Nomura Asset Management Co. Ltd. Trims Position in WestRock Co (WRK)
Nomura Asset Management Co. Ltd. reduced its position in WestRock Co (NYSE:WRK) by 4.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 35,178 shares of the basic materials company’s stock after selling 1,457 shares during the quarter. Nomura Asset Management Co. Ltd.’s holdings in WestRock were worth $1,996,000 at the end of the most recent quarter.
Other hedge funds have also recently modified their holdings of the company. Mckinley Capital Management LLC Delaware bought a new position in shares of WestRock during the second quarter valued at $100,000. Sun Life Financial INC lifted its holdings in shares of WestRock by 26,114.3% during the second quarter. Sun Life Financial INC now owns 1,835 shares of the basic materials company’s stock valued at $104,000 after acquiring an additional 1,828 shares during the period. Invictus RG bought a new position in shares of WestRock during the third quarter valued at $108,000. Old Mutual Global Investors UK Ltd. bought a new position in shares of WestRock during the third quarter valued at $130,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of WestRock by 25.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,548 shares of the basic materials company’s stock valued at $144,000 after acquiring an additional 509 shares during the period. 87.95% of the stock is owned by hedge funds and other institutional investors.
Shares of WestRock Co (WRK) traded down $0.48 during trading hours on Wednesday, hitting $63.94. The stock had a trading volume of 1,525,700 shares, compared to its average volume of 1,451,719. WestRock Co has a 52 week low of $49.23 and a 52 week high of $64.87. The firm has a market capitalization of $16,402.26, a price-to-earnings ratio of 24.59, a PEG ratio of 1.50 and a beta of 1.37. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.89 and a current ratio of 1.49.
WestRock (NYSE:WRK) last announced its earnings results on Thursday, November 2nd. The basic materials company reported $0.87 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.06. WestRock had a return on equity of 6.73% and a net margin of 4.77%. The company had revenue of $4.06 billion during the quarter, compared to analyst estimates of $4.13 billion. During the same period last year, the company posted $0.71 earnings per share. The firm’s quarterly revenue was up 12.4% compared to the same quarter last year. analysts predict that WestRock Co will post 3.72 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, November 20th. Stockholders of record on Friday, November 10th were paid a $0.43 dividend. The ex-dividend date was Thursday, November 9th. This is a positive change from WestRock’s previous quarterly dividend of $0.40. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.69%. WestRock’s dividend payout ratio (DPR) is 62.09%.
A number of brokerages have issued reports on WRK. Stephens began coverage on WestRock in a report on Tuesday, October 24th. They set an “equal weight” rating and a $61.00 price objective for the company. KeyCorp reissued a “hold” rating on shares of WestRock in a report on Wednesday, October 11th. Barclays reissued a “hold” rating on shares of WestRock in a report on Friday, November 10th. BMO Capital Markets lifted their price objective on WestRock to $68.00 and gave the company an “outperform” rating in a report on Tuesday. Finally, Royal Bank of Canada reissued a “buy” rating and set a $65.00 price objective on shares of WestRock in a report on Monday, September 25th. Five investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $65.64.
In other news, Director John A. Luke, Jr. sold 10,343 shares of the firm’s stock in a transaction on Monday, September 25th. The stock was sold at an average price of $55.12, for a total value of $570,106.16. Following the completion of the sale, the director now directly owns 497,557 shares in the company, valued at $27,425,341.84. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Robert A. Feeser sold 29,972 shares of the firm’s stock in a transaction on Wednesday, November 29th. The shares were sold at an average price of $60.00, for a total value of $1,798,320.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 161,788 shares of company stock valued at $9,629,984. 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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