Mirae Asset Global Investments Co. Ltd. Purchases 12,105 Shares of WestRock (NYSE:WRK)

Posted by on May 27th, 2023

Mirae Asset Global Investments Co. Ltd. grew its position in WestRock (NYSE:WRK – Get Rating) by 27.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 55,998 shares of the basic materials company’s stock after purchasing an additional 12,105 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in WestRock were worth $1,969,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of WRK. Vanguard Group Inc. boosted its position in shares of WestRock by 0.8% during the first quarter. Vanguard Group Inc. now owns 30,619,872 shares of the basic materials company’s stock worth $1,440,053,000 after acquiring an additional 252,490 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in WestRock by 11.7% during the third quarter. Price T Rowe Associates Inc. MD now owns 5,923,063 shares of the basic materials company’s stock valued at $182,965,000 after purchasing an additional 619,458 shares in the last quarter. Impax Asset Management Group plc raised its stake in WestRock by 12.1% during the fourth quarter. Impax Asset Management Group plc now owns 5,218,617 shares of the basic materials company’s stock valued at $183,487,000 after purchasing an additional 563,357 shares in the last quarter. LSV Asset Management raised its stake in WestRock by 2.0% during the third quarter. LSV Asset Management now owns 4,625,087 shares of the basic materials company’s stock valued at $142,869,000 after purchasing an additional 90,800 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in WestRock by 0.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 4,074,239 shares of the basic materials company’s stock valued at $125,853,000 after purchasing an additional 29,809 shares in the last quarter. 84.08% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently weighed in on WRK. StockNews.com began coverage on shares of WestRock in a research note on Thursday, May 18th. They issued a “hold” rating on the stock. Bank of America raised 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 note on Thursday, April 20th. Argus cut shares of WestRock from a “buy” rating to a “hold” rating in a report on Monday, February 13th. Citigroup upgraded shares of WestRock from a “neutral” rating to a “buy” rating and cut their price target for the stock from $34.00 to $32.00 in a report on Monday, March 20th. Finally, Deutsche Bank Aktiengesellschaft cut their price target on shares of WestRock from $34.00 to $32.00 in a report on Wednesday, March 15th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, WestRock currently has an average rating of “Hold” and an average target price of $33.57.

WestRock Stock Performance

WRK opened at $28.47 on Friday. WestRock has a 12-month low of $26.84 and a 12-month high of $49.74. The company has a current ratio of 1.53, a quick ratio of 1.02 and a debt-to-equity ratio of 0.93. The firm has a market capitalization of $7.29 billion, a PE ratio of -5.86, a P/E/G ratio of 1.05 and a beta of 1.19. The firm has a 50 day moving average of $29.15 and a two-hundred day moving average of $32.87.

WestRock (NYSE:WRK – Get Rating) last posted its earnings results on Thursday, May 4th. The basic materials company reported $0.77 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.26. The firm had revenue of $5.28 billion during the quarter, compared to analyst estimates of $5.23 billion. WestRock had a negative net margin of 5.86% and a positive return on equity of 9.98%. The business’s quarterly revenue was down 1.9% on a year-over-year basis. During the same period in the previous year, the firm earned $1.17 EPS. On average, analysts anticipate that WestRock will post 2.48 EPS for the current year.

WestRock Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, May 25th. Investors of record on Thursday, May 11th were issued a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 3.86%. The ex-dividend date of this dividend was Wednesday, May 10th. WestRock’s payout ratio is presently -22.63%.

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.

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Institutional Ownership by Quarter for WestRock (NYSE:WRK)

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