State Board of Administration of Florida Retirement System lessened its position in shares of WestRock (NYSE:WRK – Get Rating) by 1.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 362,086 shares of the basic materials company’s stock after selling 6,018 shares during the period. State Board of Administration of Florida Retirement System owned about 0.14% of WestRock worth $17,029,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in WRK. Greenleaf Trust grew its holdings in shares of WestRock by 2.6% in the 1st quarter. Greenleaf Trust now owns 8,661 shares of the basic materials company’s stock valued at $407,000 after acquiring an additional 221 shares in the last quarter. Mutual of America Capital Management LLC grew its holdings in shares of WestRock by 0.7% in the 4th quarter. Mutual of America Capital Management LLC now owns 35,255 shares of the basic materials company’s stock valued at $1,564,000 after acquiring an additional 229 shares in the last quarter. CWM LLC grew its holdings in shares of WestRock by 26.2% in the 1st quarter. CWM LLC now owns 1,140 shares of the basic materials company’s stock valued at $54,000 after acquiring an additional 237 shares in the last quarter. Pflug Koory LLC grew its holdings in shares of WestRock by 6.7% in the 1st quarter. Pflug Koory LLC now owns 3,863 shares of the basic materials company’s stock valued at $182,000 after acquiring an additional 244 shares in the last quarter. Finally, Signaturefd LLC grew its holdings in shares of WestRock by 22.9% in the 1st quarter. Signaturefd LLC now owns 1,332 shares of the basic materials company’s stock valued at $63,000 after acquiring an additional 248 shares in the last quarter. Institutional investors own 84.42% of the company’s stock.
Analysts Set New Price Targets
Several equities analysts have recently weighed in on the company. Wells Fargo & Company decreased their price objective on WestRock from $66.00 to $59.00 and set an “overweight” rating for the company in a report on Thursday, May 26th. TheStreet cut WestRock from a “b” rating to a “c+” rating in a report on Thursday, June 16th. Deutsche Bank Aktiengesellschaft cut their target price on shares of WestRock from $59.00 to $45.00 in a research note on Tuesday, July 19th. StockNews.com downgraded shares of WestRock from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 18th. Finally, Citigroup downgraded shares of WestRock from a “buy” rating to a “neutral” rating and cut their target price for the company from $53.00 to $45.00 in a research note on Tuesday, June 21st. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, WestRock has a consensus rating of “Hold” and an average price target of $49.00.
WestRock Stock Down 0.5 %
NYSE WRK opened at $40.19 on Monday. The company has a current ratio of 1.46, a quick ratio of 0.96 and a debt-to-equity ratio of 0.67. WestRock has a 1-year low of $38.28 and a 1-year high of $54.78. The company has a 50 day moving average of $42.29 and a 200-day moving average of $45.37. The company has a market cap of $10.24 billion, a price-to-earnings ratio of 11.48, a PEG ratio of 0.36 and a beta of 1.04.
WestRock (NYSE:WRK – Get Rating) last released its quarterly earnings results on Thursday, August 4th. The basic materials company reported $1.54 earnings per share for the quarter, beating analysts’ consensus estimates of $1.49 by $0.05. The company had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.51 billion. WestRock had a net margin of 4.41% and a return on equity of 10.42%. The firm’s quarterly revenue was up 14.6% on a year-over-year basis. During the same period in the previous year, the business earned $1.00 earnings per share. On average, equities research analysts expect that WestRock will post 5.05 earnings per share for the current fiscal year.
WestRock Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 24th. Investors of record on Friday, August 12th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Thursday, August 11th. This represents a $1.00 dividend on an annualized basis and a yield of 2.49%. WestRock’s dividend payout ratio (DPR) is 28.57%.
WestRock declared that its Board of Directors has initiated a share repurchase plan on Thursday, May 5th that permits the company to repurchase 25,000,000 outstanding shares. This repurchase authorization permits the basic materials company to repurchase shares of its stock through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.
WestRock Company, together with its subsidiaries, provides fiber-based paper and packaging solutions in North America, South America, Europe, Asia, and Australia. It operates through two segments, Corrugated Packaging and Consumer Packaging. The Corrugated Packaging segment produces containerboards, corrugated sheets, corrugated packaging, and preprinted linerboards to consumer and industrial products manufacturers, and corrugated box manufacturers.
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