Huntington National Bank lifted its stake in Westrock Co (NYSE:WRK) by 1,921.2% in the first quarter, HoldingsChannel reports. The firm owned 1,051 shares of the basic materials company’s stock after acquiring an additional 999 shares during the quarter. Huntington National Bank’s holdings in Westrock were worth $40,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently bought and sold shares of WRK. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA purchased a new stake in shares of Westrock in the first quarter worth approximately $26,000. Parallel Advisors LLC lifted its position in shares of Westrock by 64.5% in the fourth quarter. Parallel Advisors LLC now owns 719 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 282 shares in the last quarter. Kings Point Capital Management purchased a new stake in shares of Westrock in the fourth quarter worth approximately $30,000. JOYN Advisors Inc. lifted its position in shares of Westrock by 245.4% in the fourth quarter. JOYN Advisors Inc. now owns 867 shares of the basic materials company’s stock worth $33,000 after purchasing an additional 616 shares in the last quarter. Finally, Oakworth Capital Inc. lifted its position in shares of Westrock by 87.9% in the fourth quarter. Oakworth Capital Inc. now owns 930 shares of the basic materials company’s stock worth $35,000 after purchasing an additional 435 shares in the last quarter. 87.80% of the stock is owned by institutional investors and hedge funds.
In related news, Director Currey M. Russell purchased 5,000 shares of the stock in a transaction on Thursday, February 28th. The shares were bought at an average price of $37.50 per share, for a total transaction of $187,500.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Ward H. Dickson purchased 2,645 shares of the stock in a transaction on Monday, February 4th. The shares were bought at an average price of $37.94 per share, for a total transaction of $100,351.30. The disclosure for this purchase can be found here. Company insiders own 2.00% of the company’s stock.
Westrock (NYSE:WRK) last announced its quarterly earnings results on Thursday, January 31st. The basic materials company reported $0.83 EPS for the quarter, beating the consensus estimate of $0.80 by $0.03. Westrock had a return on equity of 9.12% and a net margin of 5.44%. The company had revenue of $4.33 billion for the quarter, compared to the consensus estimate of $4.58 billion. On average, sell-side analysts anticipate that Westrock Co will post 3.94 earnings per share for the current fiscal year.
WRK has been the subject of a number of research analyst reports. KeyCorp reissued a “hold” rating on shares of Westrock in a research report on Thursday, December 20th. ValuEngine downgraded Westrock from a “sell” rating to a “strong sell” rating in a report on Wednesday, January 2nd. Royal Bank of Canada downgraded Westrock from an “outperform” rating to a “sector perform” rating in a report on Tuesday, January 8th. Deutsche Bank downgraded Westrock from a “buy” rating to a “hold” rating and dropped their price objective for the stock from $51.00 to $42.00 in a report on Wednesday. Finally, Citigroup downgraded Westrock from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $52.00 to $42.00 in a report on Monday, January 7th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and one has given a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $49.88.
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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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