Redpoint Investment Management Pty Ltd acquired a new stake in WestRock (NYSE:WRK – Get Rating) in Q1, HoldingsChannel reports. The fund acquired 4,427 shares of the basic materials company, valued at around $208,000.
Several other hedge funds have also recently changed their holdings in the company. LPL Financial LLC increased its stake in WestRock shares by 9.9% in Q3. LPL Financial LLC now owns 116,004 shares of the basic materials company valued at $5,780,000 after buying an additional 10,443 shares last quarter. Cetera Advisor Networks LLC increased its stake in WestRock shares by 43.7% in Q3. Cetera Advisor Networks LLC now owns 5,508 shares of the basic materials company valued at $274,000 after buying 1,675 additional shares in the last quarter. Cetera Advisors LLC increased its stake in WestRock shares by 18.0% in Q3. Cetera Advisors LLC now owns 13,004 shares of the basic materials company valued at $648,000 after buying 1,987 additional shares last quarter. Cetera Investment Advisers increased its equity stake in WestRock by 10.3% in Q3. Cetera Investment Advisers now owns 16,527 shares of the basic materials company valued at $824,000 after buying 1,541 additional shares last quarter. Finally, Captrust Financial Advisors increased its stake in WestRock by 4.1% during the 3rd quarter. Captrust Financial Advisors now owns 13,176 shares of the basic materials company worth $657,000 after buying 524 more shares last quarter. 84.42% of the shares are held by institutional investors and hedge funds.
In other WestRock news, insider Thomas Stigers sold 15,000 shares of the company in a trade on Monday, April 18. The stock was sold at an average price of $50.10, for a total transaction of $751,500.00. Following the transaction, the insider now directly owns 88,034 shares of the company, valued at $4,410,503.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, accessible via the SEC’s website. 1.00% of the shares are held by insiders.
WRK stock opened at $40.64 on Monday. The company has a debt ratio of 0.69, a current ratio of 1.53 and a quick ratio of 0.96. The company has a 50-day simple moving average of $47.37 and a 200-day simple moving average of $46.24. The company has a market capitalization of $10.36 billion, a PE ratio of 13.73, a growth price-earnings ratio of 0.36 and a beta of 0.99. WestRock has a 1-year low of $38.40 and a 1-year high of $54.78.
WestRock (NYSE:WRK – Get Rating) last released quarterly earnings data on Thursday, May 5. The basic materials company reported EPS of $1.17 for the quarter, beating consensus analyst estimates of $1.01 by $0.16. WestRock had a return on equity of 9.32% and a net margin of 3.93%. The company posted revenue of $5.38 billion for the quarter, versus $5.08 billion expected by analysts. In the same period a year earlier, the company posted earnings per share of $0.54. The company’s quarterly revenue increased 21.3% year over year. On average, equity research analysts expect WestRock to post 5.11 EPS for the current year.
WestRock announced that its board of directors authorized a share buyback program on Thursday, May 5 that allows the company to repurchase 25,000,000 outstanding shares. This repurchase authorization authorizes the basic materials company to repurchase its shares through purchases on the open market. Stock buyback programs are usually a sign that a company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 24. Investors of record on Thursday, May 12 received a dividend of $0.25. This represents a dividend of $1.00 on an annualized basis and a yield of 2.46%. The ex-dividend date was Wednesday, May 11. WestRock’s dividend payout ratio is currently 33.78%.
Several equity research analysts have commented on WRK shares. Wells Fargo & Company cut its price target on WestRock from $66.00 to $59.00 and set an “overweight” rating for the company in a Thursday, May 26 research note. Citigroup downgraded WestRock from a “buy” rating to a “neutral” rating and lowered its price target for the stock from $53.00 to $45.00 in a Tuesday, June 21 research note. Deutsche Bank Aktiengesellschaft raised its price target on WestRock from $52.00 to $59.00 and gave the stock a “holding” rating in a Monday, April 18 research note. TheStreet downgraded WestRock from a ‘b’ rating to a ‘c+’ rating in a Thursday, June 16 research note. Finally, StockNews.com downgraded WestRock from a “Strong Buy” rating to a “Buy” rating in a Saturday, June 18 research report. One analyst has assigned the stock a sell rating, five have assigned a hold rating and three have assigned the stock a buy rating. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $51.86.
About WestRock (Get a rating)
WestRock Company, together with its subsidiaries, provides fiber-based paper and packaging solutions in North America, South America, Europe, Asia and Australia. It operates through two segments, Corrugated Packaging and Consumer Packaging. The Corrugated Packaging segment produces pre-printed containerboard, corrugated sheets, corrugated packaging and linerboard for consumer and industrial product manufacturers and corrugated box manufacturers.
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