StockNews.com started coverage on shares of WestRock (NYSE:WRK – Free Report) in a research note issued to investors on Monday morning. The firm issued a hold rating on the basic materials company’s stock.
A number of other equities research analysts also recently commented on WRK. Royal Bank of Canada reiterated a sector perform rating and set a $42.00 price target on shares of WestRock in a report on Friday, February 2nd. Truist Financial boosted their target price on shares of WestRock from $40.00 to $48.00 and gave the company a hold rating in a report on Thursday, January 4th. Argus upgraded shares of WestRock from a hold rating to a buy rating in a report on Friday, November 17th. Wells Fargo & Company reiterated an equal weight rating and set a $45.00 price objective (up from $42.00) on shares of WestRock in a research note on Thursday, January 11th. Finally, Seaport Res Ptn downgraded shares of WestRock from a buy rating to a neutral rating in a research note on Monday, January 29th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of Hold and an average target price of $39.43.
WestRock Stock Up 0.4 %
WestRock (NYSE:WRK – Get Free Report) last announced its earnings results on Thursday, February 1st. The basic materials company reported $0.20 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.15). The business had revenue of $4.62 billion for the quarter, compared to analyst estimates of $4.79 billion. WestRock had a positive return on equity of 6.87% and a negative net margin of 8.58%. The business’s revenue was down 6.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.55 EPS. Equities research analysts anticipate that WestRock will post 1.95 EPS for the current fiscal year.
WestRock Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 21st. Shareholders of record on Friday, February 9th will be issued a dividend of $0.3025 per share. The ex-dividend date is Thursday, February 8th. This represents a $1.21 annualized dividend and a yield of 2.84%. WestRock’s dividend payout ratio (DPR) is presently -18.01%.
Hedge Funds Weigh In On WestRock
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in shares of WestRock by 0.8% in the first quarter. Vanguard Group Inc. now owns 30,619,872 shares of the basic materials company’s stock valued at $1,440,053,000 after acquiring an additional 252,490 shares during the period. BlackRock Inc. boosted its position in shares of WestRock by 9.6% in the first quarter. BlackRock Inc. now owns 26,528,567 shares of the basic materials company’s stock valued at $808,325,000 after acquiring an additional 2,320,073 shares during the period. State Street Corp boosted its position in shares of WestRock by 14.7% in the second quarter. State Street Corp now owns 11,986,307 shares of the basic materials company’s stock valued at $348,442,000 after acquiring an additional 1,538,825 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of WestRock by 59.0% in the first quarter. Price T Rowe Associates Inc. MD now owns 9,318,827 shares of the basic materials company’s stock valued at $283,947,000 after acquiring an additional 3,459,641 shares during the period. Finally, Geode Capital Management LLC boosted its position in shares of WestRock by 5.2% in the second quarter. Geode Capital Management LLC now owns 5,611,685 shares of the basic materials company’s stock valued at $162,721,000 after acquiring an additional 279,006 shares during the period. Institutional investors and hedge funds own 85.51% of the company’s stock.
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 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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