Westrock Company (NYSE:WRK) Shares Sold by Arizona State Retirement System
Arizona State Retirement System decreased its stake in shares of Westrock Company (NYSE:WRK) by 1.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 81,753 shares of the basic materials company’s stock after selling 1,200 shares during the period. Arizona State Retirement System’s holdings in Westrock were worth $4,632,000 at the end of the most recent quarter.
Several other large investors have also made changes to their positions in the stock. Creative Planning raised its stake in shares of Westrock by 1.7% in the first quarter. Creative Planning now owns 11,121 shares of the basic materials company’s stock valued at $579,000 after buying an additional 189 shares in the last quarter. BlackRock Inc. raised its stake in shares of Westrock by 3,569.1% in the first quarter. BlackRock Inc. now owns 22,418,080 shares of the basic materials company’s stock valued at $1,166,413,000 after buying an additional 21,807,090 shares in the last quarter. World Asset Management Inc raised its stake in shares of Westrock by 10.3% in the first quarter. World Asset Management Inc now owns 25,695 shares of the basic materials company’s stock valued at $1,337,000 after buying an additional 2,405 shares in the last quarter. Ronna Sue Cohen raised its stake in shares of Westrock by 0.3% in the second quarter. Ronna Sue Cohen now owns 4,601 shares of the basic materials company’s stock valued at $261,000 after buying an additional 12 shares in the last quarter. Finally, Alambic Investment Management L.P. acquired a new stake in shares of Westrock during the first quarter valued at about $282,000. 89.85% of the stock is owned by hedge funds and other institutional investors.
Westrock Company (NYSE WRK) opened at 56.54 on Tuesday. The firm has a 50-day moving average price of $57.63 and a 200 day moving average price of $54.56. Westrock Company has a 52 week low of $43.57 and a 52 week high of $60.36. The company has a market cap of $14.18 billion, a P/E ratio of 34.31 and a beta of 1.37.
Westrock (NYSE:WRK) last posted its quarterly earnings data on Thursday, August 3rd. The basic materials company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.64 by $0.10. The company had revenue of $3.70 billion during the quarter, compared to analysts’ expectations of $3.66 billion. Westrock had a return on equity of 6.38% and a net margin of 2.92%. Westrock’s revenue for the quarter was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.71 earnings per share. Analysts expect that Westrock Company will post $2.62 EPS for the current fiscal year.
The company also recently disclosed 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 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date is Wednesday, August 9th. Westrock’s dividend payout ratio (DPR) is presently 97.56%.
Several equities research analysts have recently issued reports on WRK shares. Royal Bank Of Canada raised Westrock from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $54.00 to $59.00 in a research report on Wednesday, April 19th. BidaskClub downgraded Westrock from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Goldman Sachs Group, Inc. (The) upgraded Westrock from a “neutral” rating to a “buy” rating and increased their price target for the stock from $57.00 to $61.00 in a research note on Tuesday, April 18th. Jefferies Group LLC reiterated a “buy” rating and set a $69.00 price target on shares of Westrock in a research note on Friday, August 4th. Finally, KeyCorp reiterated a “hold” rating on shares of Westrock in a research note on Thursday, June 29th. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus price target of $61.91.
In related news, Director John A. Luke, Jr. sold 10,343 shares of the company’s stock in a transaction on Monday, July 24th. The stock was sold at an average price of $58.61, for a total transaction of $606,203.23. Following the completion of the sale, the director now owns 497,557 shares in the company, valued at $29,161,815.77. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In the last quarter, insiders have sold 41,372 shares of company stock valued at $2,404,334. 2.68% of the stock is owned by company insiders.
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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