WestRock Co. (WRK) Shares Sold by Conning Inc.
Conning Inc. cut its position in WestRock Co. (NYSE:WRK) by 30.8% during the second quarter, Holdings Channel reports. The fund owned 5,531 shares of the company’s stock after selling 2,467 shares during the period. Conning Inc.’s holdings in WestRock were worth $215,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of WRK. Botty Investors LLC bought a new stake in WestRock during the second quarter worth approximately $137,000. Advisor Partners LLC bought a new stake in WestRock during the first quarter worth approximately $203,000. IFP Advisors Inc boosted 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 during the last quarter. Rehmann Capital Advisory Group bought a new stake in WestRock during the second quarter worth approximately $227,000. Finally, Westend Capital Management LLC bought a new stake in WestRock during the first quarter worth approximately $248,000. Institutional investors and hedge funds own 90.32% of the company’s stock.
Shares of WestRock Co. (NYSE:WRK) traded down 2.00% during mid-day trading on Friday, reaching $46.50. 1,951,809 shares of the company’s stock traded hands. The stock’s market cap is $11.56 billion. WestRock Co. has a 12-month low of $29.73 and a 12-month high of $57.85. The firm’s 50 day moving average price is $47.38 and its 200-day moving average price is $42.07.
WestRock (NYSE:WRK) last issued its quarterly earnings data 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. WestRock had a negative net margin of 1.27% and a positive return on equity of 6.71%. The business earned $3.60 million during the quarter, compared to analyst estimates of $3.70 billion. During the same period in the prior year, the business earned $1.15 EPS. The company’s revenue for the quarter was down 2.8% on a year-over-year basis. Equities research analysts forecast that WestRock Co. will post $3.96 earnings per share for the current year.
A number of research firms have commented on WRK. Citigroup Inc. raised their price target on shares of WestRock from $50.00 to $52.00 and gave the stock a “buy” rating in a report on Friday, August 5th. Bank of America Corp. restated a “hold” rating and issued a $45.00 price target on shares of WestRock in a report on Friday, August 5th. Credit Suisse Group AG set a $50.00 price target on shares of WestRock and gave the stock a “buy” rating in a report on Friday, August 5th. Jefferies Group lifted their price objective on shares of WestRock from $50.00 to $53.00 and gave the company a “buy” rating in a report on Friday, August 5th. Finally, Deutsche Bank AG lifted their price objective on shares of WestRock from $50.00 to $53.00 and gave the company a “buy” rating in a report on Friday, September 23rd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the stock. WestRock has an average rating of “Hold” and an average price target of $53.04.
In related news, Director John A. Luke, Jr. sold 188,103 shares of the stock in a transaction dated 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 directly owns 837,343 shares in the company, valued at approximately $39,036,930.66. The sale was disclosed in a document filed with the SEC, which can be accessed 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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