OLD Dominion Capital Management Inc. Invests $342,000 in Westrock Company (NYSE:WRK)
OLD Dominion Capital Management Inc. bought a new position in Westrock Company (NYSE:WRK) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 6,028 shares of the basic materials company’s stock, valued at approximately $342,000.
Several other hedge funds have also added to or reduced their stakes in WRK. FNY Partners Fund LP increased its stake in 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 last quarter. Northwestern Mutual Wealth Management Co. increased its stake in 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 last quarter. Global X Management Co. LLC increased its stake in 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 last quarter. Pennsylvania Trust Co acquired a new stake in Westrock during the second quarter worth approximately $201,000. Finally, Pacer Advisors Inc. increased its stake in Westrock by 3.4% in the first quarter. Pacer Advisors Inc. now owns 3,924 shares of the basic materials company’s stock worth $204,000 after buying an additional 130 shares during the last quarter. Institutional investors and hedge funds own 89.22% of the company’s stock.
Westrock Company (NYSE WRK) opened at 55.23 on Friday. The stock has a 50 day moving average of $57.69 and a 200 day moving average of $54.53. Westrock Company has a 52-week low of $43.57 and a 52-week high of $60.36. The stock has a market capitalization of $14.10 billion, a P/E ratio of 33.51 and a beta of 1.37.
Westrock (NYSE:WRK) last announced its quarterly earnings results on Thursday, August 3rd. The basic materials company reported $0.74 earnings per share for the quarter, beating analysts’ consensus estimates of $0.64 by $0.10. The business had revenue of $3.70 billion for the quarter, compared to the consensus estimate of $3.66 billion. Westrock had a net margin of 2.92% and a return on equity of 6.38%. Westrock’s revenue for the quarter was up 2.8% on a year-over-year basis. During the same period last year, the company posted $0.71 EPS. On average, equities research analysts forecast that Westrock Company will post $2.62 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, August 21st. Investors of record on Friday, August 11th will be given a $0.40 dividend. The ex-dividend date is Wednesday, August 9th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.90%. Westrock’s dividend payout ratio is 97.56%.
A number of analysts recently commented on WRK shares. TheStreet upgraded shares of Westrock from a “c+” rating to a “b-” rating in a report on Thursday, May 11th. Goldman Sachs Group, Inc. (The) upgraded shares of Westrock from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $57.00 to $61.00 in a report on Tuesday, April 18th. Citigroup Inc. reiterated a “buy” rating on shares of Westrock in a report on Friday, April 14th. Credit Suisse Group reiterated a “buy” rating and issued a $66.00 target price on shares of Westrock in a report on Thursday, April 27th. Finally, Deutsche Bank AG boosted their target price on shares of Westrock from $58.00 to $60.00 and gave the stock a “buy” rating in a report on Tuesday, April 25th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $61.91.
In related news, Director John A. Luke, Jr. sold 10,343 shares of the stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $58.61, for a total value of $606,203.23. Following the sale, the director now directly owns 497,557 shares in the company, valued at approximately $29,161,815.77. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold a total of 41,372 shares of company stock worth $2,404,334 over the last quarter. 2.68% of the stock is currently owned by corporate insiders.
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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