Westrock Company (WRK) Shares Bought by Comerica Bank
Comerica Bank lifted its stake in shares of Westrock Company (NYSE:WRK) by 2.8% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 73,654 shares of the basic materials company’s stock after purchasing an additional 2,019 shares during the period. Comerica Bank’s holdings in Westrock were worth $4,443,000 as of its most recent filing with the SEC.
Several other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Westrock by 1.9% in the second quarter. Vanguard Group Inc. now owns 26,211,606 shares of the basic materials company’s stock worth $1,485,150,000 after acquiring an additional 484,771 shares during the last quarter. BlackRock Inc. lifted its holdings in Westrock by 0.8% in the second quarter. BlackRock Inc. now owns 22,598,192 shares of the basic materials company’s stock worth $1,280,411,000 after acquiring an additional 180,112 shares during the last quarter. Boston Partners lifted its holdings in Westrock by 0.5% in the second quarter. Boston Partners now owns 9,097,512 shares of the basic materials company’s stock worth $515,465,000 after acquiring an additional 48,092 shares during the last quarter. American Century Companies Inc. lifted its holdings in Westrock by 7.0% in the third quarter. American Century Companies Inc. now owns 3,492,402 shares of the basic materials company’s stock worth $198,124,000 after acquiring an additional 227,189 shares during the last quarter. Finally, AJO LP lifted its holdings in Westrock by 13,639.1% in the second quarter. AJO LP now owns 2,782,160 shares of the basic materials company’s stock worth $157,637,000 after acquiring an additional 2,761,910 shares during the last quarter. 86.92% of the stock is currently owned by institutional investors and hedge funds.
WRK has been the topic of a number of recent research reports. Jefferies Group LLC reissued a “buy” rating and issued a $69.00 target price on shares of Westrock in a report on Friday, August 4th. Barclays PLC raised their target price on shares of Westrock from $54.00 to $58.00 and gave the stock an “equal weight” rating in a report on Monday, August 7th. BidaskClub cut shares of Westrock from a “hold” rating to a “sell” rating in a report on Friday, August 11th. Royal Bank Of Canada reissued a “buy” rating and issued a $65.00 target price on shares of Westrock in a report on Monday, September 25th. Finally, Deutsche Bank AG reissued a “buy” rating and issued a $65.00 target price (up previously from $61.00) on shares of Westrock in a report on Monday, October 9th. Five research analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the stock. Westrock currently has an average rating of “Buy” and a consensus target price of $65.09.
In related news, Director John A. Luke, Jr. sold 87,202 shares of the firm’s stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $55.06, for a total transaction of $4,801,342.12. Following the transaction, the director now owns 497,557 shares in the company, valued at $27,395,488.42. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Jeffrey Wayne Chalovich sold 18,368 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $58.41, for a total transaction of $1,072,874.88. Following the transaction, the insider now owns 24,859 shares in the company, valued at approximately $1,452,014.19. The disclosure for this sale can be found here. Insiders sold 453,722 shares of company stock worth $25,616,721 in the last 90 days. 2.68% of the stock is owned by company insiders.
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Shares of Westrock Company (NYSE:WRK) traded up $0.13 during trading hours on Friday, hitting $58.79. 850,900 shares of the company’s stock traded hands, compared to its average volume of 1,449,407. Westrock Company has a 12 month low of $49.23 and a 12 month high of $61.60. The firm has a market capitalization of $14,968.78, a price-to-earnings ratio of 22.44, a P/E/G ratio of 1.36 and a beta of 1.37. The company has a quick ratio of 0.89, a current ratio of 1.49 and a debt-to-equity ratio of 0.57.
Westrock (NYSE:WRK) last announced its quarterly earnings results on Thursday, November 2nd. The basic materials company reported $0.87 EPS for the quarter, beating the consensus estimate of $0.81 by $0.06. Westrock had a net margin of 4.77% and a return on equity of 6.73%. The company had revenue of $4.06 billion for the quarter, compared to analyst estimates of $4.13 billion. During the same quarter last year, the business earned $0.71 earnings per share. Westrock’s revenue was up 12.4% compared to the same quarter last year. sell-side analysts anticipate that Westrock Company will post 3.74 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Monday, November 20th. Shareholders of record on Friday, November 10th were paid a $0.43 dividend. The ex-dividend date was Thursday, November 9th. This represents a $1.72 annualized dividend and a dividend yield of 2.93%. This is a positive change from Westrock’s previous quarterly dividend of $0.40. Westrock’s dividend payout ratio (DPR) is presently 62.09%.
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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