JPMorgan Chase & Co. lifted its stake in WestRock (NYSE:WRK – Get Rating) by 0.4% during the second quarter, HoldingsChannel reports. The firm owned 2,765,572 shares of the basic materials company’s stock after purchasing an additional 12,082 shares during the period. JPMorgan Chase & Co.’s holdings in WestRock were worth $110,180,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in WRK. Clarius Group LLC grew its holdings in WestRock by 7.9% during the 2nd quarter. Clarius Group LLC now owns 5,270 shares of the basic materials company’s stock worth $210,000 after acquiring an additional 385 shares in the last quarter. CNB Bank bought a new position in WestRock during the 2nd quarter worth about $69,000. Synovus Financial Corp grew its holdings in WestRock by 3.9% during the 2nd quarter. Synovus Financial Corp now owns 13,555 shares of the basic materials company’s stock worth $538,000 after acquiring an additional 510 shares in the last quarter. Mackenzie Financial Corp grew its holdings in WestRock by 33.1% during the 2nd quarter. Mackenzie Financial Corp now owns 149,216 shares of the basic materials company’s stock worth $5,945,000 after acquiring an additional 37,119 shares in the last quarter. Finally, Cerity Partners LLC bought a new position in WestRock during the 2nd quarter worth about $222,000. 83.52% of the stock is currently owned by institutional investors.
Analysts Set New Price Targets
Several research analysts have issued reports on WRK shares. Bank of America dropped their target price on shares of WestRock from $57.00 to $40.00 in a report on Thursday, October 13th. Deutsche Bank Aktiengesellschaft dropped their target price on shares of WestRock from $45.00 to $37.00 and set a “hold” rating on the stock in a report on Tuesday, October 18th. TheStreet cut shares of WestRock from a “b-” rating to a “c+” rating in a report on Friday, October 7th. Citigroup raised their price target on shares of WestRock from $35.00 to $39.00 in a report on Sunday, November 13th. Finally, Wells Fargo & Company raised their price target on shares of WestRock from $42.00 to $46.00 and gave the company an “overweight” rating in a report on Friday, November 11th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $38.00.
WestRock Stock Up 1.4 %
WestRock (NYSE:WRK – Get Rating) last announced its quarterly earnings data 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% compared to the same quarter last year. During the same period in the previous year, the business earned $1.23 earnings per share. On average, equities analysts anticipate that WestRock will post 3.88 earnings per share for the current fiscal year.
WestRock Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 23rd. Investors of record on Thursday, November 10th will be given 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 dividend yield of 2.93%. The ex-dividend date of this dividend is Wednesday, November 9th. WestRock’s dividend payout ratio (DPR) is presently 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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