WestRock Co. (WRK) Position Boosted by Union Bankshares Corp
Union Bankshares Corp increased its stake in shares of WestRock Co. (NYSE:WRK) by 2.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 78,083 shares of the company’s stock after buying an additional 1,606 shares during the period. WestRock comprises approximately 1.4% of Union Bankshares Corp’s portfolio, making the stock its 25th largest position. Union Bankshares Corp’s holdings in WestRock were worth $3,785,000 at the end of the most recent reporting period.
A number of other hedge funds also recently made changes to their positions in WRK. Hamlin Capital Management LLC acquired a new position in WestRock during the second quarter worth approximately $21,851,000. Deprince Race & Zollo Inc. acquired a new position in WestRock during the second quarter worth approximately $28,896,000. Atalanta Sosnoff Capital LLC acquired a new position in WestRock during the second quarter worth approximately $14,055,000. Evercore Wealth Management LLC raised its position in WestRock by 10.2% in the second quarter. Evercore Wealth Management LLC now owns 468,017 shares of the company’s stock worth $18,192,000 after buying an additional 43,338 shares in the last quarter. Finally, RS Investment Management Co. LLC raised its position in WestRock by 110.3% in the second quarter. RS Investment Management Co. LLC now owns 523,890 shares of the company’s stock worth $20,364,000 after buying an additional 274,732 shares in the last quarter. 88.29% of the stock is currently owned by institutional investors and hedge funds.
Shares of WestRock Co. (NYSE:WRK) traded down 0.06% during midday trading on Tuesday, hitting $50.89. The company’s stock had a trading volume of 1,194,150 shares. The company has a 50-day moving average price of $47.68 and a 200 day moving average price of $44.16. WestRock Co. has a 1-year low of $29.73 and a 1-year high of $52.10. The company’s market cap is $12.64 billion.
WestRock (NYSE:WRK) last released its quarterly earnings data on Monday, November 7th. The company reported $0.71 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.08. WestRock had a positive return on equity of 6.41% and a negative net margin of 2.72%. The company had revenue of $3.61 billion for the quarter, compared to the consensus estimate of $2.54 billion. During the same quarter last year, the business posted $0.93 EPS. WestRock’s revenue for the quarter was down .1% on a year-over-year basis. On average, equities research analysts predict that WestRock Co. will post $2.85 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 30th. Investors of record on Monday, November 21st will be issued a dividend of $0.40 per share. This is an increase from WestRock’s previous quarterly dividend of $0.38. The ex-dividend date is Thursday, November 17th. This represents a $1.60 annualized dividend and a dividend yield of 3.14%. WestRock’s dividend payout ratio (DPR) is -103.23%.
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A number of equities research analysts have recently weighed in on WRK shares. Jefferies Group restated a “buy” rating on shares of WestRock in a research report on Monday, August 22nd. Barclays PLC boosted their target price on WestRock from $41.00 to $45.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 11th. BMO Capital Markets restated a “buy” rating and set a $52.00 target price on shares of WestRock in a research report on Friday, August 5th. Citigroup Inc. boosted their target price on WestRock from $52.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, August 31st. Finally, Goldman Sachs Group Inc. started coverage on WestRock in a research report on Thursday, September 22nd. They set a “neutral” rating and a $53.00 target price for the company. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company’s stock. WestRock presently has an average rating of “Hold” and a consensus target price of $53.12.
In related news, Director John A. Luke, Jr. sold 188,103 shares of the firm’s stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $46.62, for a total transaction of $8,769,361.86. Following the sale, the director now owns 837,343 shares of the company’s stock, valued at approximately $39,036,930.66. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director G Stephen Felker sold 10,000 shares of the firm’s stock in a transaction on Wednesday, November 16th. The shares were sold at an average price of $50.00, for a total value of $500,000.00. Following the sale, the director now directly owns 73,420 shares in the company, valued at approximately $3,671,000. The disclosure for this sale can be found here. Corporate insiders own 2.41% of the company’s stock.
Westrock Company is a provider of packaging solutions and manufactures containerboard and paperboard. The Company’s operating segments include Corrugated Packaging, Consumer Packaging, Specialty Chemicals, and Land and Development. The Company operates in North America, South America, Europe and Asia.
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