Share Buyback Program Initiated by WestRock (NYSE:WRK)

WestRock (NYSE:WRKGet Rating) declared that its Board of Directors has initiated a stock repurchase plan on Thursday, May 5th, RTT News reports. The company plans to buyback 25,000,000 outstanding shares. This buyback authorization permits the basic materials company to purchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Shares of NYSE WRK opened at $53.40 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.57 and a debt-to-equity ratio of 0.68. The stock has a market capitalization of $14.06 billion, a price-to-earnings ratio of 16.53, a PEG ratio of 0.50 and a beta of 0.99. The stock’s fifty day simple moving average is $47.70 and its 200 day simple moving average is $46.65. WestRock has a 52-week low of $40.78 and a 52-week high of $62.03.

WestRock (NYSE:WRKGet Rating) last issued its quarterly earnings results on Thursday, May 5th. The basic materials company reported $1.17 earnings per share for the quarter, beating analysts’ consensus estimates of $1.01 by $0.16. WestRock had a return on equity of 8.00% and a net margin of 4.50%. The business had revenue of $5.38 billion for the quarter, compared to the consensus estimate of $5.08 billion. During the same quarter in the previous year, the company posted $0.54 earnings per share. WestRock’s revenue for the quarter was up 21.3% compared to the same quarter last year. As a group, analysts anticipate that WestRock will post 4.8 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, May 24th. Stockholders of record on Thursday, May 12th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, May 11th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.87%. WestRock’s dividend payout ratio is 30.96%.

WRK has been the topic of several research analyst reports. Zacks Investment Research upgraded WestRock from a “sell” rating to a “buy” rating and set a $48.00 price target on the stock in a research report on Thursday, January 13th. Bank of America cut WestRock from a “buy” rating to a “neutral” rating and lowered their price target for the company from $60.00 to $57.00 in a research report on Thursday, January 20th. KeyCorp lowered their price target on WestRock from $43.00 to $42.00 and set an “underweight” rating on the stock in a research report on Friday, February 4th. Deutsche Bank Aktiengesellschaft lifted their price target on WestRock from $52.00 to $59.00 and gave the company a “hold” rating in a research report on Monday, April 18th. Finally, initiated coverage on WestRock in a research report on Thursday, March 31st. They set a “buy” rating on the stock. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company. Based on data from, the company currently has a consensus rating of “Hold” and an average price target of $55.30.

In other news, insider Thomas Stigers sold 15,000 shares of WestRock stock in a transaction on Monday, April 18th. The stock was sold at an average price of $50.10, for a total transaction of $751,500.00. Following the transaction, the insider now owns 88,034 shares in the company, valued at $4,410,503.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.00% of the company’s stock.

About WestRock (Get Rating)

WestRock Company, together with its subsidiaries, provides fiber-based paper and packaging solutions in North America, South America, Europe, Asia, and Australia. It operates through two segments, Corrugated Packaging and Consumer Packaging. The Corrugated Packaging segment produces containerboards, corrugated sheets, corrugated packaging, and preprinted linerboards to consumer and industrial products manufacturers, and corrugated box manufacturers.

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