Westrock Company (NYSE:WRK) Releases Earnings Results, Beats Expectations By $0.10 EPS
Westrock Company (NYSE:WRK) posted its earnings results on Thursday. The basic materials company reported $0.74 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.10, Bloomberg Earnings reports. Westrock had a return on equity of 6.38% and a net margin of 2.92%. The company had revenue of $3.70 billion during the quarter, compared to the consensus estimate of $3.66 billion. During the same quarter last year, the firm earned $0.71 earnings per share. The company’s revenue was up 2.8% on a year-over-year basis.
Westrock (WRK) opened at 57.33 on Friday. The firm has a market cap of $14.22 billion, a P/E ratio of 79.74 and a beta of 1.37. The company has a 50-day moving average price of $57.82 and a 200-day moving average price of $54.34. Westrock has a 1-year low of $40.63 and a 1-year high of $60.36.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 21st. Investors of record on Friday, August 11th will be paid a $0.40 dividend. This represents a $1.60 dividend on an annualized basis and a yield of 2.79%. The ex-dividend date is Wednesday, August 9th. Westrock’s dividend payout ratio (DPR) is presently 97.56%.
In related news, Director John A. Luke, Jr. sold 10,343 shares of the stock in a transaction dated Monday, July 24th. The stock was sold at an average price of $58.61, for a total transaction of $606,203.23. Following the sale, the director now owns 497,557 shares of the company’s stock, valued at approximately $29,161,815.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold a total of 31,029 shares of company stock worth $1,812,094 in the last three months. 2.68% of the stock is currently owned by insiders.
A number of hedge funds have recently modified their holdings of the company. FNY Partners Fund LP boosted its stake in shares of Westrock by 700.0% in the first quarter. FNY Partners Fund LP now owns 2,000 shares of the basic materials company’s stock worth $104,000 after buying an additional 1,750 shares during the period. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Westrock by 16.8% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 2,039 shares of the basic materials company’s stock worth $106,000 after buying an additional 294 shares during the period. Global X Management Co. LLC boosted its stake in shares of Westrock by 36.9% in the first quarter. Global X Management Co. LLC now owns 3,217 shares of the basic materials company’s stock worth $167,000 after buying an additional 867 shares during the period. Pennsylvania Trust Co bought a new stake in shares of Westrock during the second quarter worth about $201,000. Finally, IBM Retirement Fund bought a new stake in shares of Westrock during the second quarter worth about $204,000. 89.09% of the stock is currently owned by institutional investors and hedge funds.
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WRK has been the subject of a number of research reports. Jefferies Group LLC reissued a “buy” rating and set a $68.00 target price on shares of Westrock in a report on Friday, July 14th. Zacks Investment Research raised Westrock from a “hold” rating to a “buy” rating and set a $67.00 target price for the company in a report on Friday, July 14th. Barclays PLC lifted their target price on Westrock from $52.00 to $54.00 and gave the stock an “equal weight” rating in a report on Tuesday, July 18th. TheStreet raised Westrock from a “c+” rating to a “b-” rating in a report on Thursday, May 11th. Finally, Royal Bank Of Canada lifted their target price on Westrock from $59.00 to $62.00 and gave the stock an “outperform” rating in a report on Thursday, April 27th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $61.55.
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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