WestRock (NYSE:WRK – Free Report) had its target price boosted by Wells Fargo & Company from $37.00 to $42.00 in a research report released on Friday morning, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the basic materials company’s stock.
WRK has been the topic of several other reports. UBS Group decreased their price objective on shares of WestRock from $42.00 to $37.00 in a report on Friday, June 30th. StockNews.com started coverage on shares of WestRock in a research note on Thursday, May 18th. They issued a hold rating on the stock. Bank of America upgraded shares of WestRock from a neutral rating to a buy rating and increased their price objective for the stock from $38.00 to $40.00 in a research note on Thursday, April 20th. Truist Financial increased their price objective on shares of WestRock from $29.00 to $34.00 and gave the stock a hold rating in a research note on Friday. Finally, Royal Bank of Canada increased their price objective on shares of WestRock from $33.00 to $36.00 and gave the stock a sector perform rating in a research note on Friday. One research analyst has rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has an average rating of Hold and an average price target of $35.78.
Get Our Latest Research Report on WestRock
WestRock Stock Up 1.6 %
WestRock (NYSE:WRK – Get Free Report) last announced its earnings results on Thursday, August 3rd. The basic materials company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.50 by $0.39. WestRock had a negative net margin of 6.82% and a positive return on equity of 8.75%. The firm had revenue of $5.12 billion for the quarter, compared to the consensus estimate of $5.16 billion. During the same period last year, the company posted $1.54 EPS. The business’s quarterly revenue was down 7.2% on a year-over-year basis. Equities analysts expect that WestRock will post 2.37 EPS for the current year.
WestRock Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, August 24th. Shareholders of record on Thursday, August 10th will be issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 3.20%. The ex-dividend date of this dividend is Wednesday, August 9th. WestRock’s dividend payout ratio is presently -19.86%.
Institutional Inflows and Outflows
Institutional investors have recently bought and sold shares of the company. Natixis Advisors L.P. boosted its position in WestRock by 14.7% during the 1st quarter. Natixis Advisors L.P. now owns 39,928 shares of the basic materials company’s stock valued at $1,878,000 after acquiring an additional 5,108 shares in the last quarter. MetLife Investment Management LLC boosted its position in WestRock by 21.3% during the 1st quarter. MetLife Investment Management LLC now owns 71,551 shares of the basic materials company’s stock valued at $3,365,000 after acquiring an additional 12,559 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its position in WestRock by 5.1% during the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 35,219 shares of the basic materials company’s stock valued at $1,656,000 after acquiring an additional 1,705 shares in the last quarter. Great West Life Assurance Co. Can boosted its position in WestRock by 0.9% during the 1st quarter. Great West Life Assurance Co. Can now owns 208,790 shares of the basic materials company’s stock valued at $10,379,000 after acquiring an additional 1,762 shares in the last quarter. Finally, Yousif Capital Management LLC boosted its position in WestRock by 0.6% during the 1st quarter. Yousif Capital Management LLC now owns 53,133 shares of the basic materials company’s stock valued at $2,499,000 after acquiring an additional 340 shares in the last quarter. 84.54% of the stock is currently owned by hedge funds and other institutional investors.
WestRock Company Profile
WestRock Company, together with its subsidiaries, provides fiber-based paper and packaging solutions in North America, South America, Europe, Asia, and Australia. It operates in four segments, Corrugated Packaging, Consumer Packaging, Global Paper, and Distribution. 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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