US Bancorp DE Reduces Holdings in WestRock Co (WRK)
US Bancorp DE cut its holdings in WestRock Co (NYSE:WRK) by 9.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 81,481 shares of the basic materials company’s stock after selling 8,888 shares during the quarter. US Bancorp DE’s holdings in WestRock were worth $4,355,000 as of its most recent SEC filing.
A number of other institutional investors have also modified their holdings of WRK. Piedmont Investment Advisors LLC purchased a new position in WestRock in the 2nd quarter worth about $171,000. Cerebellum GP LLC purchased a new position in WestRock during the 3rd quarter valued at about $182,000. Exane Asset Management purchased a new position in WestRock during the 2nd quarter valued at about $201,000. Charter Trust Co. purchased a new position in WestRock during the 2nd quarter valued at about $203,000. Finally, RFG Advisory Group LLC purchased a new position in WestRock during the 2nd quarter valued at about $209,000. Hedge funds and other institutional investors own 85.74% of the company’s stock.
WRK has been the topic of several research analyst reports. Wells Fargo & Co lowered their target price on WestRock from $63.00 to $53.00 and set a “market perform” rating on the stock in a research note on Tuesday, October 9th. Zacks Investment Research cut WestRock from a “hold” rating to a “sell” rating in a research note on Thursday, October 4th. Goldman Sachs Group cut WestRock from a “conviction-buy” rating to a “buy” rating and set a $64.00 price target for the company. in a research note on Wednesday, October 10th. Bank of America began coverage on WestRock in a research note on Tuesday, October 23rd. They issued a “buy” rating for the company. Finally, BMO Capital Markets cut WestRock from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $80.00 to $54.00 in a research note on Tuesday, October 9th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the stock. WestRock has an average rating of “Hold” and an average price target of $64.50.
WestRock (NYSE:WRK) last released its quarterly earnings data on Monday, November 5th. The basic materials company reported $1.29 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.24 by $0.05. The business had revenue of $4.24 billion for the quarter, compared to analysts’ expectations of $4.28 billion. WestRock had a return on equity of 9.26% and a net margin of 11.70%. WestRock’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the previous year, the business posted $0.87 earnings per share. As a group, equities analysts forecast that WestRock Co will post 4.71 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 19th. Shareholders of record on Friday, November 9th will be given a $0.455 dividend. This represents a $1.82 dividend on an annualized basis and a yield of 4.06%. This is a boost from WestRock’s previous quarterly dividend of $0.43. The ex-dividend date of this dividend is Thursday, November 8th. WestRock’s dividend payout ratio is 44.50%.
WestRock Company manufactures and sells paper and packaging solutions for the consumer and corrugated markets in North America, South America, Europe, Australia, and Asia. The company operates through three segments: Corrugated Packaging, Consumer Packaging, and Land and Development. The Corrugated Packaging segment produces containerboards, corrugated sheets, corrugated packaging, and preprinted linerboards for consumer and industrial products manufacturers, and corrugated box manufacturers.
Recommended Story: What is an Initial Public Offering (IPO)?
Want to see what other hedge funds are holding WRK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for WestRock Co (NYSE:WRK).
Receive News & Ratings for WestRock Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for WestRock and related companies with MarketBeat.com's FREE daily email newsletter.