Panagora Asset Management Inc. Raises Stake in WestRock (NYSE:WRK)

Panagora Asset Management Inc. grew its stake in shares of WestRock (NYSE:WRK) by 1.1% during the third quarter, Holdings Channel reports. The firm owned 865,639 shares of the basic materials company’s stock after purchasing an additional 9,046 shares during the period. Panagora Asset Management Inc.’s holdings in WestRock were worth $43,135,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in WRK. Huntington National Bank raised its holdings in WestRock by 147.9% during the third quarter. Huntington National Bank now owns 838 shares of the basic materials company’s stock worth $42,000 after purchasing an additional 500 shares in the last quarter. First Horizon Advisors Inc. raised its holdings in WestRock by 53.4% during the third quarter. First Horizon Advisors Inc. now owns 721 shares of the basic materials company’s stock worth $63,000 after purchasing an additional 251 shares in the last quarter. CENTRAL TRUST Co raised its holdings in WestRock by 25.7% during the third quarter. CENTRAL TRUST Co now owns 1,330 shares of the basic materials company’s stock worth $66,000 after purchasing an additional 272 shares in the last quarter. Twin Lakes Capital Management LLC acquired a new stake in WestRock during the third quarter worth approximately $69,000. Finally, Capital Directions Investment Advisors LLC acquired a new stake in WestRock during the third quarter worth approximately $74,000. 84.14% of the stock is currently owned by institutional investors.

A number of analysts have weighed in on the stock. BMO Capital Markets reissued a “buy” rating on shares of WestRock in a report on Friday, November 12th. TheStreet raised shares of WestRock from a “c+” rating to a “b” rating in a report on Tuesday, November 9th. Truist Securities began coverage on shares of WestRock in a report on Wednesday, October 13th. They issued a “hold” rating and a $47.00 target price on the stock. KeyCorp cut their target price on shares of WestRock from $45.00 to $43.00 and set an “underweight” rating on the stock in a report on Wednesday, November 10th. Finally, Jefferies Financial Group cut shares of WestRock from a “buy” rating to a “hold” rating and cut their target price for the company from $84.00 to $54.00 in a report on Monday, November 1st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $55.00.

In other WestRock news, Director James E. Nevels sold 3,050 shares of the business’s stock in a transaction on Tuesday, November 16th. The shares were sold at an average price of $49.45, for a total transaction of $150,822.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.00% of the stock is currently owned by insiders.

NYSE:WRK opened at $46.91 on Friday. The firm’s fifty day moving average price is $45.69 and its 200 day moving average price is $48.66. WestRock has a 1-year low of $40.04 and a 1-year high of $62.03. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.55 and a quick ratio of 0.96. The firm has a market cap of $12.43 billion, a price-to-earnings ratio of 15.04, a price-to-earnings-growth ratio of 0.54 and a beta of 1.18.

WestRock (NYSE:WRK) last issued its earnings results on Tuesday, November 9th. The basic materials company reported $1.23 EPS for the quarter, topping the consensus estimate of $1.14 by $0.09. The company had revenue of $5.09 billion for the quarter, compared to analyst estimates of $5 billion. WestRock had a net margin of 4.47% and a return on equity of 8.03%. The business’s revenue was up 13.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.73 EPS. As a group, analysts expect that WestRock will post 4.7 earnings per share for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, November 23rd. Shareholders of record on Wednesday, November 10th were given a dividend of $0.25 per share. This is a positive change from WestRock’s previous quarterly dividend of $0.24. This represents a $1.00 annualized dividend and a dividend yield of 2.13%. The ex-dividend date was Tuesday, November 9th. WestRock’s payout ratio is presently 32.05%.

WestRock Company Profile

WestRock Co engages in the provision of paper and packaging solutions. It operates through the following segments: Corrugated Packaging and Consumer Packaging. The Corrugated Packaging segment consists of its containerboard mill and corrugated packaging operations, as well as recycling operations. The Consumer Packaging segment includes consumer mills, folding carton, beverage, merchandising displays, and partition operations.

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Institutional Ownership by Quarter for WestRock (NYSE:WRK)

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