HL Financial Services LLC Takes Position in Westrock Company (NYSE:WRK)
HL Financial Services LLC bought a new stake in Westrock Company (NYSE:WRK) during the second quarter, Holdings Channel reports. The institutional investor bought 10,467 shares of the basic materials company’s stock, valued at approximately $593,000.
Several other hedge funds have also added to or reduced their stakes in the company. 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 valued at $104,000 after buying an additional 1,750 shares during the period. 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 valued at $106,000 after buying an additional 294 shares during the period. 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 valued at $167,000 after buying an additional 867 shares during the period. Pennsylvania Trust Co acquired a new stake in Westrock during the second quarter valued at $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 valued at $204,000 after buying an additional 130 shares during the period. Institutional investors and hedge funds own 89.22% of the company’s stock.
Shares of Westrock Company (NYSE WRK) opened at 55.61 on Friday. Westrock Company has a 12-month low of $43.57 and a 12-month high of $60.36. The company has a 50 day moving average price of $57.65 and a 200 day moving average price of $54.55. The company has a market capitalization of $13.95 billion, a P/E ratio of 33.74 and a beta of 1.37.
Westrock (NYSE:WRK) last announced its earnings results on Thursday, August 3rd. The basic materials company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.10. 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 analysts’ expectations of $3.66 billion. During the same period last year, the business posted $0.71 EPS. Westrock’s revenue for the quarter was up 2.8% on a year-over-year basis. Equities analysts anticipate that Westrock Company will post $2.62 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, August 21st. Investors of record on Friday, August 11th will be issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date is Wednesday, August 9th. Westrock’s dividend payout ratio (DPR) is 97.56%.
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Several analysts have recently weighed in on the company. BidaskClub downgraded Westrock from a “buy” rating to a “hold” rating in a research report on Monday, July 24th. Deutsche Bank AG lifted their target price on Westrock from $58.00 to $60.00 and gave the stock a “buy” rating in a research report on Tuesday, April 25th. Zacks Investment Research downgraded Westrock from a “buy” rating to a “hold” rating in a research report on Thursday, July 13th. KeyCorp reiterated a “hold” rating on shares of Westrock in a research report on Thursday, June 29th. Finally, Goldman Sachs Group, Inc. (The) upgraded Westrock from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $57.00 to $61.00 in a research report on Tuesday, April 18th. Two research analysts have rated the stock with a sell rating, two 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 company 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 firm’s stock in a transaction dated Monday, July 31st. The stock was sold at an average price of $57.16, for a total transaction of $591,205.88. Following the completion of the transaction, the director now directly owns 497,557 shares in the company, valued at approximately $28,440,358.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders have sold a total of 41,372 shares of company stock valued at $2,404,334 over the last 90 days. 2.68% of the stock is currently owned by company 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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