Investec Asset Management LTD cut its stake in Westrock Company (NYSE:WRK) by 0.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,566,187 shares of the basic materials company’s stock after selling 8,869 shares during the quarter. Investec Asset Management LTD owned about 0.63% of Westrock worth $88,740,000 at the end of the most recent quarter.
A number of other large investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Westrock by 4.5% in the first quarter. Vanguard Group Inc. now owns 25,726,835 shares of the basic materials company’s stock valued at $1,338,567,000 after purchasing an additional 1,105,605 shares during the period. BlackRock Inc. increased its position in shares of Westrock by 0.8% during the second quarter. BlackRock Inc. now owns 22,598,192 shares of the basic materials company’s stock worth $1,280,411,000 after acquiring an additional 180,112 shares during the last quarter. FMR LLC increased its position in shares of Westrock by 4.1% during the first quarter. FMR LLC now owns 19,597,012 shares of the basic materials company’s stock worth $1,019,633,000 after acquiring an additional 772,990 shares during the last quarter. Boston Partners increased its position in shares of Westrock by 0.5% during the second quarter. Boston Partners now owns 9,097,512 shares of the basic materials company’s stock worth $515,465,000 after acquiring an additional 48,092 shares during the last quarter. Finally, American Century Companies Inc. increased its position in shares of Westrock by 10.3% during the second quarter. American Century Companies Inc. now owns 3,265,213 shares of the basic materials company’s stock worth $185,007,000 after acquiring an additional 304,605 shares during the last quarter. 88.63% of the stock is currently owned by institutional investors.
Westrock Company (WRK) traded up 0.24% during trading on Friday, reaching $57.56. The company had a trading volume of 1,932,835 shares. The stock has a market cap of $14.44 billion, a P/E ratio of 34.93 and a beta of 1.37. The firm has a 50-day moving average price of $57.61 and a 200 day moving average price of $56.04. Westrock Company has a 12-month low of $43.79 and a 12-month high of $59.02.
Westrock (NYSE:WRK) last released its earnings results on Thursday, August 3rd. The basic materials company reported $0.74 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.10. The firm had revenue of $3.70 billion during the quarter, compared to analyst estimates of $3.66 billion. Westrock had a net margin of 2.92% and a return on equity of 6.38%. The business’s revenue was up 2.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.71 EPS. Equities research analysts predict that Westrock Company will post $2.61 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Monday, August 21st. Shareholders of record on Friday, August 11th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.78%. The ex-dividend date of this dividend was Wednesday, August 9th. Westrock’s dividend payout ratio is 97.56%.
In other Westrock news, insider Jeffrey Wayne Chalovich sold 18,368 shares of the business’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $58.41, for a total transaction of $1,072,874.88. Following the completion of the transaction, the insider now owns 24,859 shares of the company’s stock, valued at approximately $1,452,014.19. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director John A. Luke, Jr. sold 10,343 shares of the business’s stock in a transaction on Monday, July 17th. The stock was sold at an average price of $59.43, for a total transaction of $614,684.49. Following the transaction, the director now directly owns 497,557 shares of the company’s stock, valued at approximately $29,569,812.51. The disclosure for this sale can be found here. In the last three months, insiders have sold 422,693 shares of company stock valued at $23,727,055. Company insiders own 2.68% of the company’s stock.
WRK has been the topic of a number of analyst reports. Jefferies Group LLC reaffirmed a “buy” rating and set a $68.00 target price on shares of Westrock in a research report on Friday, July 14th. Zacks Investment Research raised Westrock from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a research report on Friday, July 14th. BMO Capital Markets reaffirmed a “buy” rating and set a $62.00 target price on shares of Westrock in a research report on Thursday, June 15th. Goldman Sachs Group, Inc. (The) raised Westrock from a “buy” rating to a “conviction-buy” rating in a research report on Thursday, July 13th. Finally, Barclays PLC lifted their target price on Westrock from $54.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Monday, August 7th. Three investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $63.44.
Westrock Company Profile
WestRock Company, incorporated on March 6, 2015, is a multinational provider of paper and packaging solutions for consumer and corrugated packaging markets. The Company also develops real estate in the Charleston, South Carolina region. The Company’s segments include Corrugated Packaging, Consumer Packaging, and Land and Development.
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