Waratah Capital Advisors Ltd. Boosts Stake in WestRock (NYSE:WRK)

Waratah Capital Advisors Ltd. lifted its position in shares of WestRock (NYSE:WRKGet Rating) by 6,779.0% during the 1st quarter, HoldingsChannel reports. The fund owned 689,897 shares of the basic materials company’s stock after purchasing an additional 679,868 shares during the period. WestRock accounts for 0.4% of Waratah Capital Advisors Ltd.’s portfolio, making the stock its 27th biggest position. Waratah Capital Advisors Ltd.’s holdings in WestRock were worth $32,446,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Nordea Investment Management AB increased its holdings in shares of WestRock by 16.4% during the 1st quarter. Nordea Investment Management AB now owns 7,632,981 shares of the basic materials company’s stock worth $362,796,000 after buying an additional 1,075,253 shares during the last quarter. Greenhaven Associates Inc. purchased a new position in WestRock in the 1st quarter valued at approximately $337,501,000. Pictet Asset Management SA boosted its position in WestRock by 1.3% in the 4th quarter. Pictet Asset Management SA now owns 7,032,124 shares of the basic materials company’s stock valued at $311,945,000 after buying an additional 90,310 shares during the period. Norges Bank purchased a new position in WestRock in the 4th quarter valued at approximately $262,710,000. Finally, Impax Asset Management Group plc lifted its position in shares of WestRock by 14.2% during the 4th quarter. Impax Asset Management Group plc now owns 5,892,722 shares of the basic materials company’s stock worth $261,401,000 after purchasing an additional 732,028 shares during the last quarter. 84.42% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on WRK. KeyCorp reduced their price target on shares of WestRock from $44.00 to $36.00 and set an “underweight” rating for the company in a research report on Friday, July 1st. StockNews.com lowered shares of WestRock from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 18th. Citigroup lowered shares of WestRock from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $53.00 to $45.00 in a research note on Tuesday, June 21st. TheStreet lowered shares of WestRock from a “b” rating to a “c+” rating in a research report on Thursday, June 16th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of WestRock from $59.00 to $45.00 in a report on Tuesday, July 19th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $49.00.

WestRock Stock Performance

NYSE:WRK traded down $0.22 during mid-day trading on Friday, hitting $40.19. The stock had a trading volume of 2,348,548 shares, compared to its average volume of 1,361,694. The stock has a market capitalization of $10.24 billion, a price-to-earnings ratio of 11.48, a P/E/G ratio of 0.36 and a beta of 1.04. The company has a 50 day simple moving average of $42.29 and a 200-day simple moving average of $45.38. WestRock has a 52 week low of $38.28 and a 52 week high of $54.78. The company has a current ratio of 1.46, a quick ratio of 0.96 and a debt-to-equity ratio of 0.67.

WestRock (NYSE:WRKGet Rating) last issued its quarterly earnings data on Thursday, August 4th. The basic materials company reported $1.54 earnings per share for the quarter, beating the consensus estimate of $1.49 by $0.05. The firm had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.51 billion. WestRock had a net margin of 4.41% and a return on equity of 10.42%. WestRock’s quarterly revenue was up 14.6% compared to the same quarter last year. During the same period last year, the firm posted $1.00 EPS. On average, research analysts expect that WestRock will post 5.09 earnings per share for the current fiscal year.

WestRock Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, August 24th. Investors of record on Friday, August 12th will be given a $0.25 dividend. The ex-dividend date of this dividend is Thursday, August 11th. This represents a $1.00 annualized dividend and a yield of 2.49%. WestRock’s dividend payout ratio is presently 28.57%.

WestRock declared that its board has approved a stock buyback plan on Thursday, May 5th that authorizes the company to buyback 25,000,000 outstanding shares. This buyback authorization authorizes the basic materials company to reacquire shares of its stock through open market purchases. Shares buyback plans are generally an indication that the company’s management believes its shares are 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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