TD Asset Management Inc. cut its position in WestRock (NYSE:WRK) by 22.6% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 107,527 shares of the basic materials company’s stock after selling 31,476 shares during the quarter. TD Asset Management Inc.’s holdings in WestRock were worth $5,358,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also recently modified their holdings of WRK. Amundi Pioneer Asset Management Inc. raised its stake in shares of WestRock by 40.9% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 311,236 shares of the basic materials company’s stock valued at $11,936,000 after buying an additional 90,397 shares during the period. Sei Investments Co. raised its stake in shares of WestRock by 18.9% in the second quarter. Sei Investments Co. now owns 47,071 shares of the basic materials company’s stock valued at $2,546,000 after buying an additional 7,498 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in shares of WestRock by 13.6% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 48,768 shares of the basic materials company’s stock valued at $2,595,000 after purchasing an additional 5,836 shares during the period. State Board of Administration of Florida Retirement System raised its stake in shares of WestRock by 2.3% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 394,529 shares of the basic materials company’s stock valued at $20,997,000 after purchasing an additional 8,760 shares during the period. Finally, BNP Paribas Arbitrage SA raised its stake in shares of WestRock by 467.3% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 472,625 shares of the basic materials company’s stock valued at $25,153,000 after purchasing an additional 389,314 shares during the period. Hedge funds and other institutional investors own 84.14% of the company’s stock.
In other news, Director James E. Nevels sold 3,050 shares of the company’s stock in a transaction dated Tuesday, November 16th. The stock was sold at an average price of $49.45, for a total value of $150,822.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.00% of the stock is currently owned by corporate insiders.
WestRock (NYSE:WRK) last posted its quarterly earnings data on Tuesday, November 9th. The basic materials company reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.09. WestRock had a return on equity of 8.03% and a net margin of 4.47%. The firm had revenue of $5.09 billion during the quarter, compared to analysts’ expectations of $5 billion. During the same period in the prior year, the business earned $0.73 EPS. The company’s revenue for the quarter was up 13.8% compared to the same quarter last year. On average, equities research analysts predict that WestRock will post 4.68 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 23rd. Stockholders of record on Wednesday, November 10th were issued a $0.25 dividend. This is a boost from WestRock’s previous quarterly dividend of $0.24. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.13%. The ex-dividend date was Tuesday, November 9th. WestRock’s dividend payout ratio is presently 32.05%.
WRK has been the topic of a number of analyst reports. Wells Fargo & Company reiterated a “buy” rating on shares of WestRock in a research note on Tuesday, November 30th. TheStreet upgraded WestRock from a “c+” rating to a “b” rating in a research note on Tuesday, November 9th. Jefferies Financial Group lowered WestRock from a “buy” rating to a “hold” rating and decreased their price objective for the company from $84.00 to $54.00 in a research note on Monday, November 1st. Citigroup decreased their price objective on WestRock from $60.00 to $53.00 in a research note on Tuesday, January 4th. Finally, BMO Capital Markets restated a “buy” rating on shares of WestRock in a research report on Friday, November 12th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, WestRock has a consensus rating of “Hold” and an average target price of $55.00.
WestRock Company Profile
WestRock Co engages in the provision of paper and packaging solutions. It operates through the following segments: Corrugated Packaging and Consumer Packaging. The Corrugated Packaging segment consists of its containerboard mill and corrugated packaging operations, as well as recycling operations. The Consumer Packaging segment includes consumer mills, folding carton, beverage, merchandising displays, and partition operations.
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