Engineers Gate Manager LP purchased a new position in WestRock Co (NYSE:WRK) during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 14,800 shares of the basic materials company’s stock, valued at approximately $770,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Trust Department MB Financial Bank N A raised its position in shares of WestRock by 0.4% in the first quarter. Trust Department MB Financial Bank N A now owns 7,831 shares of the basic materials company’s stock worth $407,000 after buying an additional 31 shares in the last quarter. First Midwest Bank Trust Division raised its position in shares of WestRock by 0.6% in the first quarter. First Midwest Bank Trust Division now owns 10,790 shares of the basic materials company’s stock worth $561,000 after buying an additional 60 shares in the last quarter. Advantus Capital Management Inc raised its position in shares of WestRock by 0.4% in the third quarter. Advantus Capital Management Inc now owns 24,591 shares of the basic materials company’s stock worth $1,192,000 after buying an additional 96 shares in the last quarter. Brown Advisory Inc. raised its position in shares of WestRock by 0.5% in the fourth quarter. Brown Advisory Inc. now owns 19,858 shares of the basic materials company’s stock worth $1,008,000 after buying an additional 104 shares in the last quarter. Finally, Smithfield Trust Co. raised its position in shares of WestRock by 1.1% in the first quarter. Smithfield Trust Co. now owns 13,888 shares of the basic materials company’s stock worth $722,000 after buying an additional 155 shares in the last quarter. 90.57% of the stock is currently owned by institutional investors.
WestRock (NYSE:WRK) last released its quarterly earnings results on Wednesday, April 26th. The basic materials company reported $0.54 earnings per share for the quarter, beating analysts’ consensus estimates of $0.47 by $0.07. The business had revenue of $3.66 billion for the quarter, compared to the consensus estimate of $3.59 billion. WestRock had a net margin of 0.96% and a return on equity of 6.32%. WestRock’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.61 EPS.
The firm also recently declared a quarterly dividend, which was paid on Monday, May 15th. Stockholders of record on Friday, May 5th were issued a dividend of $0.40 per share. The ex-dividend date of this dividend was Wednesday, May 3rd. This represents a $1.60 dividend on an annualized basis and a dividend yield of 3.08%. WestRock’s dividend payout ratio is currently 301.89%.
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A number of research analysts have weighed in on the company. Royal Bank of Canada increased their price target on WestRock from $59.00 to $62.00 and gave the stock an “outperform” rating in a research note on Thursday, April 27th. Barclays PLC increased their price target on WestRock from $50.00 to $52.00 and gave the stock an “equal weight” rating in a research note on Monday, May 1st. Jefferies Group LLC reissued a “buy” rating and set a $65.00 price target on shares of WestRock in a research note on Tuesday, March 7th. TheStreet raised WestRock from a “c+” rating to a “b-” rating in a research note on Thursday, May 11th. Finally, Citigroup Inc reissued a “buy” rating on shares of WestRock in a research note on Friday, April 14th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating and nine have issued a buy rating to the stock. WestRock currently has a consensus rating of “Buy” and a consensus target price of $60.40.
In other news, Director John A. Luke, Jr. sold 55,000 shares of the firm’s stock in a transaction on Thursday, March 9th. The shares were sold at an average price of $55.14, for a total transaction of $3,032,700.00. Following the transaction, the director now owns 570,435 shares in the company, valued at approximately $31,453,785.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John A. Luke, Jr. sold 75,000 shares of the firm’s stock in a transaction on Thursday, May 4th. The shares were sold at an average price of $53.83, for a total transaction of $4,037,250.00. Following the transaction, the director now owns 495,435 shares in the company, valued at approximately $26,669,266.05. The disclosure for this sale can be found here. Insiders have sold a total of 138,900 shares of company stock worth $7,554,466 in the last 90 days. 2.68% of the stock is owned by insiders.
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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