Westrock Company (WRK) Shares Sold by Piedmont Investment Advisors LLC

Piedmont Investment Advisors LLC lessened its stake in shares of Westrock Company (NYSE:WRK) by 88.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 12,708 shares of the basic materials company’s stock after selling 100,173 shares during the quarter. Piedmont Investment Advisors LLC’s holdings in Westrock were worth $720,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Mckinley Capital Management LLC Delaware acquired a new position in shares of Westrock during the second quarter valued at approximately $100,000. Sun Life Financial INC increased its stake in shares of Westrock by 26,114.3% during the second quarter. Sun Life Financial INC now owns 1,835 shares of the basic materials company’s stock valued at $104,000 after acquiring an additional 1,828 shares during the period. FNY Partners Fund LP increased its stake in shares of Westrock by 700.0% during the first quarter. FNY Partners Fund LP now owns 2,000 shares of the basic materials company’s stock valued at $104,000 after acquiring an additional 1,750 shares during the period. Northwestern Mutual Wealth Management Co. increased its stake in shares of Westrock by 25.0% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,548 shares of the basic materials company’s stock valued at $144,000 after acquiring an additional 509 shares during the period. Finally, FTB Advisors Inc. increased its stake in shares of Westrock by 186.2% during the second quarter. FTB Advisors Inc. now owns 3,185 shares of the basic materials company’s stock valued at $180,000 after acquiring an additional 2,072 shares during the period. Institutional investors and hedge funds own 88.57% of the company’s stock.

In related news, Director John A. Luke, Jr. sold 10,343 shares of the business’s stock in a transaction that occurred on Monday, July 31st. The shares were sold at an average price of $57.16, for a total transaction of $591,205.88. Following the completion of the sale, the director now directly owns 497,557 shares of the company’s stock, valued at $28,440,358.12. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director John A. Luke, Jr. sold 87,202 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The stock was sold at an average price of $55.06, for a total transaction of $4,801,342.12. Following the sale, the director now directly owns 497,557 shares of the company’s stock, valued at $27,395,488.42. The disclosure for this sale can be found here. Insiders have sold 443,379 shares of company stock worth $24,874,301 over the last quarter. 2.68% of the stock is owned by company insiders.

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Westrock (NYSE:WRK) last announced its earnings results on Thursday, August 3rd. The basic materials company reported $0.74 earnings per share (EPS) 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 company had revenue of $3.70 billion for the quarter, compared to analyst estimates of $3.66 billion. During the same period in the prior year, the business earned $0.71 earnings per share. Westrock’s quarterly revenue was up 2.8% on a year-over-year basis.

A number of research analysts recently commented on WRK shares. BidaskClub lowered shares of Westrock from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Deutsche Bank AG reiterated a “buy” rating and set a $65.00 price objective (up previously from $61.00) on shares of Westrock in a research note on Monday, October 9th. Jefferies Group LLC reiterated a “buy” rating and set a $69.00 price objective on shares of Westrock in a research note on Friday, August 4th. Goldman Sachs Group, Inc. (The) upgraded shares of Westrock from a “buy” rating to a “conviction-buy” rating in a research note on Thursday, July 13th. Finally, KeyCorp reiterated a “hold” rating on shares of Westrock in a research note on Thursday, June 29th. Three equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $64.33.

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.

Institutional Ownership by Quarter for Westrock (NYSE:WRK)

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