Citigroup Inc. raised its holdings in shares of Westrock Company (NYSE:WRK) by 24.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 652,657 shares of the basic materials company’s stock after acquiring an additional 129,350 shares during the quarter. Citigroup Inc. owned approximately 0.26% of Westrock worth $36,979,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors have also modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of Westrock by 4.5% during the 1st quarter. Vanguard Group Inc. now owns 25,726,835 shares of the basic materials company’s stock worth $1,338,567,000 after acquiring an additional 1,105,605 shares during the last quarter. BlackRock Inc. boosted its stake in shares of Westrock by 0.8% during the 2nd quarter. BlackRock Inc. now owns 22,598,192 shares of the basic materials company’s stock worth $1,280,411,000 after acquiring an additional 180,112 shares during the last quarter. FMR LLC boosted its stake in shares of Westrock by 4.1% during the 1st quarter. FMR LLC now owns 19,597,012 shares of the basic materials company’s stock worth $1,019,633,000 after acquiring an additional 772,990 shares during the last quarter. Boston Partners boosted its stake in shares of Westrock by 0.5% during the 2nd quarter. Boston Partners now owns 9,097,512 shares of the basic materials company’s stock worth $515,465,000 after acquiring an additional 48,092 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Westrock by 10.3% during the 2nd quarter. American Century Companies Inc. now owns 3,265,213 shares of the basic materials company’s stock worth $185,007,000 after acquiring an additional 304,605 shares during the last quarter. Institutional investors and hedge funds own 88.57% of the company’s stock.
In other Westrock news, insider Jeffrey Wayne Chalovich sold 18,368 shares of the stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $58.41, for a total transaction of $1,072,874.88. Following the transaction, the insider now directly owns 24,859 shares of the company’s stock, valued at $1,452,014.19. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director John A. Luke, Jr. sold 10,343 shares of the stock in a transaction on Monday, July 17th. The shares were sold at an average price of $59.43, for a total transaction of $614,684.49. Following the transaction, the director now directly owns 497,557 shares in the company, valued at $29,569,812.51. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 422,693 shares of company stock worth $23,727,055. Insiders own 2.68% of the company’s stock.
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Several research analysts have recently weighed in on the stock. Barclays PLC lifted their price target on shares of Westrock from $52.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 18th. Zacks Investment Research upgraded shares of Westrock from a “hold” rating to a “buy” rating and set a $67.00 price target on the stock in a research note on Friday, July 14th. Jefferies Group LLC reiterated a “buy” rating and set a $68.00 price target on shares of Westrock in a research note on Friday, July 14th. Goldman Sachs Group, Inc. (The) upgraded shares of Westrock from a “buy” rating to a “conviction-buy” rating in a research note on Thursday, July 13th. Finally, BidaskClub cut shares of Westrock from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Three equities research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $63.44.
Shares of Westrock Company (NYSE WRK) traded down 1.00% during mid-day trading on Tuesday, hitting $57.16. 504,327 shares of the stock traded hands. The firm has a 50 day moving average of $57.63 and a 200 day moving average of $57.12. Westrock Company has a 12 month low of $43.79 and a 12 month high of $59.02. The stock has a market cap of $14.34 billion, a price-to-earnings ratio of 34.68 and a beta of 1.37.
Westrock (NYSE:WRK) last announced its quarterly earnings results on Thursday, August 3rd. The basic materials company reported $0.74 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.10. The firm had revenue of $3.70 billion for the quarter, compared to the consensus estimate of $3.66 billion. Westrock had a net margin of 2.92% and a return on equity of 6.38%. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.71 earnings per share. On average, equities analysts expect that Westrock Company will post $2.61 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 21st. Shareholders of record on Friday, August 11th were issued a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.77%. The ex-dividend date was Wednesday, August 9th. Westrock’s payout ratio is 97.56%.
WestRock Company, incorporated on March 6, 2015, is a multinational provider of paper and packaging solutions for consumer and corrugated packaging markets. The Company also develops real estate in the Charleston, South Carolina region. The Company’s segments include Corrugated Packaging, Consumer Packaging, and Land and Development.
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