Clear Harbor Asset Management LLC increased its position in WestRock (NYSE:WRK) by 8.4% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 36,420 shares of the basic materials company’s stock after purchasing an additional 2,824 shares during the quarter. Clear Harbor Asset Management LLC’s holdings in WestRock were worth $1,896,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. BlackRock Inc. boosted its position in WestRock by 6.2% in the 4th quarter. BlackRock Inc. now owns 22,858,307 shares of the basic materials company’s stock valued at $995,022,000 after buying an additional 1,340,655 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in WestRock by 50.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 18,770,474 shares of the basic materials company’s stock valued at $817,079,000 after purchasing an additional 6,334,994 shares during the last quarter. Norges Bank purchased a new position in WestRock in the fourth quarter valued at about $204,694,000. Boston Partners acquired a new stake in WestRock during the 4th quarter valued at approximately $147,964,000. Finally, Nordea Investment Management AB raised its position in shares of WestRock by 110.5% in the 4th quarter. Nordea Investment Management AB now owns 2,361,781 shares of the basic materials company’s stock valued at $102,808,000 after purchasing an additional 1,239,906 shares in the last quarter. 80.83% of the stock is owned by institutional investors and hedge funds.
WRK has been the topic of a number of research analyst reports. KeyCorp increased their price objective on shares of WestRock from $35.00 to $40.00 and gave the company an “underweight” rating in a research note on Monday, April 5th. Morgan Stanley increased their price target on shares of WestRock from $47.00 to $50.00 and gave the stock an “equal weight” rating in a research report on Thursday, April 1st. Zacks Investment Research downgraded WestRock from a “buy” rating to a “hold” rating and set a $44.00 price target for the company. in a research note on Tuesday, February 2nd. BMO Capital Markets upped their price objective on WestRock from $54.00 to $61.00 and gave the company an “outperform” rating in a research note on Wednesday, March 10th. Finally, Jefferies Financial Group began coverage on WestRock in a report on Tuesday, January 5th. They issued a “buy” rating and a $61.00 price target for the company. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and eight have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $48.45.
WestRock (NYSE:WRK) last issued its quarterly earnings data on Thursday, January 28th. The basic materials company reported $0.61 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.07. WestRock had a net margin of 4.37% and a return on equity of 7.24%. The firm had revenue of $4.40 billion for the quarter, compared to the consensus estimate of $4.40 billion. During the same period last year, the firm posted $0.58 EPS. WestRock’s quarterly revenue was down .5% compared to the same quarter last year. As a group, equities research analysts forecast that WestRock will post 2.61 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, February 23rd. Stockholders of record on Thursday, February 11th were given a dividend of $0.20 per share. The ex-dividend date of this dividend was Wednesday, February 10th. This represents a $0.80 annualized dividend and a dividend yield of 1.46%. WestRock’s dividend payout ratio is presently 20.10%.
In related news, insider Jeffrey Wayne Chalovich sold 19,600 shares of the firm’s stock in a transaction that occurred on Thursday, March 11th. The stock was sold at an average price of $51.23, for a total value of $1,004,108.00. Following the sale, the insider now directly owns 123,694 shares in the company, valued at approximately $6,336,843.62. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.92% of the company’s stock.
WestRock Company manufactures and sells paper and packaging solutions in North America, South America, Europe, Asia, and Australia. The company operates through Corrugated Packaging and Consumer Packaging segments. The Corrugated Packaging segment produces containerboards, corrugated sheets, corrugated packaging, and preprinted linerboards for sale to consumer and industrial products manufacturers, and corrugated box manufacturers.
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