Allspring Global Investments Holdings LLC cut its holdings in WestRock (NYSE:WRK – Get Rating) by 3.1% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,095 shares of the basic materials company’s stock after selling 483 shares during the period. Allspring Global Investments Holdings LLC’s holdings in WestRock were worth $466,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in the business. CWM LLC grew its position in shares of WestRock by 108.8% in the second quarter. CWM LLC now owns 2,380 shares of the basic materials company’s stock valued at $95,000 after purchasing an additional 1,240 shares during the last quarter. IFM Investors Pty Ltd grew its holdings in WestRock by 5.4% during the 3rd quarter. IFM Investors Pty Ltd now owns 51,759 shares of the basic materials company’s stock valued at $1,599,000 after buying an additional 2,667 shares during the last quarter. Treasurer of the State of North Carolina increased its position in 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 buying an additional 7,945 shares in the last quarter. Versor Investments LP raised its holdings in shares of WestRock by 278.8% in the second quarter. Versor Investments LP now owns 95,216 shares of the basic materials company’s stock worth $3,793,000 after acquiring an additional 70,077 shares during the last quarter. Finally, Banque Cantonale Vaudoise lifted its position in shares of WestRock by 87.8% in the second quarter. Banque Cantonale Vaudoise now owns 7,487 shares of the basic materials company’s stock valued at $298,000 after acquiring an additional 3,500 shares in the last quarter. 84.08% of the stock is owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other news, Director Currey M. Russell sold 55,000 shares of the firm’s stock in a transaction on Monday, December 12th. The shares were sold at an average price of $36.51, for a total value of $2,008,050.00. Following the transaction, the director now owns 245,271 shares of the company’s stock, valued at approximately $8,954,844.21. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.48% of the stock is owned by insiders.
WestRock Trading Down 0.4 %
WestRock (NYSE:WRK – Get Rating) last released its quarterly earnings data on Thursday, November 10th. The basic materials company reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.40 by $0.03. The company had revenue of $5.40 billion for the quarter, compared to the consensus estimate of $5.44 billion. WestRock had a return on equity of 10.77% and a net margin of 4.44%. The company’s quarterly revenue was up 6.1% compared to the same quarter last year. During the same period last year, the business posted $1.23 EPS. On average, equities research analysts forecast that WestRock will post 3.82 earnings per share for the current year.
WestRock Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Wednesday, November 23rd. Shareholders of record on Thursday, November 10th were given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 2.97%. This is a boost from WestRock’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend was Wednesday, November 9th. WestRock’s payout ratio is 30.22%.
Analyst Upgrades and Downgrades
WRK has been the subject of a number of recent research reports. Citigroup lowered their price target on shares of WestRock from $39.00 to $37.00 in a report on Wednesday, January 4th. Bank of America reduced their price target on WestRock from $57.00 to $40.00 in a research note on Thursday, October 13th. Deutsche Bank Aktiengesellschaft lowered their price objective on WestRock from $45.00 to $37.00 and set a “hold” rating for the company in a research report on Tuesday, October 18th. TheStreet downgraded WestRock from a “b-” rating to a “c+” rating in a research report on Friday, October 7th. Finally, KeyCorp lowered their price target on WestRock from $36.00 to $27.00 and set an “underweight” rating for the company in a report on Friday, September 30th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $37.71.
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 in four segments, Corrugated Packaging, Consumer Packaging, Global Paper, and Distribution. 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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