WestRock (NYSE:WRK) Stake Lowered by Handelsbanken Fonder AB

Posted by Defense World Staff on May 5th, 2023

Handelsbanken Fonder AB decreased its stake in WestRock (NYSE:WRK – Get Rating) by 30.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 69,157 shares of the basic materials company’s stock after selling 30,530 shares during the period. Handelsbanken Fonder AB’s holdings in WestRock were worth $2,432,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Lion Street Advisors LLC lifted its stake in WestRock by 3.1% in the fourth quarter. Lion Street Advisors LLC now owns 10,065 shares of the basic materials company’s stock valued at $484,000 after buying an additional 300 shares during the last quarter. MidWestOne Financial Group Inc. boosted its stake in WestRock by 3.6% during the 1st quarter. MidWestOne Financial Group Inc. now owns 8,606 shares of the basic materials company’s stock valued at $405,000 after purchasing an additional 300 shares during the period. MONECO Advisors LLC grew its position in WestRock by 3.5% in the 4th quarter. MONECO Advisors LLC now owns 8,895 shares of the basic materials company’s stock worth $313,000 after purchasing an additional 302 shares during the last quarter. Yousif Capital Management LLC increased its stake in shares of WestRock by 0.6% in the first quarter. Yousif Capital Management LLC now owns 53,133 shares of the basic materials company’s stock valued at $2,499,000 after purchasing an additional 340 shares during the period. Finally, Ensign Peak Advisors Inc raised its holdings in shares of WestRock by 0.7% during the third quarter. Ensign Peak Advisors Inc now owns 47,542 shares of the basic materials company’s stock valued at $1,469,000 after buying an additional 350 shares during the last quarter. Institutional investors and hedge funds own 84.08% of the company’s stock.

WestRock Stock Performance

Shares of NYSE WRK opened at $28.34 on Friday. The stock’s fifty day simple moving average is $29.96 and its 200 day simple moving average is $33.49. The stock has a market capitalization of $7.22 billion, a price-to-earnings ratio of 9.03, a PEG ratio of 0.94 and a beta of 1.19. The company has a quick ratio of 1.00, a current ratio of 1.51 and a debt-to-equity ratio of 0.78. WestRock has a 52-week low of $26.84 and a 52-week high of $54.78.

WestRock (NYSE:WRK – Get Rating) last issued its quarterly earnings results on Thursday, May 4th. The basic materials company reported $0.77 earnings per share for the quarter, topping analysts’ consensus estimates of $0.52 by $0.25. WestRock had a return on equity of 10.53% and a net margin of 3.80%. The firm had revenue of $5.28 billion for the quarter, compared to analysts’ expectations of $5.23 billion. During the same quarter last year, the business posted $1.17 EPS. WestRock’s revenue was down 1.9% on a year-over-year basis. As a group, sell-side analysts forecast that WestRock will post 2.9 earnings per share for the current fiscal year.

WestRock Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 25th. Investors of record on Thursday, May 11th will be paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 3.88%. The ex-dividend date of this dividend is Wednesday, May 10th. WestRock’s dividend payout ratio is 35.03%.

Analysts Set New Price Targets

Several analysts recently commented on WRK shares. Argus cut WestRock from a “buy” rating to a “hold” rating in a research report on Monday, February 13th. Citigroup raised WestRock from a “neutral” rating to a “buy” rating and lowered their price target for the company from $34.00 to $32.00 in a report on Monday, March 20th. Bank of America upgraded shares of WestRock from a “neutral” rating to a “buy” rating and increased their target price for the company from $38.00 to $40.00 in a research report on Thursday, April 20th. StockNews.com started coverage on shares of WestRock in a research report on Thursday, March 16th. They set a “hold” rating on the stock. Finally, Deutsche Bank Aktiengesellschaft decreased their price objective on shares of WestRock from $34.00 to $32.00 in a report on Wednesday, March 15th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, WestRock has a consensus rating of “Hold” and a consensus target price of $33.57.

WestRock Profile

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WestRock Co engages in the provision of sustainable fiber-based paper and packaging solutions. It operates through the following segments: Corrugated Packaging, Consumer Packaging, Global Paper, and Distribution. The Corrugated Packaging segment consists of the sale of corrugated containers and other corrugated products including displays.