California Public Employees Retirement System Raises Position in WestRock Co (WRK)
California Public Employees Retirement System boosted its holdings in shares of WestRock Co (NYSE:WRK) by 3.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 546,304 shares of the basic materials company’s stock after buying an additional 18,350 shares during the quarter. California Public Employees Retirement System owned approximately 0.22% of WestRock worth $30,992,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of WRK. Mckinley Capital Management LLC Delaware purchased a new position in WestRock in the second quarter worth $100,000. Sun Life Financial INC grew its holdings in WestRock by 26,114.3% in the second quarter. Sun Life Financial INC now owns 1,835 shares of the basic materials company’s stock worth $104,000 after purchasing an additional 1,828 shares during the last quarter. Invictus RG purchased a new position in WestRock in the third quarter worth $108,000. Old Mutual Global Investors UK Ltd. purchased a new position in WestRock in the third quarter worth $130,000. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in WestRock by 25.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,548 shares of the basic materials company’s stock worth $144,000 after purchasing an additional 509 shares during the last quarter. 87.95% of the stock is currently owned by institutional investors.
Several equities analysts have issued reports on WRK shares. Deutsche Bank reaffirmed a “buy” rating and issued a $65.00 price target (up from $61.00) on shares of WestRock in a report on Monday, October 9th. Barclays lifted their price objective on shares of WestRock from $58.00 to $60.00 and gave the stock an “equal weight” rating in a research note on Monday, November 6th. Royal Bank of Canada reiterated a “buy” rating and set a $65.00 price objective on shares of WestRock in a research note on Monday, September 25th. DA Davidson reiterated a “buy” rating and set a $74.00 price objective on shares of WestRock in a research note on Friday, November 3rd. Finally, Zacks Investment Research downgraded shares of WestRock from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, November 7th. Five research 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. WestRock presently has a consensus rating of “Buy” and an average target price of $66.09.
Shares of WestRock Co (WRK) traded up $0.56 during trading on Monday, hitting $63.11. 5,030,200 shares of the company’s stock were exchanged, compared to its average volume of 1,469,540. The firm has a market capitalization of $16,068.69, a P/E ratio of 24.09, a P/E/G ratio of 1.53 and a beta of 1.37. WestRock Co has a 1-year low of $49.23 and a 1-year high of $64.87. 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 issued its quarterly earnings data on Thursday, November 2nd. The basic materials company reported $0.87 earnings per share for the quarter, topping analysts’ consensus estimates of $0.81 by $0.06. The business had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $4.13 billion. WestRock had a net margin of 4.77% and a return on equity of 6.73%. The company’s revenue was up 12.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.71 earnings per share. sell-side analysts expect that WestRock Co will post 3.72 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, November 20th. Shareholders of record on Friday, November 10th were given a $0.43 dividend. The ex-dividend date was Thursday, November 9th. This represents a $1.72 dividend on an annualized basis and a dividend yield of 2.73%. This is an increase from WestRock’s previous quarterly dividend of $0.40. WestRock’s dividend payout ratio is 62.09%.
In other news, Director John A. Luke, Jr. sold 10,343 shares of the business’s stock in a transaction dated Monday, October 2nd. The shares were sold at an average price of $57.37, for a total transaction of $593,377.91. Following the completion of the sale, the director now owns 497,557 shares of the company’s stock, valued at $28,544,845.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Robert A. Feeser sold 29,972 shares of the business’s stock in a transaction dated Wednesday, November 29th. The stock was sold at an average price of $60.00, for a total transaction of $1,798,320.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 161,788 shares of company stock valued at $9,629,984. Insiders own 2.68% of the company’s stock.
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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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