Stoneridge Investment Partners LLC acquired a new position in WestRock Co (NYSE:WRK) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 24,878 shares of the basic materials company’s stock, valued at approximately $1,329,000.
Other institutional investors have also modified their holdings of the company. LPL Financial LLC raised its position in shares of WestRock by 29.4% in the 1st quarter. LPL Financial LLC now owns 8,692 shares of the basic materials company’s stock valued at $558,000 after buying an additional 1,973 shares in the last quarter. CIBC World Markets Inc. acquired a new position in shares of WestRock in the 1st quarter valued at approximately $644,000. Principal Financial Group Inc. raised its position in shares of WestRock by 12.8% in the 1st quarter. Principal Financial Group Inc. now owns 1,078,968 shares of the basic materials company’s stock valued at $69,238,000 after buying an additional 122,390 shares in the last quarter. Allianz Asset Management GmbH raised its position in shares of WestRock by 16.9% in the 1st quarter. Allianz Asset Management GmbH now owns 44,411 shares of the basic materials company’s stock valued at $2,850,000 after buying an additional 6,411 shares in the last quarter. Finally, DnB Asset Management AS acquired a new position in shares of WestRock in the 2nd quarter valued at approximately $1,756,000. Institutional investors and hedge funds own 85.10% of the company’s stock.
Several brokerages have recently commented on WRK. Seaport Global Securities began coverage on shares of WestRock in a research report on Tuesday, October 23rd. They issued a “buy” rating and a $52.00 target price for the company. TheStreet cut shares of WestRock from a “b-” rating to a “c” rating in a research report on Friday, October 26th. BMO Capital Markets cut shares of WestRock from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $80.00 to $54.00 in a research report on Tuesday, October 9th. ValuEngine upgraded shares of WestRock from a “sell” rating to a “hold” rating in a research report on Thursday, August 2nd. Finally, Stephens set a $63.00 target price on shares of WestRock and gave the company a “weight” rating in a research report on Thursday, July 5th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $66.42.
WestRock (NYSE:WRK) last announced its quarterly earnings results on Thursday, August 2nd. The basic materials company reported $1.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.06 by $0.03. The company had revenue of $4.14 billion for the quarter, compared to analyst estimates of $4.16 billion. WestRock had a net margin of 11.31% and a return on equity of 8.49%. The firm’s revenue was up 12.0% on a year-over-year basis. During the same period in the previous year, the firm posted $0.74 EPS. Equities research analysts forecast that WestRock Co will post 4.04 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 19th. Investors of record on Friday, November 9th will be issued a dividend of $0.455 per share. The ex-dividend date is Thursday, November 8th. This is a positive change from WestRock’s previous quarterly dividend of $0.43. This represents a $1.82 annualized dividend and a dividend yield of 4.24%. WestRock’s payout ratio is 65.65%.
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.
Further Reading: Price to Earnings Ratio (PE), For Valuing Stocks
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