Schwab Charles Investment Management Inc. Grows Position in Westrock Company (WRK)
Schwab Charles Investment Management Inc. lifted its holdings in Westrock Company (NYSE:WRK) by 6.4% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 848,232 shares of the basic materials company’s stock after acquiring an additional 51,124 shares during the period. Schwab Charles Investment Management Inc. owned approximately 0.34% of Westrock worth $48,061,000 as of its most recent filing with the SEC.
Other hedge funds have also added to or reduced their stakes in the company. FNY Partners Fund LP grew its stake in shares of Westrock by 700.0% in the first quarter. FNY Partners Fund LP now owns 2,000 shares of the basic materials company’s stock valued at $104,000 after acquiring an additional 1,750 shares in the last quarter. Northwestern Mutual Wealth Management Co. grew its stake in shares of Westrock by 16.8% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 2,039 shares of the basic materials company’s stock valued at $106,000 after acquiring an additional 294 shares in the last quarter. Global X Management Co. LLC grew its stake in shares of Westrock by 36.9% in the first quarter. Global X Management Co. LLC now owns 3,217 shares of the basic materials company’s stock valued at $167,000 after acquiring an additional 867 shares in the last quarter. Pennsylvania Trust Co acquired a new position in shares of Westrock in the second quarter valued at about $201,000. Finally, Pacer Advisors Inc. grew its stake in shares of Westrock by 3.4% in the first quarter. Pacer Advisors Inc. now owns 3,924 shares of the basic materials company’s stock valued at $204,000 after acquiring an additional 130 shares in the last quarter. Institutional investors and hedge funds own 88.63% of the company’s stock.
In other Westrock news, Director John A. Luke, Jr. sold 10,343 shares of Westrock stock in a transaction dated Monday, July 17th. The stock was sold at an average price of $59.43, for a total transaction of $614,684.49. Following the completion of the transaction, the director now owns 497,557 shares of the company’s stock, valued at approximately $29,569,812.51. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director John A. Luke, Jr. sold 153,718 shares of Westrock stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $55.40, for a total value of $8,515,977.20. Following the transaction, the director now directly owns 543,291 shares of the company’s stock, valued at approximately $30,098,321.40. The disclosure for this sale can be found here. Insiders have sold a total of 390,176 shares of company stock valued at $21,847,797 in the last ninety days. Insiders own 2.68% of the company’s stock.
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Several research firms recently commented on WRK. BidaskClub downgraded shares of Westrock from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Zacks Investment Research downgraded shares of Westrock from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. KeyCorp restated a “hold” rating on shares of Westrock in a research note on Thursday, June 29th. BMO Capital Markets reiterated a “buy” rating and set a $62.00 price objective on shares of Westrock in a research note on Thursday, June 15th. Finally, Jefferies Group LLC reiterated a “buy” rating and set a $65.00 price objective on shares of Westrock in a research note on Thursday, June 22nd. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the company. Westrock presently has a consensus rating of “Buy” and a consensus target price of $63.44.
Shares of Westrock Company (NYSE:WRK) opened at 56.47 on Friday. The firm’s 50-day moving average is $56.63 and its 200-day moving average is $54.86. Westrock Company has a 52 week low of $43.79 and a 52 week high of $60.36. The firm has a market capitalization of $14.17 billion, a P/E ratio of 34.27 and a beta of 1.37.
Westrock (NYSE:WRK) last posted its earnings results on Thursday, August 3rd. The basic materials company reported $0.74 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.10. The business had revenue of $3.70 billion during the quarter, compared to analyst estimates of $3.66 billion. Westrock had a return on equity of 6.38% and a net margin of 2.92%. The company’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.71 EPS. Equities analysts anticipate that Westrock Company will post $2.62 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, August 21st. Shareholders of record on Friday, August 11th were issued a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.83%. The ex-dividend date was Wednesday, August 9th. Westrock’s payout ratio is presently 97.56%.
Westrock Company Profile
WestRock Company, incorporated on March 6, 2015, is a multinational provider of paper and packaging solutions for consumer and corrugated packaging markets. The Company also develops real estate in the Charleston, South Carolina region. The Company’s segments include Corrugated Packaging, Consumer Packaging, and Land and Development.
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