Verition Fund Management LLC reduced its position in shares of Westrock Company (NYSE:WRK) by 16.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 116,652 shares of the basic materials company’s stock after selling 23,761 shares during the period. Westrock accounts for about 0.6% of Verition Fund Management LLC’s portfolio, making the stock its 20th largest holding. Verition Fund Management LLC’s holdings in Westrock were worth $6,610,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of WRK. Pacer Advisors Inc. increased its stake in Westrock by 3.4% during the 1st quarter. Pacer Advisors Inc. now owns 3,924 shares of the basic materials company’s stock worth $204,000 after buying an additional 130 shares in the last quarter. Neuberger Berman Group LLC increased its stake in Westrock by 8.2% during the 1st quarter. Neuberger Berman Group LLC now owns 12,049 shares of the basic materials company’s stock worth $627,000 after buying an additional 914 shares in the last quarter. Principal Financial Group Inc. increased its stake in Westrock by 14.5% during the 1st quarter. Principal Financial Group Inc. now owns 444,146 shares of the basic materials company’s stock worth $23,109,000 after buying an additional 56,173 shares in the last quarter. Teachers Advisors LLC increased its stake in Westrock by 15.2% during the 1st quarter. Teachers Advisors LLC now owns 650,466 shares of the basic materials company’s stock worth $33,844,000 after buying an additional 85,842 shares in the last quarter. Finally, Thrivent Financial For Lutherans increased its stake in Westrock by 613.9% during the 1st quarter. Thrivent Financial For Lutherans now owns 893,299 shares of the basic materials company’s stock worth $46,479,000 after buying an additional 768,168 shares in the last quarter. Institutional investors own 88.57% of the company’s stock.
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In other Westrock news, Director John A. Luke, Jr. sold 87,202 shares of Westrock stock in a transaction that occurred on Monday, August 28th. The shares were sold at an average price of $55.06, for a total value of $4,801,342.12. Following the completion of the sale, 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 Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director John A. Luke, Jr. sold 10,343 shares of Westrock stock in a transaction that occurred on Monday, October 9th. The stock was sold at an average price of $57.86, for a total transaction of $598,445.98. The disclosure for this sale can be found here. Insiders sold a total of 453,722 shares of company stock valued at $25,488,985 over the last ninety days. 2.68% of the stock is owned by corporate insiders.
Several research firms have commented on WRK. Barclays PLC boosted their price objective on Westrock from $52.00 to $54.00 and gave the stock an “equal weight” rating in a research note on Tuesday, July 18th. Zacks Investment Research upgraded Westrock from a “hold” rating to a “buy” rating and set a $67.00 price objective for the company in a research note on Friday, July 14th. Jefferies Group LLC reiterated a “buy” rating and set a $68.00 price objective on shares of Westrock in a research note on Friday, July 14th. KeyCorp reiterated a “hold” rating on shares of Westrock in a research note on Wednesday. Finally, Goldman Sachs Group, Inc. (The) upgraded Westrock from a “buy” rating to a “conviction-buy” rating in a research note on Thursday, July 13th. Three investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus target price of $64.33.
Westrock Company (WRK) traded up 0.29% during midday trading on Friday, hitting $58.88. The stock had a trading volume of 149,869 shares. Westrock Company has a 12-month low of $43.79 and a 12-month high of $59.10. The firm has a market cap of $14.77 billion, a P/E ratio of 35.73 and a beta of 1.35. The stock has a 50-day moving average price of $57.48 and a 200 day moving average price of $57.48.
Westrock (NYSE:WRK) last issued its quarterly earnings data on Thursday, August 3rd. The basic materials company reported $0.74 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.10. Westrock had a net margin of 2.92% and a return on equity of 6.38%. The business had revenue of $3.70 billion during the quarter, compared to analysts’ expectations of $3.66 billion. During the same period last year, the company posted $0.71 EPS. The company’s revenue was up 2.8% on a year-over-year basis. On average, equities analysts anticipate that Westrock Company will post $2.58 earnings per share for the current fiscal year.
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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