Balyasny Asset Management LLC Sells 134,543 Shares of Westrock Company (WRK)
Balyasny Asset Management LLC lessened its holdings in Westrock Company (NYSE:WRK) by 72.2% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 51,770 shares of the basic materials company’s stock after selling 134,543 shares during the period. Balyasny Asset Management LLC’s holdings in Westrock were worth $2,933,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of WRK. UBS Asset Management Americas Inc. lifted its stake in shares of Westrock by 11.3% in the 1st quarter. UBS Asset Management Americas Inc. now owns 683,318 shares of the basic materials company’s stock worth $35,553,000 after purchasing an additional 69,329 shares during the period. Pacer Advisors Inc. lifted its stake in shares of Westrock by 3.4% in the 1st quarter. Pacer Advisors Inc. now owns 3,924 shares of the basic materials company’s stock worth $204,000 after purchasing an additional 130 shares during the period. Neuberger Berman Group LLC lifted its stake in shares of Westrock by 8.2% in the 1st quarter. Neuberger Berman Group LLC now owns 12,049 shares of the basic materials company’s stock worth $627,000 after purchasing an additional 914 shares during the period. Van ECK Associates Corp lifted its stake in shares of Westrock by 3.8% in the 1st quarter. Van ECK Associates Corp now owns 6,031 shares of the basic materials company’s stock worth $314,000 after purchasing an additional 221 shares during the period. Finally, Principal Financial Group Inc. lifted its stake in shares of Westrock by 14.5% in the 1st quarter. Principal Financial Group Inc. now owns 444,146 shares of the basic materials company’s stock worth $23,109,000 after purchasing an additional 56,173 shares during the period. Hedge funds and other institutional investors own 88.57% of the company’s stock.
Shares of Westrock Company (WRK) opened at 58.97 on Wednesday. Westrock Company has a one year low of $43.79 and a one year high of $59.02. The firm’s 50-day moving average is $57.38 and its 200-day moving average is $57.38. The stock has a market capitalization of $14.79 billion, a price-to-earnings ratio of 35.78 and a beta of 1.35.
Westrock (NYSE:WRK) last announced its earnings results on Thursday, August 3rd. The basic materials company reported $0.74 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.64 by $0.10. The business had revenue of $3.70 billion during the quarter, compared to the consensus estimate of $3.66 billion. Westrock had a return on equity of 6.38% and a net margin of 2.92%. The business’s quarterly revenue was up 2.8% on a year-over-year basis. During the same period in the prior year, the company posted $0.71 EPS. Equities research analysts forecast that Westrock Company will post $2.58 EPS for the current year.
A number of equities research analysts have commented on WRK shares. Zacks Investment Research upgraded shares of Westrock from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a research note on Friday, July 14th. BidaskClub cut shares of Westrock from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Jefferies Group LLC restated a “buy” rating and set a $65.00 target price on shares of Westrock in a research note on Thursday, June 22nd. KeyCorp restated a “hold” rating on shares of Westrock in a research note on Thursday, June 29th. Finally, BMO Capital Markets restated a “buy” rating and set a $62.00 target price on shares of Westrock in a research note on Thursday, June 15th. Three investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of “Buy” and an average price target of $64.33.
In related news, Director John A. Luke, Jr. sold 87,202 shares of the stock in a transaction on Monday, August 28th. The stock was sold at an average price of $55.06, for a total value of $4,801,342.12. Following the completion of the transaction, the director now directly owns 497,557 shares of the company’s stock, valued at approximately $27,395,488.42. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Jeffrey Wayne Chalovich sold 18,368 shares of the stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $58.41, for a total value of $1,072,874.88. Following the completion of the transaction, the insider now directly owns 24,859 shares of the company’s stock, valued at $1,452,014.19. The disclosure for this sale can be found here. Over the last three months, insiders sold 453,722 shares of company stock valued at $25,488,985. 2.68% of the stock is owned by corporate insiders.
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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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