M&G Investment Management Ltd. Trims Stock Holdings in WestRock (NYSE:WRK)

M&G Investment Management Ltd. decreased its position in WestRock (NYSE:WRK) by 8.1% in the first quarter, HoldingsChannel.com reports. The fund owned 109,302 shares of the basic materials company’s stock after selling 9,621 shares during the period. M&G Investment Management Ltd.’s holdings in WestRock were worth $5,684,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of the stock. Salem Capital Management Inc. raised its stake in WestRock by 0.3% in the 1st quarter. Salem Capital Management Inc. now owns 93,749 shares of the basic materials company’s stock worth $4,880,000 after acquiring an additional 250 shares during the last quarter. Greenleaf Trust raised its stake in shares of WestRock by 4.8% during the 4th quarter. Greenleaf Trust now owns 6,922 shares of the basic materials company’s stock valued at $301,000 after buying an additional 318 shares during the last quarter. Advisor Partners LLC raised its stake in shares of WestRock by 3.3% during the 4th quarter. Advisor Partners LLC now owns 10,193 shares of the basic materials company’s stock valued at $444,000 after buying an additional 330 shares during the last quarter. Sunbelt Securities Inc. raised its stake in shares of WestRock by 1.8% during the 4th quarter. Sunbelt Securities Inc. now owns 19,154 shares of the basic materials company’s stock valued at $834,000 after buying an additional 331 shares during the last quarter. Finally, Triangle Securities Wealth Management raised its stake in shares of WestRock by 2.4% during the 1st quarter. Triangle Securities Wealth Management now owns 15,235 shares of the basic materials company’s stock valued at $793,000 after buying an additional 350 shares during the last quarter. Institutional investors own 81.21% of the company’s stock.

WRK stock opened at $56.15 on Friday. The company has a current ratio of 1.52, a quick ratio of 0.93 and a debt-to-equity ratio of 0.76. WestRock has a 12-month low of $25.44 and a 12-month high of $62.03. The firm has a market cap of $14.94 billion, a PE ratio of -20.27, a price-to-earnings-growth ratio of 0.94 and a beta of 1.27. The business has a 50-day moving average price of $56.58.

WestRock (NYSE:WRK) last posted its quarterly earnings data on Wednesday, May 5th. The basic materials company reported $0.54 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.62 by ($0.08). WestRock had a positive return on equity of 6.27% and a negative net margin of 4.06%. The firm had revenue of $4.44 billion during the quarter, compared to analyst estimates of $4.51 billion. During the same quarter in the previous year, the firm posted $0.67 earnings per share. The company’s quarterly revenue was down .2% on a year-over-year basis. As a group, equities research analysts anticipate that WestRock will post 3.46 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, May 28th. Investors of record on Wednesday, May 19th were issued a $0.24 dividend. This represents a $0.96 annualized dividend and a yield of 1.71%. This is a boost from WestRock’s previous quarterly dividend of $0.20. The ex-dividend date of this dividend was Tuesday, May 18th. WestRock’s payout ratio is presently 34.78%.

WRK has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft lifted their price objective on WestRock from $58.00 to $59.00 in a research note on Monday, April 19th. Wells Fargo & Company lifted their price objective on WestRock from $59.00 to $65.00 and gave the company an “overweight” rating in a research note on Thursday, May 6th. KeyCorp lifted their price objective on WestRock from $35.00 to $40.00 and gave the company an “underweight” rating in a research note on Monday, April 5th. Credit Suisse Group lifted their price objective on WestRock from $67.00 to $73.00 and gave the company an “outperform” rating in a research note on Friday, May 7th. Finally, BMO Capital Markets raised their target price on WestRock from $54.00 to $61.00 and gave the company an “outperform” rating in a research report on Wednesday, March 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and nine have given a buy rating to the company. The stock presently has a consensus rating of “Buy” and an average target price of $53.42.

WestRock Profile

WestRock Company manufactures and sells paper and packaging solutions in North America, South America, Europe, Asia, and Australia. The company operates through Corrugated Packaging and Consumer Packaging segments. The Corrugated Packaging segment produces containerboards, corrugated sheets, corrugated packaging, and preprinted linerboards for sale to consumer and industrial products manufacturers, and corrugated box manufacturers.

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Institutional Ownership by Quarter for WestRock (NYSE:WRK)

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