Goodman Financial Corp boosted its stake in Westrock Co (NYSE:WRK) by 2.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 150,341 shares of the basic materials company’s stock after buying an additional 3,630 shares during the quarter. Westrock makes up about 2.9% of Goodman Financial Corp’s holdings, making the stock its 20th biggest position. Goodman Financial Corp’s holdings in Westrock were worth $5,766,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently added to or reduced their stakes in the company. TD Asset Management Inc. increased its stake in shares of Westrock by 17.9% during the 1st quarter. TD Asset Management Inc. now owns 111,032 shares of the basic materials company’s stock worth $4,258,000 after purchasing an additional 16,855 shares during the last quarter. Fiduciary Trust Co. increased its stake in shares of Westrock by 19.8% during the 1st quarter. Fiduciary Trust Co. now owns 17,898 shares of the basic materials company’s stock worth $686,000 after purchasing an additional 2,953 shares during the last quarter. OLD Dominion Capital Management Inc. increased its stake in shares of Westrock by 16.6% during the 1st quarter. OLD Dominion Capital Management Inc. now owns 16,787 shares of the basic materials company’s stock worth $660,000 after purchasing an additional 2,387 shares during the last quarter. Oregon Public Employees Retirement Fund increased its stake in shares of Westrock by 1.7% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 101,499 shares of the basic materials company’s stock worth $3,892,000 after purchasing an additional 1,733 shares during the last quarter. Finally, LSV Asset Management increased its stake in shares of Westrock by 3.8% during the 1st quarter. LSV Asset Management now owns 6,072,603 shares of the basic materials company’s stock worth $232,884,000 after purchasing an additional 221,207 shares during the last quarter. Institutional investors own 85.26% of the company’s stock.
In other news, Director Currey M. Russell bought 5,000 shares of the stock in a transaction that occurred on Thursday, February 28th. The shares were acquired at an average cost of $37.50 per share, for a total transaction of $187,500.00. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 2.00% of the company’s stock.
Westrock (NYSE:WRK) last posted its earnings results on Tuesday, April 30th. The basic materials company reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.63 by $0.17. Westrock had a net margin of 4.89% and a return on equity of 9.03%. The business had revenue of $4.62 billion for the quarter, compared to analyst estimates of $4.67 billion. During the same period last year, the business posted $0.83 EPS. Westrock’s revenue was up 15.0% compared to the same quarter last year. Research analysts forecast that Westrock Co will post 3.95 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, May 20th. Investors of record on Friday, May 10th were paid a $0.455 dividend. The ex-dividend date of this dividend was Thursday, May 9th. This represents a $1.82 dividend on an annualized basis and a yield of 5.18%. Westrock’s payout ratio is presently 44.50%.
Several research analysts have recently commented on WRK shares. UBS Group started coverage on shares of Westrock in a research note on Wednesday, May 15th. They set a “buy” rating and a $47.00 price target on the stock. KeyCorp restated a “hold” rating on shares of Westrock in a research note on Wednesday, May 1st. Finally, Deutsche Bank lowered shares of Westrock from a “buy” rating to a “hold” rating and dropped their price target for the stock from $51.00 to $42.00 in a research note on Wednesday, April 17th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $49.56.
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Westrock Company Profile
WestRock Company manufactures and sells paper and packaging solutions for the consumer and corrugated markets in North America, South America, Europe, Australia, and Asia. The company operates through three segments: Corrugated Packaging, Consumer Packaging, and Land and Development. The Corrugated Packaging segment produces containerboards, corrugated sheets, corrugated packaging, and preprinted linerboards for consumer and industrial products manufacturers, and corrugated box manufacturers.
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