Hartford Investment Management Co. trimmed its holdings in shares of Westrock Co (NYSE:WRK) by 1.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 27,924 shares of the basic materials company’s stock after selling 457 shares during the period. Hartford Investment Management Co.’s holdings in Westrock were worth $1,054,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Atlas Capital Advisors LLC increased its holdings in Westrock by 544.6% in the 4th quarter. Atlas Capital Advisors LLC now owns 2,746 shares of the basic materials company’s stock worth $104,000 after acquiring an additional 2,320 shares during the last quarter. TLP Group LLC increased its holdings in Westrock by 321.9% in the 3rd quarter. TLP Group LLC now owns 3,223 shares of the basic materials company’s stock worth $172,000 after acquiring an additional 2,459 shares during the last quarter. Gagnon Securities LLC purchased a new stake in Westrock in the 3rd quarter worth about $190,000. HBK Sorce Advisory LLC purchased a new stake in Westrock in the 3rd quarter worth about $201,000. Finally, Balasa Dinverno & Foltz LLC purchased a new stake in Westrock in the 4th quarter worth about $216,000. Institutional investors own 86.86% of the company’s stock.
In other Westrock news, CFO Ward H. Dickson acquired 2,645 shares of the business’s stock in a transaction dated Monday, February 4th. The stock was bought at an average price of $37.94 per share, with a total value of $100,351.30. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Robert A. Feeser sold 67,755 shares of the business’s stock in a transaction dated Monday, December 3rd. The stock was sold at an average price of $46.91, for a total value of $3,178,387.05. The disclosure for this sale can be found here. 2.00% of the stock is owned by insiders.
Westrock (NYSE:WRK) last posted its earnings results on Thursday, January 31st. The basic materials company reported $0.83 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.80 by $0.03. The business had revenue of $4.33 billion during the quarter, compared to analyst estimates of $4.58 billion. Westrock had a return on equity of 9.12% and a net margin of 5.44%. Sell-side analysts expect that Westrock Co will post 4.22 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, February 25th. Shareholders of record on Friday, February 15th will be issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 4.70%. The ex-dividend date of this dividend is Thursday, February 14th. Westrock’s payout ratio is presently 44.50%.
Several equities research analysts recently weighed in on the company. Bank of America lowered Westrock from a “buy” rating to a “neutral” rating in a report on Monday, December 17th. Barclays lowered Westrock from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $52.00 to $42.00 in a report on Monday, January 7th. Wells Fargo & Co decreased their price objective on Westrock from $53.00 to $50.00 and set a “market perform” rating for the company in a report on Tuesday, November 6th. Citigroup lowered Westrock from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $52.00 to $42.00 in a report on Monday, January 7th. Finally, Zacks Investment Research reaffirmed a “hold” rating on shares of Westrock in a report on Saturday, November 17th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $54.33.
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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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