New York State Teachers Retirement System boosted its stake in Westrock Company (NYSE:WRK) by 5.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 463,681 shares of the basic materials company’s stock after purchasing an additional 23,080 shares during the period. New York State Teachers Retirement System owned about 0.18% of Westrock worth $26,305,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Vanguard Group Inc. grew its holdings in Westrock by 1.9% in the second quarter. Vanguard Group Inc. now owns 26,211,606 shares of the basic materials company’s stock worth $1,485,150,000 after purchasing an additional 484,771 shares during the period. BlackRock Inc. lifted its stake in shares of Westrock by 0.8% in the second quarter. BlackRock Inc. now owns 22,598,192 shares of the basic materials company’s stock valued at $1,280,411,000 after buying an additional 180,112 shares in the last quarter. Boston Partners lifted its stake in shares of Westrock by 0.5% in the second quarter. Boston Partners now owns 9,097,512 shares of the basic materials company’s stock valued at $515,465,000 after buying an additional 48,092 shares in the last quarter. American Century Companies Inc. lifted its stake in shares of Westrock by 10.3% in the second quarter. American Century Companies Inc. now owns 3,265,213 shares of the basic materials company’s stock valued at $185,007,000 after buying an additional 304,605 shares in the last quarter. Finally, AJO LP lifted its stake in shares of Westrock by 13,639.1% in the second quarter. AJO LP now owns 2,782,160 shares of the basic materials company’s stock valued at $157,637,000 after buying an additional 2,761,910 shares in the last quarter. Hedge funds and other institutional investors own 88.80% of the company’s stock.
WRK has been the topic of several research reports. Barclays PLC reaffirmed a “hold” rating on shares of Westrock in a research report on Friday. BidaskClub lowered shares of Westrock from a “hold” rating to a “sell” rating in a research report on Friday, August 11th. DA Davidson reiterated a “buy” rating and issued a $74.00 target price on shares of Westrock in a research note on Friday, November 3rd. Jefferies Group LLC reiterated a “buy” rating and issued a $69.00 target price on shares of Westrock in a research note on Friday, August 4th. Finally, Zacks Investment Research downgraded shares of Westrock from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 7th. Five equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Westrock currently has a consensus rating of “Buy” and an average price target of $65.09.
Shares of Westrock Company (NYSE WRK) opened at $58.84 on Tuesday. The company has a current ratio of 1.49, a quick ratio of 0.89 and a debt-to-equity ratio of 0.57. The company has a market cap of $14,688.64, a price-to-earnings ratio of 22.39, a P/E/G ratio of 1.35 and a beta of 1.37. Westrock Company has a 1-year low of $48.11 and a 1-year high of $61.60.
Westrock (NYSE:WRK) last issued its quarterly earnings data on Thursday, November 2nd. The basic materials company reported $0.87 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.06. The business had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $4.13 billion. Westrock had a net margin of 4.77% and a return on equity of 6.73%. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.71 EPS. equities analysts anticipate that Westrock Company will post 3.74 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 20th. Investors of record on Friday, November 10th will be given a dividend of $0.43 per share. This represents a $1.72 annualized dividend and a yield of 2.92%. This is an increase from Westrock’s previous quarterly dividend of $0.40. The ex-dividend date of this dividend is Thursday, November 9th. Westrock’s dividend payout ratio is 62.09%.
In related news, Director John A. Luke, Jr. sold 87,202 shares of the firm’s stock in a transaction on Monday, August 28th. The shares were sold at an average price of $55.06, for a total value of $4,801,342.12. Following the completion of the transaction, the director now directly owns 497,557 shares of the company’s stock, valued at $27,395,488.42. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Jennifer Graham-Johnson sold 3,806 shares of the firm’s stock in a transaction on Monday, September 11th. The shares were sold at an average price of $57.08, for a total transaction of $217,246.48. Following the completion of the transaction, the executive vice president now directly owns 41,588 shares of the company’s stock, valued at $2,373,843.04. The disclosure for this sale can be found here. Insiders have sold a total of 453,722 shares of company stock worth $25,585,382 over the last three months. 2.68% of the stock is currently owned by insiders.
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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