Nomura Asset Management Co. Ltd. lifted its holdings in shares of WestRock (NYSE:WRK) by 20.8% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 42,511 shares of the basic materials company’s stock after acquiring an additional 7,333 shares during the period. Nomura Asset Management Co. Ltd.’s holdings in WestRock were worth $2,688,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Magnetar Financial LLC purchased a new stake in shares of WestRock during the third quarter worth about $704,000. Contravisory Investment Management Inc. grew its stake in shares of WestRock by 1,273.0% during the fourth quarter. Contravisory Investment Management Inc. now owns 63,336 shares of the basic materials company’s stock worth $4,003,000 after acquiring an additional 58,723 shares during the last quarter. Stephens Inc. AR purchased a new stake in shares of WestRock during the third quarter worth about $442,000. Convergence Investment Partners LLC purchased a new stake in shares of WestRock during the fourth quarter worth about $1,571,000. Finally, OLD Dominion Capital Management Inc. grew its stake in shares of WestRock by 18.0% during the fourth quarter. OLD Dominion Capital Management Inc. now owns 10,069 shares of the basic materials company’s stock worth $636,000 after acquiring an additional 1,535 shares during the last quarter. Institutional investors and hedge funds own 88.27% of the company’s stock.
Shares of NYSE:WRK opened at $62.65 on Friday. WestRock has a 12-month low of $49.23 and a 12-month high of $71.55. The company has a market capitalization of $16,292.42, a price-to-earnings ratio of 23.91, a P/E/G ratio of 1.25 and a beta of 1.37. The company has a debt-to-equity ratio of 0.47, a current ratio of 1.28 and a quick ratio of 0.74.
WestRock (NYSE:WRK) last announced its quarterly earnings results on Monday, January 29th. The basic materials company reported $0.87 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.75 by $0.12. WestRock had a return on equity of 7.45% and a net margin of 11.51%. The company had revenue of $3.89 billion during the quarter, compared to the consensus estimate of $3.95 billion. During the same period in the previous year, the company posted $0.47 earnings per share. WestRock’s revenue for the quarter was up 13.0% on a year-over-year basis. sell-side analysts anticipate that WestRock will post 3.99 EPS for the current year.
A number of brokerages recently commented on WRK. Deutsche Bank set a $70.00 target price on WestRock and gave the company a “buy” rating in a research report on Thursday, December 14th. Stephens set a $74.00 target price on WestRock and gave the company a “hold” rating in a research report on Monday, January 29th. BMO Capital Markets upped their target price on WestRock to $68.00 and gave the company an “outperform” rating in a research report on Tuesday, December 12th. Citigroup upped their target price on WestRock from $80.00 to $83.00 and gave the company a “buy” rating in a research report on Tuesday, January 30th. Finally, Zacks Investment Research upgraded WestRock from a “hold” rating to a “buy” rating and set a $76.00 target price on the stock in a research report on Saturday, February 3rd. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $74.00.
In other news, Director John A. Luke, Jr. sold 7,236 shares of the company’s stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $67.06, for a total transaction of $485,246.16. Following the completion of the transaction, the director now directly owns 504,679 shares of the company’s stock, valued at approximately $33,843,773.74. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider James B. Porter sold 14,930 shares of the company’s stock in a transaction that occurred on Friday, January 26th. The stock was sold at an average price of $70.00, for a total value of $1,045,100.00. Following the transaction, the insider now directly owns 50,093 shares of the company’s stock, valued at $3,506,510. The disclosure for this sale can be found here. Insiders sold 454,649 shares of company stock valued at $29,964,777 over the last three months. 2.68% of the stock is currently owned by corporate insiders.
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WestRock Company manufactures and sells paper and packaging solutions for the consumer and corrugated markets in North America, South America, Europe, Australia, and Asia. The company operates through three segments: Corrugated Packaging, Consumer Packaging, and Land and Development. The Corrugated Packaging segment produces containerboards, corrugated sheets, corrugated packaging, and preprinted linerboards for consumer and industrial products manufacturers, and corrugated box manufacturers.
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