New Mexico Educational Retirement Board Has $1.34 Million Stake in Westrock Company (WRK)
New Mexico Educational Retirement Board decreased its position in Westrock Company (NYSE:WRK) by 8.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 23,335 shares of the basic materials company’s stock after selling 2,100 shares during the period. New Mexico Educational Retirement Board’s holdings in Westrock were worth $1,340,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also made changes to their positions in WRK. FNY Partners Fund LP boosted its position 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 in the last quarter. Northwestern Mutual Wealth Management Co. boosted its position 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 in the last quarter. Global X Management Co. LLC boosted its position 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 in the last quarter. Pennsylvania Trust Co acquired a new position in shares of Westrock during the second quarter worth approximately $201,000. Finally, IBM Retirement Fund acquired a new position in shares of Westrock during the second quarter worth approximately $204,000. Hedge funds and other institutional investors own 89.22% of the company’s stock.
Westrock Company (NYSE:WRK) opened at 55.61 on Friday. The stock has a 50 day moving average of $57.65 and a 200-day moving average of $54.55. Westrock Company has a 1-year low of $43.57 and a 1-year high of $60.36. The company has a market cap of $13.95 billion, a PE ratio of 33.74 and a beta of 1.37.
Westrock (NYSE:WRK) last released 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. Westrock had a net margin of 2.92% and a return on equity of 6.38%. The company had revenue of $3.70 billion for the quarter, compared to analyst estimates of $3.66 billion. During the same period last year, the firm earned $0.71 earnings per share. The firm’s revenue was up 2.8% on a year-over-year basis. On average, equities research analysts predict that Westrock Company will post $2.62 earnings per share 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 dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.88%. The ex-dividend date is Wednesday, August 9th. Westrock’s payout ratio is currently 97.56%.
A number of research analysts have commented on the stock. Barclays PLC raised their price target on shares of Westrock from $54.00 to $58.00 and gave the stock an “equal weight” rating in a research note on Monday, August 7th. Jefferies Group LLC restated a “buy” rating and set a $69.00 price target on shares of Westrock in a research note on Friday, August 4th. BidaskClub cut shares of Westrock from a “hold” rating to a “sell” rating in a research note on Friday. Goldman Sachs Group, Inc. (The) upgraded shares of Westrock from a “buy” rating to a “conviction-buy” rating in a research note on Thursday, July 13th. Finally, BMO Capital Markets restated a “buy” rating and set a $62.00 price target on shares of Westrock in a research note on Thursday, June 15th. Two investment 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. Westrock has an average rating of “Buy” and an average price target of $61.91.
In other Westrock news, Director John A. Luke, Jr. sold 10,343 shares of Westrock stock in a transaction dated Monday, August 7th. The shares were sold at an average price of $57.26, for a total value of $592,240.18. Following the sale, the director now owns 497,557 shares of the company’s stock, valued at $28,490,113.82. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders have sold 41,372 shares of company stock worth $2,404,334 over the last three months. 2.68% of the stock is owned by 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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