Trade Report: Today: State Treasurer State of Michigan Maintains Stake in WestRock Co. (WRK)

Today: State Treasurer State of Michigan Maintains Stake in WestRock Co. (WRK)

State Treasurer State of Michigan continued to hold its position in shares of WestRock Co. (NYSE:WRK) during the third quarter, Holdings Channel reports. The firm owned 87,782 shares of the company’s stock at the end of the third quarter. State Treasurer State of Michigan’s holdings in WestRock were worth $4,256,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hamlin Capital Management LLC bought a new position in shares of WestRock during the second quarter worth about $21,851,000. Deprince Race & Zollo Inc. bought a new position in shares of WestRock during the second quarter worth about $28,896,000. Atalanta Sosnoff Capital LLC bought a new position in shares of WestRock during the second quarter worth about $14,055,000. Evercore Wealth Management LLC increased its position in shares of 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 increased its position in shares of 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. Institutional investors and hedge funds own 88.29% of the company’s stock.

Shares of WestRock Co. (NYSE:WRK) traded down 0.37% during trading on Monday, hitting $50.92. The stock had a trading volume of 1,734,484 shares. WestRock Co. has a 12-month low of $29.73 and a 12-month high of $52.10. The stock’s market cap is $12.64 billion. The stock’s 50-day moving average is $47.56 and its 200-day moving average is $44.08.

WestRock (NYSE:WRK) last posted its earnings results on Monday, November 7th. The company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.63 by $0.08. The firm had revenue of $3.61 billion for the quarter, compared to analyst estimates of $2.54 billion. WestRock had a positive return on equity of 6.41% and a negative net margin of 2.72%. WestRock’s revenue for the quarter was down .1% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.93 earnings per share. On average, equities research analysts expect that WestRock Co. will post $2.85 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 30th. Investors of record on Monday, November 21st will be issued a $0.40 dividend. This represents a $1.60 annualized dividend and a yield of 3.13%. The ex-dividend date of this dividend is Thursday, November 17th. This is a positive change from WestRock’s previous quarterly dividend of $0.38. WestRock’s dividend payout ratio is -103.23%.

WRK has been the subject of a number of recent analyst reports. Citigroup Inc. raised their price objective on WestRock from $52.00 to $56.00 and gave the stock a “buy” rating in a research report on Wednesday, August 31st. raised their price objective on WestRock from $46.00 to $54.00 and gave the stock an “underperform” rating in a research report on Tuesday, September 6th. Zacks Investment Research cut WestRock from a “buy” rating to a “hold” rating in a research report on Tuesday, November 15th. Deutsche Bank AG raised their price objective on WestRock from $50.00 to $53.00 and gave the stock a “buy” rating in a research report on Friday, September 23rd. Finally, Jefferies Group lowered their price objective on WestRock from $62.00 to $59.00 and set a “buy” rating for the company in a research report on Tuesday, November 8th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average price target of $53.12.

In related news, Director John A. Luke, Jr. sold 188,103 shares of the stock in a transaction on Tuesday, September 13th. The stock was sold at an average price of $46.62, for a total value of $8,769,361.86. Following the transaction, the director now owns 837,343 shares of the company’s stock, valued at $39,036,930.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director G Stephen Felker sold 10,000 shares of the 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 completion of the transaction, 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. 2.41% of the stock is owned by corporate insiders.

WestRock Company Profile

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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