, compared to the consensus estimate of $6.76 billion. During the same period last year, the firm posted $0.33 earnings per share. The company’s revenue was up 56.4% compared to the same quarter last year. On average, research analysts forecast that International Paper Company will post 2.77 EPS for the current fiscal year.

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.