Nissay Asset Management Corp Japan ADV grew its stake in Westrock Co (NYSE:WRK) by 16.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 29,537 shares of the basic materials company’s stock after buying an additional 4,273 shares during the quarter. Nissay Asset Management Corp Japan ADV’s holdings in Westrock were worth $835,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Kwmg LLC raised its holdings in shares of Westrock by 15.4% during the second quarter. Kwmg LLC now owns 71,957 shares of the basic materials company’s stock valued at $2,034,000 after acquiring an additional 9,596 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in Westrock by 6.8% in the second quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,114,775 shares of the basic materials company’s stock valued at $31,504,000 after purchasing an additional 71,241 shares during the period. Dupont Capital Management Corp lifted its position in shares of Westrock by 246.9% during the second quarter. Dupont Capital Management Corp now owns 26,644 shares of the basic materials company’s stock worth $753,000 after purchasing an additional 18,963 shares in the last quarter. Strs Ohio raised its stake in shares of Westrock by 11.5% in the second quarter. Strs Ohio now owns 626,027 shares of the basic materials company’s stock valued at $17,691,000 after acquiring an additional 64,478 shares in the last quarter. Finally, Creative Planning lifted its stake in Westrock by 82.6% in the second quarter. Creative Planning now owns 21,827 shares of the basic materials company’s stock worth $617,000 after acquiring an additional 9,873 shares during the last quarter. 83.54% of the stock is currently owned by institutional investors and hedge funds.
WRK stock opened at $26.86 on Friday. The stock’s 50 day simple moving average is $28.48 and its 200 day simple moving average is $31.38. Westrock Co has a 12-month low of $21.50 and a 12-month high of $44.39. The firm has a market cap of $6.96 billion, a P/E ratio of 8.19 and a beta of 1.49. The company has a current ratio of 1.75, a quick ratio of 1.07 and a debt-to-equity ratio of 0.91.
Westrock (NYSE:WRK) last released its earnings results on Tuesday, May 5th. The basic materials company reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.06. Westrock had a net margin of 4.67% and a return on equity of 7.98%. The firm had revenue of $4.45 billion during the quarter, compared to analyst estimates of $4.50 billion. During the same quarter in the previous year, the firm earned $0.80 earnings per share. The firm’s revenue for the quarter was down 3.7% compared to the same quarter last year. On average, research analysts forecast that Westrock Co will post 2.24 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Friday, August 14th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a dividend yield of 2.98%. The ex-dividend date is Thursday, August 13th. Westrock’s payout ratio is 20.10%.
A number of research firms have commented on WRK. KeyCorp dropped their price objective on shares of Westrock from $27.00 to $23.00 and set an “underweight” rating on the stock in a research note on Tuesday, May 5th. Wells Fargo & Co reduced their target price on Westrock from $52.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. BMO Capital Markets dropped their price target on Westrock from $42.00 to $35.00 and set a “market perform” rating for the company in a research report on Wednesday, May 6th. Morgan Stanley assumed coverage on Westrock in a research note on Monday, June 15th. They issued an “equal weight” rating and a $28.00 target price for the company. Finally, Deutsche Bank cut their price objective on Westrock from $42.00 to $34.00 and set a “hold” rating on the stock in a report on Tuesday, May 26th. Three research analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company’s stock. Westrock presently has a consensus rating of “Hold” and an average target price of $37.82.
Westrock Company Profile
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.
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