New Mexico Educational Retirement Board Decreases Stock Position in WestRock (NYSE:WRK)

New Mexico Educational Retirement Board trimmed its position in WestRock (NYSE:WRKGet Rating) by 6.1% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 15,285 shares of the basic materials company’s stock after selling 1,000 shares during the quarter. New Mexico Educational Retirement Board’s holdings in WestRock were worth $719,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in WRK. Pictet Asset Management SA raised its position in WestRock by 1.3% during the fourth quarter. Pictet Asset Management SA now owns 7,032,124 shares of the basic materials company’s stock valued at $311,945,000 after acquiring an additional 90,310 shares in the last quarter. Nordea Investment Management AB boosted its stake in shares of WestRock by 125.3% in the fourth quarter. Nordea Investment Management AB now owns 6,557,728 shares of the basic materials company’s stock worth $290,901,000 after acquiring an additional 3,647,538 shares during the last quarter. Norges Bank acquired a new stake in shares of WestRock in the fourth quarter worth approximately $262,710,000. Impax Asset Management Group plc boosted its stake in shares of WestRock by 14.2% in the fourth quarter. Impax Asset Management Group plc now owns 5,892,722 shares of the basic materials company’s stock worth $261,401,000 after acquiring an additional 732,028 shares during the last quarter. Finally, Geode Capital Management LLC boosted its stake in shares of WestRock by 12.5% in the fourth quarter. Geode Capital Management LLC now owns 5,865,977 shares of the basic materials company’s stock worth $259,642,000 after acquiring an additional 653,285 shares during the last quarter. Hedge funds and other institutional investors own 84.42% of the company’s stock.

WRK has been the topic of a number of research analyst reports. Citigroup lowered WestRock from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $53.00 to $45.00 in a research note on Tuesday. Deutsche Bank Aktiengesellschaft lifted their price target on WestRock from $52.00 to $59.00 and gave the stock a “hold” rating in a research note on Monday, April 18th. StockNews.com downgraded WestRock from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 18th. Wells Fargo & Company reduced their price objective on WestRock from $66.00 to $59.00 and set an “overweight” rating on the stock in a research report on Thursday, May 26th. Finally, TheStreet downgraded WestRock from a “b” rating to a “c+” rating in a research report on Thursday, June 16th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $51.86.

In related news, insider Thomas Stigers sold 15,000 shares of the business’s stock in a transaction on Monday, April 18th. The stock was sold at an average price of $50.10, for a total value of $751,500.00. Following the sale, the insider now owns 88,034 shares in the company, valued at approximately $4,410,503.40. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.00% of the stock is owned by insiders.

NYSE:WRK opened at $39.29 on Thursday. WestRock has a 52 week low of $38.78 and a 52 week high of $54.78. The company has a quick ratio of 0.96, a current ratio of 1.53 and a debt-to-equity ratio of 0.69. The company has a market capitalization of $10.01 billion, a P/E ratio of 13.27, a P/E/G ratio of 0.37 and a beta of 0.99. The stock’s fifty day moving average is $47.78 and its two-hundred day moving average is $46.29.

WestRock (NYSE:WRKGet Rating) last posted its earnings results on Thursday, May 5th. The basic materials company reported $1.17 EPS for the quarter, beating analysts’ consensus estimates of $1.01 by $0.16. WestRock had a return on equity of 9.32% and a net margin of 3.93%. The company 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 business earned $0.54 earnings per share. The company’s revenue for the quarter was up 21.3% on a year-over-year basis. Sell-side analysts anticipate that WestRock will post 5.11 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 24th. Shareholders of record on Thursday, May 12th were given a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, May 11th. This represents a $1.00 dividend on an annualized basis and a yield of 2.55%. WestRock’s dividend payout ratio is currently 33.78%.

WestRock declared that its Board of Directors has initiated a share repurchase program on Thursday, May 5th that allows the company to buyback 25,000,000 shares. This buyback authorization allows the basic materials company to repurchase shares of its stock through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.

WestRock Company Profile (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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Institutional Ownership by Quarter for WestRock (NYSE:WRK)

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