WestRock Co (WRK) Stake Lowered by Allianz Asset Management AG

Allianz Asset Management AG reduced its stake in shares of WestRock Co (NYSE:WRK) by 8.1% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,968 shares of the basic materials company’s stock after selling 788 shares during the period. Allianz Asset Management AG’s holdings in WestRock were worth $455,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in WRK. MSI Financial Services Inc boosted its stake in shares of WestRock by 61.3% in the third quarter. MSI Financial Services Inc now owns 2,060 shares of the basic materials company’s stock valued at $100,000 after buying an additional 783 shares during the period. Welch Group LLC purchased a new stake in shares of WestRock during the third quarter valued at about $117,000. TLP Group LLC purchased a new stake in shares of WestRock during the third quarter valued at about $131,000. Assetmark Inc. purchased a new stake in shares of WestRock during the third quarter valued at about $139,000. Finally, Engineers Gate Manager LP purchased a new stake in shares of WestRock during the third quarter valued at about $208,000. Institutional investors and hedge funds own 90.57% of the company’s stock.

Institutional Ownership by Quarter for WestRock (NYSE:WRK)

Shares of WestRock Co (NYSE:WRK) traded down 0.11% during mid-day trading on Friday, hitting $53.02. The company had a trading volume of 1,619,782 shares. WestRock Co has a 52-week low of $34.45 and a 52-week high of $56.12. The firm has a 50-day moving average price of $51.78 and a 200 day moving average price of $50.97. The firm has a market capitalization of $13.32 billion, a price-to-earnings ratio of 98.55 and a beta of 1.27.

WestRock (NYSE:WRK) last posted its quarterly earnings results on Tuesday, January 24th. The basic materials company reported $0.47 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.46 by $0.01. WestRock had a net margin of 0.96% and a return on equity of 6.32%. The company had revenue of $3.45 billion for the quarter, compared to the consensus estimate of $3.48 billion. WestRock’s revenue was down .7% on a year-over-year basis. Analysts expect that WestRock Co will post $2.64 earnings per share for the current year.

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Several brokerages have weighed in on WRK. BMO Capital Markets reissued a “buy” rating and set a $62.00 price objective on shares of WestRock in a research note on Friday, April 7th. Citigroup Inc reissued a “buy” rating on shares of WestRock in a research note on Friday, April 14th. Royal Bank of Canada raised WestRock from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $54.00 to $59.00 in a research note on Wednesday. Zacks Investment Research cut WestRock from a “hold” rating to a “sell” rating in a research note on Tuesday, January 31st. Finally, KeyCorp restated a “hold” rating on shares of WestRock in a research report on Wednesday, February 15th. Two investment analysts have rated the stock with a sell rating, two have given a hold rating and nine have given a buy rating to the stock. WestRock currently has a consensus rating of “Buy” and an average price target of $59.20.

In other WestRock news, insider Arnold Stephen Meadows sold 8,900 shares of the firm’s stock in a transaction dated Thursday, March 2nd. The shares were sold at an average price of $54.44, for a total transaction of $484,516.00. Following the transaction, the insider now owns 86,939 shares of the company’s stock, valued at approximately $4,732,959.16. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director John A. Luke, Jr. sold 55,000 shares of the firm’s stock in a transaction dated 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 transaction, the director now directly owns 570,435 shares in the company, valued at approximately $31,453,785.90. The disclosure for this sale can be found here. Company insiders own 2.68% of the company’s stock.

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.

5 Day Chart for NYSE:WRK

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