Lapides Asset Management LLC Buys 47,900 Shares of Westrock Co (NYSE:WRK)

Lapides Asset Management LLC raised its stake in Westrock Co (NYSE:WRK) by 26.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 229,500 shares of the basic materials company’s stock after buying an additional 47,900 shares during the quarter. Westrock accounts for about 3.7% of Lapides Asset Management LLC’s portfolio, making the stock its 5th largest position. Lapides Asset Management LLC owned approximately 0.09% of Westrock worth $6,486,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Westside Investment Management Inc. acquired a new stake in shares of Westrock during the first quarter worth about $14,130,000. First Bank & Trust bought a new position in shares of Westrock during the first quarter worth about $27,000. TRUE Private Wealth Advisors grew its holdings in shares of Westrock by 1,351.9% during the second quarter. TRUE Private Wealth Advisors now owns 1,176 shares of the basic materials company’s stock worth $33,000 after buying an additional 1,095 shares in the last quarter. Corbenic Partners LLC grew its holdings in shares of Westrock by 2,065.6% during the first quarter. Corbenic Partners LLC now owns 1,386 shares of the basic materials company’s stock worth $39,000 after buying an additional 1,322 shares in the last quarter. Finally, Cedar Wealth Management LLC grew its holdings in shares of Westrock by 40.0% during the first quarter. Cedar Wealth Management LLC now owns 1,400 shares of the basic materials company’s stock worth $40,000 after buying an additional 400 shares in the last quarter. 83.54% of the stock is currently owned by hedge funds and other institutional investors.

Shares of NYSE WRK traded down $1.40 during midday trading on Friday, hitting $26.86. 6,312,169 shares of the company’s stock were exchanged, compared to its average volume of 2,116,148. The company has a quick ratio of 1.07, a current ratio of 1.75 and a debt-to-equity ratio of 0.91. Westrock Co has a 12 month low of $21.50 and a 12 month high of $44.39. The company’s 50 day moving average price is $28.48 and its 200 day moving average price is $31.38. The firm has a market capitalization of $6.96 billion, a PE ratio of 7.46 and a beta of 1.49.

Westrock (NYSE:WRK) last issued its earnings results on Tuesday, May 5th. The basic materials company reported $0.67 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.61 by $0.06. Westrock had a return on equity of 7.98% and a net margin of 4.67%. The company had revenue of $4.45 billion during the quarter, compared to the consensus estimate of $4.50 billion. During the same period in the previous year, the company posted $0.80 EPS. The firm’s revenue for the quarter was down 3.7% compared to the same quarter last year. On average, equities research analysts anticipate that Westrock Co will post 2.24 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, August 25th. Stockholders of record on Friday, August 14th will be paid a dividend of $0.20 per share. The ex-dividend date of this dividend is Thursday, August 13th. This represents a $0.80 annualized dividend and a dividend yield of 2.98%. Westrock’s dividend payout ratio is currently 20.10%.

A number of research firms recently issued reports on WRK. Royal Bank of Canada reiterated a “hold” rating and set a $31.00 price objective on shares of Westrock in a report on Thursday, April 16th. Deutsche Bank decreased their price objective on Westrock from $42.00 to $34.00 and set a “hold” rating for the company in a report on Tuesday, May 26th. Morgan Stanley began coverage on Westrock in a report on Monday, June 15th. They set an “equal weight” rating and a $28.00 price objective for the company. Wells Fargo & Co decreased their price objective on Westrock from $52.00 to $42.00 and set an “overweight” rating for the company in a report on Thursday, April 9th. Finally, KeyCorp decreased their price target on Westrock from $27.00 to $23.00 and set an “underweight” rating for the company in a research note on Tuesday, May 5th. Three analysts have rated the stock with a sell rating, four have given a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $37.82.

About Westrock

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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Institutional Ownership by Quarter for Westrock (NYSE:WRK)

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