Lord Abbett & CO. LLC raised its stake in shares of Westrock Company (NYSE:WRK) by 3.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 886,453 shares of the basic materials company’s stock after acquiring an additional 33,233 shares during the period. Lord Abbett & CO. LLC owned approximately 0.35% of Westrock worth $50,226,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. grew its holdings in shares of Westrock by 1.9% in the 2nd quarter. Vanguard Group Inc. now owns 26,211,606 shares of the basic materials company’s stock worth $1,485,150,000 after acquiring an additional 484,771 shares during the period. BlackRock Inc. grew its holdings in shares of Westrock by 0.8% in the 2nd quarter. BlackRock Inc. now owns 22,598,192 shares of the basic materials company’s stock worth $1,280,411,000 after acquiring an additional 180,112 shares during the period. Boston Partners lifted its stake in shares of Westrock by 0.5% during the 2nd quarter. Boston Partners now owns 9,097,512 shares of the basic materials company’s stock worth $515,465,000 after purchasing an additional 48,092 shares during the period. American Century Companies Inc. lifted its stake in shares of Westrock by 10.3% during the 2nd quarter. American Century Companies Inc. now owns 3,265,213 shares of the basic materials company’s stock worth $185,007,000 after purchasing an additional 304,605 shares during the period. Finally, AJO LP lifted its stake in shares of Westrock by 13,639.1% during the 2nd quarter. AJO LP now owns 2,782,160 shares of the basic materials company’s stock worth $157,637,000 after purchasing an additional 2,761,910 shares during the period. Institutional investors own 88.73% of the company’s stock.
Westrock Company (WRK) traded up 0.60% during midday trading on Friday, hitting $60.83. 2,023,945 shares of the company traded hands. Westrock Company has a 12-month low of $43.79 and a 12-month high of $61.50. The stock’s 50-day moving average is $58.06 and its 200-day moving average is $56.28. The firm has a market capitalization of $15.26 billion, a PE ratio of 36.91 and a beta of 1.35.
Westrock (NYSE:WRK) last released its quarterly earnings data on Thursday, August 3rd. The basic materials company reported $0.74 EPS for the quarter, beating the Thomson Reuters’ 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 for the quarter, compared to the consensus estimate of $3.66 billion. During the same period in the prior year, the firm earned $0.71 earnings per share. The company’s revenue was up 2.8% compared to the same quarter last year. Analysts anticipate that Westrock Company will post $2.55 EPS for the current fiscal year.
In other news, Director John A. Luke, Jr. sold 10,343 shares of the company’s stock in a transaction that occurred on Monday, August 7th. The stock was sold at an average price of $57.26, for a total transaction of $592,240.18. Following the sale, the director now directly owns 497,557 shares of the company’s stock, valued at approximately $28,490,113.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Jeffrey Wayne Chalovich sold 18,368 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $58.41, for a total value of $1,072,874.88. Following the sale, the insider now directly owns 24,859 shares in the company, valued at $1,452,014.19. The disclosure for this sale can be found here. Over the last three months, insiders sold 453,722 shares of company stock worth $25,504,810. Insiders own 2.68% of the company’s stock.
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WRK has been the topic of a number of recent analyst reports. Zacks Investment Research raised Westrock from a “hold” rating to a “buy” rating and set a $67.00 price target on the stock in a research note on Friday, July 14th. BidaskClub downgraded Westrock from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Deutsche Bank AG reiterated a “buy” rating and issued a $65.00 price target (up from $61.00) on shares of Westrock in a report on Monday, October 9th. Jefferies Group LLC restated a “buy” rating and set a $68.00 target price on shares of Westrock in a research note on Friday, July 14th. 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. Four investment analysts have rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average target price of $64.00.
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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