Salem Capital Management Inc. cut its position in WestRock Co (NYSE:WRK) by 2.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 77,084 shares of the company’s stock after selling 1,900 shares during the period. WestRock makes up about 2.2% of Salem Capital Management Inc.’s investment portfolio, making the stock its 19th largest position. Salem Capital Management Inc.’s holdings in WestRock were worth $4,011,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in the company. MSI Financial Services Inc raised its stake in WestRock by 61.3% in the third quarter. MSI Financial Services Inc now owns 2,060 shares of the company’s stock worth $100,000 after buying an additional 783 shares during the last quarter. Welch Group LLC acquired a new stake in WestRock during the third quarter worth $117,000. TLP Group LLC acquired a new stake in WestRock during the third quarter worth $131,000. WFG Advisors LP raised its stake in WestRock by 184.9% in the fourth quarter. WFG Advisors LP now owns 29,762 shares of the company’s stock worth $154,000 after buying an additional 19,317 shares during the last quarter. Finally, Engineers Gate Manager LP acquired a new stake in WestRock during the third quarter worth $208,000. Hedge funds and other institutional investors own 90.57% of the company’s stock.
Shares of WestRock Co (NYSE:WRK) traded down 0.88% during mid-day trading on Thursday, reaching $49.39. 844,653 shares of the company were exchanged. The stock has a 50 day moving average price of $52.17 and a 200-day moving average price of $50.84. The stock has a market capitalization of $12.41 billion, a P/E ratio of 91.80 and a beta of 1.27. WestRock Co has a 12 month low of $31.91 and a 12 month high of $56.12.
WestRock (NYSE:WRK) last issued its quarterly earnings data on Tuesday, January 24th. The company reported $0.47 earnings per share for the quarter, topping the consensus estimate of $0.46 by $0.01. The business earned $3.45 billion during the quarter, compared to the consensus estimate of $3.48 billion. WestRock had a net margin of 0.96% and a return on equity of 6.32%. The company’s quarterly revenue was down .7% compared to the same quarter last year. Analysts predict that WestRock Co will post $2.63 earnings per share for the current year.
WRK has been the topic of a number of research reports. BMO Capital Markets reiterated a “buy” rating and issued a $62.00 price objective on shares of WestRock in a research note on Friday, April 7th. Jefferies Group LLC reiterated a “buy” rating and issued a $65.00 price objective on shares of WestRock in a research note on Tuesday, March 7th. Bank of America Corp reiterated a “buy” rating and issued a $66.00 price objective (up previously from $65.00) on shares of WestRock in a research note on Tuesday, February 21st. Credit Suisse Group AG set a $66.00 price objective on shares of WestRock and gave the stock a “buy” rating in a research note on Thursday, February 16th. Finally, Barclays PLC reiterated an “equal weight” rating and issued a $50.00 price objective (up previously from $46.00) on shares of WestRock in a research note on Thursday, January 26th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $57.60.
In other news, Director John A. Luke, Jr. sold 55,000 shares of the business’s stock in a transaction that occurred on Thursday, March 9th. The shares were sold at an average price of $55.14, for a total transaction of $3,032,700.00. Following the completion of the sale, the director now owns 570,435 shares in the company, valued at approximately $31,453,785.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Arnold Stephen Meadows sold 8,900 shares of the business’s stock in a transaction that occurred on Thursday, March 2nd. The stock was sold at an average price of $54.44, for a total transaction of $484,516.00. Following the sale, the insider now owns 86,939 shares of the company’s stock, valued at approximately $4,732,959.16. The disclosure for this sale can be found here. 2.68% of the stock is currently owned by insiders.
WestRock Company Profile
WestRock Company is a multinational provider of paper and packaging solutions for consumer and corrugated packaging markets. The Company also develops real estate in the Charleston, South Carolina region. The Company’s segments include Corrugated Packaging, Consumer Packaging, and Land and Development.
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