Insider Selling: Westrock Company (WRK) Director Sells 153,718 Shares of Stock
Westrock Company (NYSE:WRK) Director John A. Luke, Jr. sold 153,718 shares of the firm’s stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $55.40, for a total transaction of $8,515,977.20. Following the completion of the sale, the director now directly owns 543,291 shares in the company, valued at $30,098,321.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link.
Westrock Company (NYSE WRK) traded up 1.37% during mid-day trading on Thursday, reaching $56.91. 1,321,882 shares of the company traded hands. The company’s 50 day moving average price is $57.30 and its 200 day moving average price is $54.66. The firm has a market capitalization of $14.28 billion, a P/E ratio of 34.53 and a beta of 1.37. Westrock Company has a 12-month low of $43.79 and a 12-month high of $60.36.
Westrock (NYSE:WRK) last announced its quarterly earnings data on Thursday, August 3rd. The basic materials company reported $0.74 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.10. The company had revenue of $3.70 billion for the quarter, compared to the consensus estimate of $3.66 billion. Westrock had a return on equity of 6.38% and a net margin of 2.92%. Westrock’s quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.71 EPS. Equities research analysts predict that Westrock Company will post $2.62 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, August 21st. Stockholders of record on Friday, August 11th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a dividend yield of 2.85%. The ex-dividend date of this dividend was Wednesday, August 9th. Westrock’s payout ratio is 97.56%.
Several institutional investors have recently bought and sold shares of the company. Ronna Sue Cohen increased its position in Westrock by 0.3% in the second quarter. Ronna Sue Cohen now owns 4,601 shares of the basic materials company’s stock worth $261,000 after buying an additional 12 shares during the last quarter. Cleararc Capital Inc. increased its position in Westrock by 0.7% in the first quarter. Cleararc Capital Inc. now owns 6,144 shares of the basic materials company’s stock worth $320,000 after buying an additional 40 shares during the last quarter. Norinchukin Bank The increased its position in Westrock by 0.3% in the second quarter. Norinchukin Bank The now owns 20,926 shares of the basic materials company’s stock worth $1,186,000 after buying an additional 54 shares during the last quarter. First Midwest Bank Trust Division increased its position in Westrock by 0.5% in the second quarter. First Midwest Bank Trust Division now owns 10,845 shares of the basic materials company’s stock worth $614,000 after buying an additional 55 shares during the last quarter. Finally, Wetherby Asset Management Inc. increased its position in Westrock by 1.4% in the second quarter. Wetherby Asset Management Inc. now owns 4,495 shares of the basic materials company’s stock worth $255,000 after buying an additional 60 shares during the last quarter. 88.62% of the stock is currently owned by institutional investors and hedge funds.
A number of research analysts have commented on WRK shares. Jefferies Group LLC reiterated a “buy” rating and set a $68.00 price target on shares of Westrock in a research report on Friday, July 14th. 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 report on Friday, July 14th. Barclays PLC increased their price target on shares of Westrock from $52.00 to $54.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 18th. TheStreet upgraded shares of Westrock from a “c+” rating to a “b-” rating in a research report on Thursday, May 11th. Finally, BidaskClub cut shares of Westrock from a “hold” rating to a “sell” rating in a research report on Friday, August 11th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $61.91.
Westrock Company Profile
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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