Retirement Systems of Alabama cut its stake in WestRock Co (NYSE:WRK) by 2.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 117,648 shares of the basic materials company’s stock after selling 2,644 shares during the quarter. Retirement Systems of Alabama’s holdings in WestRock were worth $6,287,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently modified their holdings of WRK. LPL Financial LLC raised its stake in shares of WestRock by 29.4% in the first quarter. LPL Financial LLC now owns 8,692 shares of the basic materials company’s stock worth $558,000 after purchasing an additional 1,973 shares during the last quarter. Principal Financial Group Inc. grew its holdings in shares of WestRock by 12.8% in the first quarter. Principal Financial Group Inc. now owns 1,078,968 shares of the basic materials company’s stock valued at $69,238,000 after acquiring an additional 122,390 shares in the last quarter. Allianz Asset Management GmbH grew its holdings in shares of WestRock by 16.9% in the first quarter. Allianz Asset Management GmbH now owns 44,411 shares of the basic materials company’s stock valued at $2,850,000 after acquiring an additional 6,411 shares in the last quarter. DnB Asset Management AS bought a new position in shares of WestRock in the second quarter valued at approximately $1,756,000. Finally, IFM Investors Pty Ltd grew its holdings in shares of WestRock by 42.2% in the second quarter. IFM Investors Pty Ltd now owns 11,632 shares of the basic materials company’s stock valued at $663,000 after acquiring an additional 3,453 shares in the last quarter. 85.10% of the stock is owned by hedge funds and other institutional investors.
WRK has been the subject of several recent analyst reports. Wells Fargo & Co reduced their target price on WestRock from $63.00 to $53.00 and set a “market perform” rating for the company in a report on Tuesday, October 9th. Barclays reduced their target price on WestRock from $64.00 to $62.00 and set an “equal weight” rating for the company in a report on Thursday, August 9th. ValuEngine raised WestRock from a “sell” rating to a “hold” rating in a report on Thursday, August 2nd. Goldman Sachs Group lowered WestRock from a “conviction-buy” rating to a “buy” rating and set a $64.00 target price for the company. in a report on Wednesday, October 10th. Finally, BMO Capital Markets lowered WestRock from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $80.00 to $54.00 in a report on Tuesday, October 9th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $66.42.
Shares of NYSE WRK opened at $44.67 on Monday. WestRock Co has a 1-year low of $39.21 and a 1-year high of $71.55. The firm has a market cap of $11.40 billion, a price-to-earnings ratio of 17.05, a PEG ratio of 0.85 and a beta of 1.58. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.56 and a quick ratio of 0.95.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 19th. Shareholders of record on Friday, November 9th will be issued a dividend of $0.455 per share. This represents a $1.82 annualized dividend and a yield of 4.07%. This is a positive change from WestRock’s previous quarterly dividend of $0.43. The ex-dividend date is Thursday, November 8th. WestRock’s dividend payout ratio is 65.65%.
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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