Atalanta Sosnoff Capital LLC Acquires New Stake in WestRock Co. (WRK)
Atalanta Sosnoff Capital LLC purchased a new position in shares of WestRock Co. (NYSE:WRK) during the second quarter, according to its most recent disclosure with the SEC. The fund purchased 361,581 shares of the company’s stock, valued at approximately $14,055,000.
Other hedge funds have also recently made changes to their positions in the company. Maryland Capital Management raised its stake in shares of WestRock by 2.1% in the first quarter. Maryland Capital Management now owns 8,725 shares of the company’s stock worth $341,000 after buying an additional 177 shares during the last quarter. IFP Advisors Inc raised its stake in WestRock by 6.2% in the first quarter. IFP Advisors Inc now owns 5,660 shares of the company’s stock worth $221,000 after buying an additional 328 shares in the last quarter. Raymond James Trust N.A. raised its stake in WestRock by 5.1% in the first quarter. Raymond James Trust N.A. now owns 10,067 shares of the company’s stock worth $393,000 after buying an additional 493 shares in the last quarter. DNB Asset Management AS raised its stake in WestRock by 3.3% in the second quarter. DNB Asset Management AS now owns 15,594 shares of the company’s stock worth $606,000 after buying an additional 500 shares in the last quarter. Finally, LS Investment Advisors LLC raised its stake in WestRock by 5.4% in the second quarter. LS Investment Advisors LLC now owns 13,024 shares of the company’s stock worth $506,000 after buying an additional 662 shares in the last quarter. Hedge funds and other institutional investors own 90.31% of the company’s stock.
WestRock Co. (NYSE:WRK) traded down 0.90% during trading on Tuesday, hitting $47.24. The company had a trading volume of 1,392,062 shares. The stock’s market capitalization is $11.75 billion. The firm’s 50 day moving average is $45.99 and its 200-day moving average is $41.16. WestRock Co. has a 52-week low of $29.73 and a 52-week high of $57.85.
WestRock (NYSE:WRK) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.71 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.66 by $0.05. The business earned $3.60 million during the quarter, compared to the consensus estimate of $3.70 billion. WestRock had a negative net margin of 1.27% and a positive return on equity of 6.71%. The company’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.15 earnings per share. On average, equities analysts forecast that WestRock Co. will post $3.96 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, August 22nd. Shareholders of record on Friday, August 12th were paid a $0.375 dividend. The ex-dividend date was Wednesday, August 10th. This represents a $1.50 annualized dividend and a dividend yield of 3.18%. WestRock’s dividend payout ratio (DPR) is -202.70%.
A number of research firms have weighed in on WRK. Deutsche Bank AG set a $50.00 target price on WestRock and gave the stock a “buy” rating in a report on Friday, August 5th. BMO Capital Markets restated a “buy” rating and set a $52.00 target price on shares of WestRock in a report on Friday, August 5th. Bank of America Corp. restated a “hold” rating and set a $45.00 target price on shares of WestRock in a report on Friday, August 5th. Jefferies Group restated a “buy” rating on shares of WestRock in a report on Monday, August 22nd. Finally, Credit Suisse Group AG set a $50.00 target price on WestRock and gave the stock a “buy” rating in a report on Friday, August 5th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and eight have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of $52.83.
In other WestRock news, Director John A. Luke, Jr. sold 188,103 shares of the business’s stock in a transaction on Tuesday, September 13th. The shares were sold at an average price of $46.62, for a total value of $8,769,361.86. Following the completion of the transaction, the director now owns 837,343 shares in the company, valued at $39,036,930.66. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 2.41% of the stock is currently owned by company insiders.
Westrock Company is a provider of packaging solutions and manufactures containerboard and paperboard. The Company’s operating segments include Corrugated Packaging, Consumer Packaging, Specialty Chemicals, and Land and Development. The Company operates in North America, South America, Europe and Asia.
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