New Mexico Educational Retirement Board Cuts Stake in WestRock (NYSE:WRK)

New Mexico Educational Retirement Board cut its stake in WestRock (NYSE:WRKGet Rating) by 6.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,285 shares of the basic materials company’s stock after selling 1,000 shares during the quarter. New Mexico Educational Retirement Board’s holdings in WestRock were worth $719,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in WRK. Mutual of America Capital Management LLC grew its stake in WestRock by 0.7% in the fourth quarter. Mutual of America Capital Management LLC now owns 35,255 shares of the basic materials company’s stock worth $1,564,000 after purchasing an additional 229 shares in the last quarter. Cetera Investment Advisers raised its holdings in shares of WestRock by 1.5% during the fourth quarter. Cetera Investment Advisers now owns 16,781 shares of the basic materials company’s stock valued at $744,000 after buying an additional 254 shares during the last quarter. Signaturefd LLC raised its holdings in WestRock by 34.0% during the fourth quarter. Signaturefd LLC now owns 1,084 shares of the basic materials company’s stock worth $48,000 after purchasing an additional 275 shares in the last quarter. Advisor Partners LLC raised its holdings in WestRock by 3.0% during the fourth quarter. Advisor Partners LLC now owns 10,700 shares of the basic materials company’s stock worth $475,000 after purchasing an additional 307 shares in the last quarter. Finally, Benson Investment Management Company Inc. increased its holdings in shares of WestRock by 0.4% in the fourth quarter. Benson Investment Management Company Inc. now owns 88,742 shares of the basic materials company’s stock valued at $3,937,000 after buying an additional 325 shares in the last quarter. Institutional investors own 84.42% of the company’s stock.

NYSE WRK opened at $39.29 on Thursday. The firm has a 50-day moving average of $47.78 and a 200-day moving average of $46.29. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.96 and a current ratio of 1.53. The stock has a market cap of $10.01 billion, a PE ratio of 13.27, a P/E/G ratio of 0.37 and a beta of 0.99. WestRock has a 52-week low of $38.78 and a 52-week high of $54.78.

WestRock (NYSE:WRKGet Rating) last issued its quarterly earnings data on Thursday, May 5th. The basic materials company reported $1.17 earnings per share for the quarter, topping the consensus estimate of $1.01 by $0.16. The business had revenue of $5.38 billion during the quarter, compared to analysts’ expectations of $5.08 billion. WestRock had a net margin of 3.93% and a return on equity of 9.32%. The business’s revenue was up 21.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.54 EPS. As a group, analysts predict that WestRock will post 5.11 EPS for the current fiscal year.

WestRock declared that its board has authorized a stock buyback program on Thursday, May 5th that allows the company to buyback 25,000,000 outstanding shares. This buyback authorization allows the basic materials company to reacquire shares of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s management believes its stock is undervalued.

The business also recently declared a quarterly dividend, which was paid on Tuesday, May 24th. Investors of record on Thursday, May 12th were issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.55%. The ex-dividend date of this dividend was Wednesday, May 11th. WestRock’s dividend payout ratio (DPR) is presently 33.78%.

In other WestRock news, insider Thomas Stigers sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, April 18th. The shares were sold at an average price of $50.10, for a total transaction of $751,500.00. Following the sale, the insider now directly owns 88,034 shares of the company’s stock, valued at approximately $4,410,503.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 1.00% of the company’s stock.

Several equities analysts have weighed in on the stock. TheStreet cut shares of WestRock from a “b” rating to a “c+” rating in a research report on Thursday, June 16th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of WestRock from $52.00 to $59.00 and gave the stock a “hold” rating in a research report on Monday, April 18th. Wells Fargo & Company cut their price objective on shares of WestRock from $66.00 to $59.00 and set an “overweight” rating for the company in a research report on Thursday, May 26th. Citigroup lowered shares of WestRock from a “buy” rating to a “neutral” rating and cut their price objective for the company from $53.00 to $45.00 in a research report on Tuesday. Finally, StockNews.com cut shares of WestRock from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 18th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, WestRock currently has an average rating of “Hold” and an average price target of $51.86.

About WestRock (Get 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 containerboards, corrugated sheets, corrugated packaging, and preprinted linerboards 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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