Barclays PLC lowered its holdings in WestRock (NYSE:WRK) by 2.5% during the third quarter, HoldingsChannel.com reports. The fund owned 697,128 shares of the basic materials company’s stock after selling 18,131 shares during the period. Barclays PLC’s holdings in WestRock were worth $34,739,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other hedge funds and other institutional investors have also modified their holdings of WRK. Nordea Investment Management AB lifted its holdings in WestRock by 112.5% in the third quarter. Nordea Investment Management AB now owns 5,820,380 shares of the basic materials company’s stock worth $300,390,000 after acquiring an additional 3,081,506 shares during the last quarter. Price T Rowe Associates Inc. MD increased its stake in shares of WestRock by 5.6% in the second quarter. Price T Rowe Associates Inc. MD now owns 30,153,272 shares of the basic materials company’s stock valued at $1,604,757,000 after purchasing an additional 1,605,498 shares during the period. Atlantic Investment Management Inc. acquired a new stake in shares of WestRock in the second quarter valued at approximately $59,496,000. Invesco Ltd. increased its stake in shares of WestRock by 36.5% in the second quarter. Invesco Ltd. now owns 4,002,742 shares of the basic materials company’s stock valued at $213,027,000 after purchasing an additional 1,069,295 shares during the period. Finally, Morgan Stanley increased its stake in shares of WestRock by 85.5% in the second quarter. Morgan Stanley now owns 1,825,943 shares of the basic materials company’s stock valued at $97,178,000 after purchasing an additional 841,418 shares during the period. 84.14% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director James E. Nevels sold 3,050 shares of the firm’s stock in a transaction that occurred on Tuesday, November 16th. The shares were sold at an average price of $49.45, for a total value of $150,822.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.00% of the company’s stock.
WestRock (NYSE:WRK) last posted its quarterly earnings results on Tuesday, November 9th. The basic materials company reported $1.23 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.09. The firm had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5 billion. WestRock had a net margin of 4.47% and a return on equity of 8.03%. The firm’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.73 earnings per share. As a group, equities analysts predict that WestRock will post 4.68 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, November 23rd. Shareholders of record on Wednesday, November 10th were given a $0.25 dividend. This is a positive change from WestRock’s previous quarterly dividend of $0.24. The ex-dividend date of this dividend was Tuesday, November 9th. This represents a $1.00 annualized dividend and a yield of 2.13%. WestRock’s payout ratio is 32.05%.
Several equities research analysts have commented on the stock. Truist Securities assumed coverage on shares of WestRock in a research note on Wednesday, October 13th. They issued a “hold” rating and a $47.00 price target on the stock. Truist assumed coverage on shares of WestRock in a research note on Wednesday, October 13th. They issued a “hold” rating and a $47.00 price target on the stock. KeyCorp dropped their price target on shares of WestRock from $45.00 to $43.00 and set an “underweight” rating on the stock in a research note on Wednesday, November 10th. Citigroup lowered their price objective on shares of WestRock from $60.00 to $53.00 in a research note on Tuesday, January 4th. Finally, Zacks Investment Research upgraded shares of WestRock from a “sell” rating to a “buy” rating and set a $48.00 price objective on the stock in a research note on Thursday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, WestRock has an average rating of “Hold” and an average target price of $55.00.
WestRock Company Profile
WestRock Co engages in the provision of paper and packaging solutions. It operates through the following segments: Corrugated Packaging and Consumer Packaging. The Corrugated Packaging segment consists of its containerboard mill and corrugated packaging operations, as well as recycling operations. The Consumer Packaging segment includes consumer mills, folding carton, beverage, merchandising displays, and partition operations.
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