Parametrica Management Ltd Buys New Stake in Westrock Company (WRK)
Parametrica Management Ltd bought a new stake in Westrock Company (NYSE:WRK) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund bought 10,044 shares of the basic materials company’s stock, valued at approximately $570,000.
A number of other institutional investors have also recently modified their holdings of WRK. AJO LP increased its position in Westrock by 13,639.1% in the 2nd quarter. AJO LP now owns 2,782,160 shares of the basic materials company’s stock valued at $157,637,000 after buying an additional 2,761,910 shares in the last quarter. Bank of Montreal Can increased its position in Westrock by 262.9% in the 2nd 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. Prudential Financial Inc. increased its position in Westrock by 327.5% in the 2nd quarter. Prudential Financial Inc. now owns 1,998,206 shares of the basic materials company’s stock valued at $113,218,000 after buying an additional 1,530,797 shares in the last quarter. Goldman Sachs Group Inc. increased its position in Westrock by 77.0% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,474,433 shares of the basic materials company’s stock valued at $128,745,000 after buying an additional 1,076,083 shares in the last quarter. Finally, Janus Henderson Group PLC increased its position in Westrock by 2,916.4% in the 2nd quarter. Janus Henderson Group PLC now owns 1,024,046 shares of the basic materials company’s stock valued at $58,023,000 after buying an additional 990,097 shares in the last quarter. 88.79% of the stock is owned by institutional investors and hedge funds.
A number of brokerages recently commented on WRK. Stephens began coverage on Westrock in a research report on Tuesday, October 24th. They issued an “equal weight” rating and a $61.00 target price for the company. KeyCorp reaffirmed a “hold” rating on shares of Westrock in a research report on Wednesday, October 11th. Deutsche Bank AG reissued a “buy” rating and set a $65.00 price objective (up from $61.00) on shares of Westrock in a report on Monday, October 9th. 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. Finally, BidaskClub raised Westrock from a “sell” rating to a “hold” rating in a report on Friday, August 18th. Four equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $64.00.
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 value of $4,801,342.12. Following the sale, the director now owns 497,557 shares in the company, valued at $27,395,488.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John A. Luke, Jr. sold 10,343 shares of the firm’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $57.26, for a total transaction of $592,240.18. Following the completion of the sale, the director now owns 497,557 shares in the company, valued at approximately $28,490,113.82. The disclosure for this sale can be found here. Insiders sold 443,379 shares of company stock worth $24,913,604 in the last 90 days. 2.68% of the stock is currently owned by corporate insiders.
Shares of Westrock Company (NYSE WRK) traded up 1.03% during mid-day trading on Tuesday, reaching $60.94. The company’s stock had a trading volume of 534,736 shares. The company has a market cap of $15.29 billion, a P/E ratio of 36.98 and a beta of 1.36. The company has a 50-day moving average of $58.39 and a 200-day moving average of $56.55. Westrock Company has a 12 month low of $43.79 and a 12 month high of $61.50.
Westrock (NYSE:WRK) last issued its earnings results on Thursday, August 3rd. The basic materials company reported $0.74 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate 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 analysts’ expectations of $3.66 billion. During the same quarter last year, the company posted $0.71 earnings per share. The firm’s quarterly revenue was up 2.8% on a year-over-year basis. Equities research analysts forecast that Westrock Company will post $2.55 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, November 20th. Investors of record on Friday, November 10th will be issued a $0.43 dividend. The ex-dividend date of this dividend is Thursday, November 9th. This represents a $1.72 annualized dividend and a yield of 2.85%. This is a boost from Westrock’s previous quarterly dividend of $0.40. Westrock’s dividend payout ratio (DPR) is currently 97.56%.
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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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