Glen Harbor Capital Management LLC cut its position in WestRock (NYSE:WRK) by 12.7% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 67,488 shares of the basic materials company’s stock after selling 9,776 shares during the quarter. Glen Harbor Capital Management LLC’s holdings in WestRock were worth $4,331,000 at the end of the most recent quarter.
A number of other large investors have also recently modified their holdings of the stock. Systematic Financial Management LP lifted its position in WestRock by 3.7% in the 1st quarter. Systematic Financial Management LP now owns 504,380 shares of the basic materials company’s stock valued at $32,366,000 after purchasing an additional 17,816 shares during the last quarter. Private Advisor Group LLC bought a new stake in WestRock in the 1st quarter valued at about $348,000. Cambridge Investment Research Advisors Inc. lifted its position in WestRock by 50.7% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 13,241 shares of the basic materials company’s stock valued at $850,000 after purchasing an additional 4,452 shares during the last quarter. Rovida Advisors Inc. bought a new stake in WestRock in the 1st quarter valued at about $9,626,000. Finally, Korea Investment CORP lifted its position in WestRock by 78.1% in the 1st quarter. Korea Investment CORP now owns 462,822 shares of the basic materials company’s stock valued at $29,699,000 after purchasing an additional 202,891 shares during the last quarter. Hedge funds and other institutional investors own 86.21% of the company’s stock.
WRK stock opened at $60.77 on Thursday. WestRock has a 52 week low of $52.76 and a 52 week high of $71.55. The stock has a market cap of $15.74 billion, a price-to-earnings ratio of 23.19, a P/E/G ratio of 1.12 and a beta of 1.40. The company has a debt-to-equity ratio of 0.48, a quick ratio of 0.80 and a current ratio of 1.37.
WestRock (NYSE:WRK) last released its earnings results on Friday, April 27th. The basic materials company reported $0.83 EPS for the quarter, hitting analysts’ consensus estimates of $0.83. WestRock had a net margin of 12.01% and a return on equity of 7.84%. The business had revenue of $4.02 billion for the quarter, compared to the consensus estimate of $4.10 billion. During the same period in the previous year, the firm earned $0.54 EPS. The business’s revenue for the quarter was up 9.9% on a year-over-year basis. research analysts expect that WestRock will post 4.07 EPS for the current year.
The firm also recently announced a quarterly dividend, which was paid on Monday, May 14th. Investors of record on Friday, May 4th were issued a $0.43 dividend. The ex-dividend date of this dividend was Thursday, May 3rd. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.83%. WestRock’s payout ratio is currently 65.65%.
In related news, Director John A. Luke, Jr. sold 42,250 shares of the business’s stock in a transaction that occurred on Thursday, March 8th. The shares were sold at an average price of $66.12, for a total value of $2,793,570.00. Following the sale, the director now directly owns 539,693 shares in the company, valued at approximately $35,684,501.16. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John A. Luke, Jr. sold 7,236 shares of the business’s stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $67.06, for a total transaction of $485,246.16. Following the completion of the sale, the director now owns 504,679 shares in the company, valued at $33,843,773.74. The disclosure for this sale can be found here. Insiders sold a total of 140,831 shares of company stock worth $9,378,836 over the last quarter. Insiders own 2.20% of the company’s stock.
A number of analysts have commented on the stock. Stephens set a $74.00 price target on shares of WestRock and gave the stock a “hold” rating in a research report on Monday, January 29th. Zacks Investment Research downgraded shares of WestRock from a “strong-buy” rating to a “hold” rating in a research report on Saturday, May 5th. Barclays boosted their price target on shares of WestRock from $60.00 to $64.00 and gave the stock an “equal weight” rating in a research report on Monday, February 12th. Citigroup dropped their price target on shares of WestRock from $83.00 to $80.00 and set a “buy” rating on the stock in a research report on Thursday, April 5th. Finally, BMO Capital Markets restated a “buy” rating and set a $77.00 price target on shares of WestRock in a research report on Thursday, January 25th. Six investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $75.90.
WestRock Company manufactures and sells paper and packaging solutions for the consumer and corrugated markets in North America, South America, Europe, Australia, and Asia. The company operates through three segments: Corrugated Packaging, Consumer Packaging, and Land and Development. The Corrugated Packaging segment produces containerboards, corrugated sheets, corrugated packaging, and preprinted linerboards for consumer and industrial products manufacturers, and corrugated box manufacturers.
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