Timucuan Asset Management Inc. FL purchased a new position in Westrock Co (NYSE:WRK) in the first quarter, Holdings Channel reports. The fund purchased 55,000 shares of the basic materials company’s stock, valued at approximately $2,109,000. Westrock comprises about 0.1% of Timucuan Asset Management Inc. FL’s investment portfolio, making the stock its 21st biggest position.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. BlackRock Inc. raised its holdings in shares of Westrock by 38.6% in the first quarter. BlackRock Inc. now owns 31,068,544 shares of the basic materials company’s stock worth $1,191,478,000 after acquiring an additional 8,658,073 shares during the last quarter. American Century Companies Inc. raised its holdings in shares of Westrock by 11.4% in the fourth quarter. American Century Companies Inc. now owns 6,378,609 shares of the basic materials company’s stock worth $240,856,000 after acquiring an additional 652,024 shares during the last quarter. LSV Asset Management raised its holdings in shares of Westrock by 3.8% in the first quarter. LSV Asset Management now owns 6,072,603 shares of the basic materials company’s stock worth $232,884,000 after acquiring an additional 221,207 shares during the last quarter. Oregon Public Employees Retirement Fund grew its position in shares of Westrock by 4,262.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,767,164 shares of the basic materials company’s stock valued at $100,000 after purchasing an additional 3,680,813 shares during the period. Finally, Norges Bank purchased a new stake in shares of Westrock in the fourth quarter valued at $141,233,000. 83.38% of the stock is owned by institutional investors.
Shares of NYSE WRK traded up $0.76 on Thursday, hitting $37.06. The company had a trading volume of 31,364 shares, compared to its average volume of 2,030,374. Westrock Co has a 12-month low of $32.01 and a 12-month high of $61.65. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.29 and a quick ratio of 0.77. The company has a market capitalization of $9.38 billion, a price-to-earnings ratio of 9.06, a PEG ratio of 2.01 and a beta of 1.61.
Westrock (NYSE:WRK) last issued its earnings results on Tuesday, April 30th. The basic materials company reported $0.80 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.17. Westrock had a return on equity of 9.03% and a net margin of 4.89%. The company had revenue of $4.62 billion during the quarter, compared to the consensus estimate of $4.67 billion. During the same quarter in the prior year, the business earned $0.83 earnings per share. The company’s revenue was up 15.0% compared to the same quarter last year. Research analysts expect that Westrock Co will post 4.02 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Monday, May 20th. Stockholders of record on Friday, May 10th were given a $0.455 dividend. This represents a $1.82 annualized dividend and a dividend yield of 4.91%. The ex-dividend date was Thursday, May 9th. Westrock’s payout ratio is 44.50%.
A number of equities research analysts have recently commented on the company. Deutsche Bank downgraded Westrock from a “buy” rating to a “hold” rating and lowered their price objective for the company from $51.00 to $42.00 in a research report on Wednesday, April 17th. KeyCorp reissued a “hold” rating on shares of Westrock in a research report on Wednesday, May 1st. Finally, UBS Group initiated coverage on Westrock in a research report on Wednesday, May 15th. They set a “buy” rating and a $47.00 price target for the company. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company. Westrock currently has a consensus rating of “Hold” and a consensus target price of $49.56.
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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