Nissay Asset Management Corp Japan ADV raised its holdings in Westrock Co (NYSE:WRK) by 16.9% in the 2nd quarter, HoldingsChannel reports. The firm owned 29,537 shares of the basic materials company’s stock after purchasing an additional 4,273 shares during the quarter. Nissay Asset Management Corp Japan ADV’s holdings in Westrock were worth $835,000 at the end of the most recent reporting period.
A number of other institutional investors have also bought and sold shares of the business. Westside Investment Management Inc. bought a new stake in shares of Westrock during the first quarter worth $14,130,000. First Bank & Trust acquired a new position in Westrock during the 1st quarter worth about $27,000. TRUE Private Wealth Advisors grew its holdings in Westrock by 1,351.9% during the 2nd quarter. TRUE Private Wealth Advisors now owns 1,176 shares of the basic materials company’s stock worth $33,000 after acquiring an additional 1,095 shares during the last quarter. Corbenic Partners LLC grew its holdings in Westrock by 2,065.6% during the 1st quarter. Corbenic Partners LLC now owns 1,386 shares of the basic materials company’s stock worth $39,000 after acquiring an additional 1,322 shares during the last quarter. Finally, Cedar Wealth Management LLC increased its position in Westrock by 40.0% in the 1st quarter. Cedar Wealth Management LLC now owns 1,400 shares of the basic materials company’s stock valued at $40,000 after acquiring an additional 400 shares in the last quarter. 83.54% of the stock is currently owned by institutional investors.
A number of research firms have recently weighed in on WRK. Morgan Stanley assumed coverage on Westrock in a research report on Monday, June 15th. They set an “equal weight” rating and a $28.00 target price for the company. Wells Fargo & Co reduced their price objective on shares of Westrock from $52.00 to $42.00 and set an “overweight” rating on the stock in a research note on Thursday, April 9th. KeyCorp reduced their price objective on shares of Westrock from $27.00 to $23.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 5th. Deutsche Bank reduced their price objective on shares of Westrock from $42.00 to $34.00 and set a “hold” rating on the stock in a research note on Tuesday, May 26th. Finally, BMO Capital Markets reduced their price objective on shares of Westrock from $42.00 to $35.00 and set a “market perform” rating on the stock in a research note on Wednesday, May 6th. Three research analysts have rated the stock with a sell rating, four have assigned a hold rating and five have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $37.82.
Westrock (NYSE:WRK) last announced its quarterly earnings data on Tuesday, May 5th. The basic materials company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates of $0.61 by $0.06. Westrock had a net margin of 4.67% and a return on equity of 7.98%. The company had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.50 billion. During the same quarter last year, the firm posted $0.80 EPS. The company’s quarterly revenue was down 3.7% on a year-over-year basis. As a group, equities research analysts forecast that Westrock Co will post 2.24 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Friday, August 14th will be given a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date is Thursday, August 13th. Westrock’s dividend payout ratio (DPR) is presently 20.10%.
WestRock Company manufactures and sells paper and packaging solutions for the consumer and corrugated markets in North America, South America, Europe, Australia, and Asia. The company operates through three segments: Corrugated Packaging, Consumer Packaging, and Land and Development. The Corrugated Packaging segment produces containerboards, corrugated sheets, corrugated packaging, and preprinted linerboards for consumer and industrial products manufacturers, and corrugated box manufacturers.
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