Bank of New York Mellon Corp Grows Position in WestRock (NYSE:WRK)

Bank of New York Mellon Corp grew its stake in shares of WestRock (NYSE:WRK) by 2.9% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,127,513 shares of the basic materials company’s stock after buying an additional 89,014 shares during the period. Bank of New York Mellon Corp owned 1.18% of WestRock worth $162,788,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD increased its position in WestRock by 50.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 18,770,474 shares of the basic materials company’s stock worth $817,079,000 after buying an additional 6,334,994 shares in the last quarter. JPMorgan Chase & Co. grew its position in shares of WestRock by 21.3% in the first quarter. JPMorgan Chase & Co. now owns 5,912,444 shares of the basic materials company’s stock valued at $307,743,000 after purchasing an additional 1,038,148 shares during the period. Norges Bank purchased a new stake in shares of WestRock in the fourth quarter valued at $204,694,000. Boston Partners purchased a new stake in shares of WestRock in the fourth quarter valued at $147,964,000. Finally, Russell Investments Group Ltd. grew its position in shares of WestRock by 11.2% in the first quarter. Russell Investments Group Ltd. now owns 3,229,746 shares of the basic materials company’s stock valued at $168,118,000 after purchasing an additional 325,302 shares during the period. 81.21% of the stock is owned by institutional investors.

A number of equities research analysts have recently commented on WRK shares. KeyCorp lifted their price objective on WestRock from $35.00 to $40.00 and gave the company an “underweight” rating in a research report on Monday, April 5th. Credit Suisse Group lifted their price objective on WestRock from $67.00 to $73.00 and gave the company an “outperform” rating in a research report on Friday, May 7th. Wells Fargo & Company lifted their price objective on WestRock from $65.00 to $71.00 and gave the company an “overweight” rating in a research report on Monday. Morgan Stanley lifted their price objective on WestRock from $50.00 to $55.00 and gave the company an “equal weight” rating in a research report on Monday, May 10th. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on WestRock from $58.00 to $59.00 in a research report on Monday, April 19th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and nine have assigned a buy rating to the stock. WestRock has a consensus rating of “Buy” and a consensus price target of $53.92.

Shares of WRK opened at $53.60 on Wednesday. The stock’s 50-day moving average is $56.84. The firm has a market capitalization of $14.26 billion, a PE ratio of -19.35, a PEG ratio of 0.93 and a beta of 1.27. WestRock has a 12 month low of $25.44 and a 12 month high of $62.03. The company has a debt-to-equity ratio of 0.76, a quick ratio of 0.93 and a current ratio of 1.52.

WestRock (NYSE:WRK) last issued its quarterly earnings data on Wednesday, May 5th. The basic materials company reported $0.54 EPS for the quarter, missing the Zacks’ consensus estimate of $0.62 by ($0.08). The company had revenue of $4.44 billion for the quarter, compared to analyst estimates of $4.51 billion. WestRock had a positive return on equity of 6.27% and a negative net margin of 4.06%. The company’s revenue for the quarter was down .2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.67 EPS. As a group, analysts predict that WestRock will post 3.45 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Friday, May 28th. Shareholders of record on Wednesday, May 19th were paid a dividend of $0.24 per share. This represents a $0.96 dividend on an annualized basis and a dividend yield of 1.79%. The ex-dividend date of this dividend was Tuesday, May 18th. This is a boost from WestRock’s previous quarterly dividend of $0.20. WestRock’s payout ratio is currently 34.78%.

WestRock Company Profile

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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Institutional Ownership by Quarter for WestRock (NYSE:WRK)

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