Waratah Capital Advisors Ltd. lifted its position in WestRock (NYSE:WRK – Get Rating) by 6,779.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 689,897 shares of the basic materials company’s stock after purchasing an additional 679,868 shares during the quarter. WestRock comprises about 0.4% of Waratah Capital Advisors Ltd.’s investment portfolio, making the stock its 27th biggest position. Waratah Capital Advisors Ltd. owned about 0.26% of WestRock worth $32,446,000 at the end of the most recent reporting period.
Several other large investors have also recently made changes to their positions in WRK. Greenhaven Associates Inc. bought a new stake in WestRock during the first quarter worth approximately $337,501,000. Norges Bank bought a new stake in WestRock during the fourth quarter worth approximately $262,710,000. Nordea Investment Management AB increased its stake in WestRock by 16.4% during the first quarter. Nordea Investment Management AB now owns 7,632,981 shares of the basic materials company’s stock worth $362,796,000 after acquiring an additional 1,075,253 shares during the last quarter. Renaissance Technologies LLC bought a new stake in WestRock during the fourth quarter worth approximately $35,216,000. Finally, Impax Asset Management Group plc increased its stake in WestRock by 14.2% during the fourth quarter. Impax Asset Management Group plc now owns 5,892,722 shares of the basic materials company’s stock worth $261,401,000 after acquiring an additional 732,028 shares during the last quarter. 84.42% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
Several equities research analysts have weighed in on the company. StockNews.com cut WestRock from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 18th. TheStreet lowered WestRock from a “b” rating to a “c+” rating in a research report on Thursday, June 16th. Deutsche Bank Aktiengesellschaft dropped their target price on WestRock from $59.00 to $45.00 in a research report on Tuesday, July 19th. Wells Fargo & Company dropped their target price on WestRock from $66.00 to $59.00 and set an “overweight” rating for the company in a research report on Thursday, May 26th. Finally, Citigroup lowered WestRock from a “buy” rating to a “neutral” rating and dropped their target price for the company from $53.00 to $45.00 in a research report on Tuesday, June 21st. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $49.00.
WestRock Trading Down 0.5 %
WestRock (NYSE:WRK – Get Rating) last announced its quarterly earnings results on Thursday, August 4th. The basic materials company reported $1.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.49 by $0.05. The firm had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.51 billion. WestRock had a return on equity of 10.42% and a net margin of 4.41%. WestRock’s quarterly revenue was up 14.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.00 earnings per share. Analysts expect that WestRock will post 5.09 EPS for the current fiscal year.
WestRock Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 24th. Shareholders of record on Friday, August 12th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, August 11th. This represents a $1.00 dividend on an annualized basis and a yield of 2.49%. WestRock’s dividend payout ratio is currently 28.57%.
WestRock declared that its Board of Directors has initiated a share repurchase program on Thursday, May 5th that allows the company to buyback 25,000,000 outstanding shares. This buyback authorization allows the basic materials company to repurchase shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.
WestRock Company Profile
WestRock Company, together with its subsidiaries, provides fiber-based paper and packaging solutions in North America, South America, Europe, Asia, and Australia. It operates through two segments, Corrugated Packaging and Consumer Packaging. The Corrugated Packaging segment produces containerboards, corrugated sheets, corrugated packaging, and preprinted linerboards to consumer and industrial products manufacturers, and corrugated box manufacturers.
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