Westrock Company (WRK) Position Boosted by CIBC Asset Management Inc
CIBC Asset Management Inc boosted its position in shares of Westrock Company (NYSE:WRK) by 0.2% during the second quarter, Holdings Channel reports. The fund owned 23,547 shares of the basic materials company’s stock after buying an additional 51 shares during the period. CIBC Asset Management Inc’s holdings in Westrock were worth $1,334,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in Westrock by 4.5% in the first quarter. Vanguard Group Inc. now owns 25,726,835 shares of the basic materials company’s stock worth $1,338,567,000 after buying an additional 1,105,605 shares during the last quarter. BlackRock Inc. raised its position in Westrock by 3,569.1% in the first quarter. BlackRock Inc. now owns 22,418,080 shares of the basic materials company’s stock worth $1,166,413,000 after buying an additional 21,807,090 shares during the last quarter. FMR LLC raised its position in Westrock by 4.1% in the first quarter. FMR LLC now owns 19,597,012 shares of the basic materials company’s stock worth $1,019,633,000 after buying an additional 772,990 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Westrock by 2.1% in the first quarter. Dimensional Fund Advisors LP now owns 2,600,224 shares of the basic materials company’s stock valued at $135,296,000 after buying an additional 53,323 shares in the last quarter. Finally, Bank of Montreal Can raised its stake in shares of Westrock by 262.9% in the second quarter. Bank of Montreal Can now owns 2,547,693 shares of the basic materials company’s stock valued at $144,353,000 after buying an additional 1,845,658 shares in the last quarter. 89.22% of the stock is currently owned by institutional investors.
Westrock Company (NYSE WRK) opened at 55.23 on Friday. Westrock Company has a 1-year low of $43.57 and a 1-year high of $60.36. The stock has a market cap of $14.10 billion, a P/E ratio of 33.51 and a beta of 1.37. The stock has a 50 day moving average of $57.69 and a 200 day moving average of $54.53.
Westrock (NYSE:WRK) last posted its earnings results on Thursday, August 3rd. The basic materials company reported $0.74 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.10. The business had revenue of $3.70 billion for the quarter, compared to analysts’ expectations of $3.66 billion. Westrock had a net margin of 2.92% and a return on equity of 6.38%. The business’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.71 EPS. Equities analysts anticipate that Westrock Company will post $2.62 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 21st. Stockholders of record on Friday, August 11th will be paid a $0.40 dividend. This represents a $1.60 annualized dividend and a dividend yield of 2.90%. The ex-dividend date of this dividend is Wednesday, August 9th. Westrock’s dividend payout ratio (DPR) is presently 97.56%.
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Several analysts have commented on the stock. Zacks Investment Research raised shares of Westrock from a “hold” rating to a “buy” rating and set a $64.00 price objective on the stock in a research report on Tuesday, June 27th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Westrock in a research report on Thursday, June 22nd. Barclays PLC lifted their price objective on shares of Westrock from $50.00 to $52.00 and gave the stock an “equal weight” rating in a research report on Monday, May 1st. Royal Bank Of Canada lifted their price objective on shares of Westrock from $59.00 to $62.00 and gave the stock an “outperform” rating in a research report on Thursday, April 27th. Finally, BMO Capital Markets reaffirmed a “buy” rating and issued a $62.00 price objective on shares of Westrock in a research report on Thursday, June 15th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $61.91.
In other 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 transaction, the director now owns 497,557 shares in the company, valued at approximately $29,161,815.77. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders sold a total of 41,372 shares of company stock worth $2,404,334 in the last quarter. Company insiders own 2.68% of the company’s stock.
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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