Panagora Asset Management Inc. trimmed its holdings in shares of Westrock Co (NYSE:WRK) by 71.2% during the second quarter, Holdings Channel.com reports. The fund owned 24,325 shares of the basic materials company’s stock after selling 60,202 shares during the quarter. Panagora Asset Management Inc.’s holdings in Westrock were worth $887,000 as of its most recent filing with the SEC.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Clark Estates Inc. NY boosted its stake in shares of Westrock by 35.2% in the 2nd quarter. Clark Estates Inc. NY now owns 784,249 shares of the basic materials company’s stock valued at $28,602,000 after purchasing an additional 204,249 shares in the last quarter. Mercer Global Advisors Inc. ADV acquired a new position in shares of Westrock in the 1st quarter worth approximately $396,000. State Treasurer State of Michigan lifted its position in shares of Westrock by 1.4% in the 1st quarter. State Treasurer State of Michigan now owns 73,602 shares of the basic materials company’s stock worth $2,823,000 after purchasing an additional 1,000 shares during the period. First Trust Advisors LP lifted its position in shares of Westrock by 19.6% in the 1st quarter. First Trust Advisors LP now owns 660,358 shares of the basic materials company’s stock worth $25,325,000 after purchasing an additional 108,204 shares during the period. Finally, Atlantic Union Bankshares Corp lifted its position in shares of Westrock by 2.6% in the 2nd quarter. Atlantic Union Bankshares Corp now owns 69,068 shares of the basic materials company’s stock worth $2,519,000 after purchasing an additional 1,764 shares during the period. 82.96% of the stock is currently owned by hedge funds and other institutional investors.
WRK traded up $0.29 during mid-day trading on Wednesday, reaching $33.54. 823,688 shares of the stock were exchanged, compared to its average volume of 2,339,573. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.87 and a current ratio of 1.45. The stock has a market capitalization of $8.61 billion, a PE ratio of 8.20, a price-to-earnings-growth ratio of 1.91 and a beta of 1.61. The company has a 50 day moving average price of $35.95 and a two-hundred day moving average price of $36.98. Westrock Co has a 1 year low of $32.01 and a 1 year high of $57.23.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, August 20th. Shareholders of record on Friday, August 9th were issued a dividend of $0.455 per share. This represents a $1.82 dividend on an annualized basis and a yield of 5.43%. The ex-dividend date was Thursday, August 8th. Westrock’s dividend payout ratio is 44.50%.
A number of brokerages have recently issued reports on WRK. UBS Group set a $44.00 price target on shares of Westrock and gave the stock a “buy” rating in a research report on Monday, June 24th. KeyCorp lowered shares of Westrock from a “sector weight” rating to an “underweight” rating and set a $32.00 price objective for the company. in a research note on Monday, July 15th. Finally, Zacks Investment Research upgraded shares of Westrock from a “strong sell” rating to a “hold” rating and set a $30.00 price objective for the company in a research note on Thursday, August 8th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average target price of $44.20.
In other Westrock news, Director John A. Luke, Jr. sold 61,809 shares of Westrock stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $38.00, for a total transaction of $2,348,742.00. The transaction was disclosed in a filing with the SEC, which is available through this link. 2.00% of the stock is owned by insiders.
Westrock Company Profile
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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