Westrock Company (NYSE:WRK) Shares Bought by Canada Pension Plan Investment Board
Canada Pension Plan Investment Board increased its stake in Westrock Company (NYSE:WRK) by 9.2% during the second quarter, Holdings Channel reports. The firm owned 645,884 shares of the basic materials company’s stock after buying an additional 54,400 shares during the period. Canada Pension Plan Investment Board’s holdings in Westrock were worth $36,596,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Trexquant Investment LP increased its position in Westrock by 6.9% in the second quarter. Trexquant Investment LP now owns 12,400 shares of the basic materials company’s stock valued at $703,000 after buying an additional 800 shares during the period. Global X Management Co. LLC increased its position in Westrock by 49.0% in the second quarter. Global X Management Co. LLC now owns 4,794 shares of the basic materials company’s stock valued at $272,000 after buying an additional 1,577 shares during the period. HL Financial Services LLC bought a new position in Westrock during the second quarter valued at $593,000. First Bank & Trust increased its position in Westrock by 9.1% in the second quarter. First Bank & Trust now owns 5,250 shares of the basic materials company’s stock valued at $297,000 after buying an additional 438 shares during the period. Finally, Retirement Systems of Alabama increased its position in Westrock by 0.6% in the second quarter. Retirement Systems of Alabama now owns 121,746 shares of the basic materials company’s stock valued at $6,898,000 after buying an additional 705 shares during the period. Hedge funds and other institutional investors own 89.22% of the company’s stock.
Shares of Westrock Company (WRK) opened at 55.61 on Friday. Westrock Company has a 12-month low of $43.57 and a 12-month high of $60.36. The firm has a 50-day moving average of $57.65 and a 200-day moving average of $54.55. The firm has a market cap of $14.20 billion, a P/E ratio of 33.74 and a beta of 1.37.
Westrock (NYSE:WRK) last issued its quarterly earnings results on Thursday, August 3rd. The basic materials company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.64 by $0.10. Westrock had a net margin of 2.92% and a return on equity of 6.38%. The firm had revenue of $3.70 billion during the quarter, compared to analyst estimates of $3.66 billion. During the same quarter in the prior year, the business posted $0.71 earnings per share. Westrock’s revenue for the quarter was up 2.8% compared to the same quarter last year. On average, equities analysts forecast that Westrock Company will post $2.62 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 21st. Investors of record on Friday, August 11th will be given a dividend of $0.40 per share. This represents a $1.60 annualized dividend and a yield of 2.88%. The ex-dividend date is Wednesday, August 9th. Westrock’s dividend payout ratio (DPR) is 97.56%.
Several research analysts recently weighed in on the stock. BidaskClub downgraded shares of Westrock from a “hold” rating to a “sell” rating in a research report on Friday. Barclays PLC upped their price target on shares of Westrock from $54.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Monday, August 7th. Jefferies Group LLC restated a “buy” rating and set a $69.00 price target on shares of Westrock in a research report on Friday, August 4th. Zacks Investment Research upgraded shares of Westrock from a “hold” rating to a “buy” rating and set a $67.00 price target for the company in a research report on Friday, July 14th. Finally, Goldman Sachs Group, Inc. (The) upgraded shares of Westrock from a “buy” rating to a “conviction-buy” rating in a research report on Thursday, July 13th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $61.91.
In related news, Director John A. Luke, Jr. sold 10,343 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the director now owns 497,557 shares of the company’s stock, valued at $29,569,812.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have sold 41,372 shares of company stock valued at $2,404,334 in the last ninety days. 2.68% of the stock is currently owned by company insiders.
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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