Bank of Nova Scotia lowered its position in WestRock (NYSE:WRK – Get Rating) by 77.7% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 21,224 shares of the basic materials company’s stock after selling 73,902 shares during the quarter. Bank of Nova Scotia’s holdings in WestRock were worth $847,000 at the end of the most recent reporting period.
Other large investors also recently bought and sold shares of the company. Savant Capital LLC lifted its position in WestRock by 7.5% in the first quarter. Savant Capital LLC now owns 5,870 shares of the basic materials company’s stock valued at $277,000 after buying an additional 409 shares during the last quarter. IFM Investors Pty Ltd lifted its position in WestRock by 28.2% in the first quarter. IFM Investors Pty Ltd now owns 50,489 shares of the basic materials company’s stock valued at $2,374,000 after buying an additional 11,113 shares during the last quarter. CWM LLC lifted its position in shares of WestRock by 108.8% during the second quarter. CWM LLC now owns 2,380 shares of the basic materials company’s stock worth $95,000 after purchasing an additional 1,240 shares in the last quarter. Fox Run Management L.L.C. acquired a new stake in shares of WestRock during the first quarter worth about $279,000. Finally, Treasurer of the State of North Carolina lifted its position in shares of WestRock by 8.0% during the second quarter. Treasurer of the State of North Carolina now owns 107,216 shares of the basic materials company’s stock worth $4,271,000 after purchasing an additional 7,945 shares in the last quarter. Institutional investors and hedge funds own 83.52% of the company’s stock.
Analyst Ratings Changes
Several analysts have recently issued reports on WRK shares. TheStreet cut shares of WestRock from a “b-” rating to a “c+” rating in a research report on Friday, October 7th. Wells Fargo & Company increased their price target on shares of WestRock from $42.00 to $46.00 and gave the stock an “overweight” rating in a research report on Friday, November 11th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of WestRock from $45.00 to $37.00 and set a “hold” rating on the stock in a research report on Tuesday, October 18th. Citigroup upped their target price on shares of WestRock from $35.00 to $39.00 in a research note on Sunday, November 13th. Finally, KeyCorp cut their target price on shares of WestRock from $36.00 to $27.00 and set an “underweight” rating on the stock in a research note on Friday, September 30th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $38.00.
WestRock Stock Performance
WestRock (NYSE:WRK – Get Rating) last announced its quarterly earnings results on Thursday, November 10th. The basic materials company reported $1.43 EPS for the quarter, missing the consensus estimate of $1.45 by ($0.02). The company had revenue of $5.40 billion during the quarter, compared to analysts’ expectations of $5.44 billion. WestRock had a net margin of 4.44% and a return on equity of 10.77%. The business’s revenue for the quarter was up 6.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.23 earnings per share. Research analysts forecast that WestRock will post 3.88 EPS for the current fiscal year.
WestRock Increases Dividend
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 23rd. Shareholders of record on Thursday, November 10th will be paid a $0.275 dividend. This is a positive change from WestRock’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a yield of 3.01%. The ex-dividend date of this dividend is Wednesday, November 9th. WestRock’s dividend payout ratio is currently 30.22%.
WestRock Company Profile
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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