Pinnacle Associates Ltd. Sells 1,255 Shares of WestRock (NYSE:WRK)

Pinnacle Associates Ltd. decreased its position in shares of WestRock (NYSE:WRKFree Report) by 2.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 44,474 shares of the basic materials company’s stock after selling 1,255 shares during the period. Pinnacle Associates Ltd.’s holdings in WestRock were worth $1,847,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of WRK. Norges Bank bought a new position in WestRock during the fourth quarter valued at $194,739,000. Price T Rowe Associates Inc. MD increased its position in WestRock by 59.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 9,318,827 shares of the basic materials company’s stock valued at $283,947,000 after acquiring an additional 3,459,641 shares during the last quarter. BlackRock Inc. grew its holdings in shares of WestRock by 9.6% in the first quarter. BlackRock Inc. now owns 26,528,567 shares of the basic materials company’s stock worth $808,325,000 after purchasing an additional 2,320,073 shares during the last quarter. Pentwater Capital Management LP bought a new position in shares of WestRock in the third quarter worth about $61,378,000. Finally, Segantii Capital Management Ltd bought a new position in shares of WestRock in the third quarter worth about $59,428,000. Institutional investors own 83.38% of the company’s stock.

Insider Buying and Selling at WestRock

In other WestRock news, insider Vicki L. Lostetter sold 3,500 shares of the stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $42.77, for a total transaction of $149,695.00. Following the completion of the sale, the insider now directly owns 92,117 shares of the company’s stock, valued at $3,939,844.09. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.49% of the company’s stock.

WestRock Price Performance

NYSE:WRK opened at $49.34 on Tuesday. The company has a 50-day moving average of $44.57 and a 200 day moving average of $40.76. WestRock has a 1-year low of $26.85 and a 1-year high of $49.67. The company has a quick ratio of 0.95, a current ratio of 1.55 and a debt-to-equity ratio of 0.81.

WestRock (NYSE:WRKGet Free Report) last released its quarterly earnings results on Thursday, February 1st. The basic materials company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.15). The firm had revenue of $4.62 billion for the quarter, compared to analysts’ expectations of $4.79 billion. WestRock had a negative net margin of 8.58% and a positive return on equity of 6.87%. The business’s quarterly revenue was down 6.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.55 earnings per share. Research analysts anticipate that WestRock will post 1.95 EPS for the current fiscal year.

WestRock Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, February 21st. Shareholders of record on Friday, February 9th were given a dividend of $0.3025 per share. This represents a $1.21 annualized dividend and a dividend yield of 2.45%. The ex-dividend date was Thursday, February 8th. WestRock’s payout ratio is -18.01%.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on WRK shares. StockNews.com started coverage on shares of WestRock in a report on Sunday. They issued a “hold” rating on the stock. Truist Financial upped their price target on shares of WestRock from $40.00 to $48.00 and gave the stock a “hold” rating in a report on Thursday, January 4th. Seaport Res Ptn lowered shares of WestRock from a “buy” rating to a “neutral” rating in a research note on Monday, January 29th. Wells Fargo & Company reaffirmed an “equal weight” rating and issued a $45.00 price objective (up from $42.00) on shares of WestRock in a research note on Thursday, January 11th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $42.00 price objective on shares of WestRock in a research note on Friday, February 2nd. Five analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $42.40.

Read Our Latest Stock Analysis on WestRock

WestRock Company Profile

(Free Report)

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 four segments: Corrugated Packaging, Consumer Packaging, Global Paper, and Distribution. 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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