Toronto Dominion Bank lessened its stake in shares of WestRock (NYSE:WRK – Get Rating) by 15.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 124,890 shares of the basic materials company’s stock after selling 22,654 shares during the period. Toronto Dominion Bank’s holdings in WestRock were worth $4,974,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Ancora Advisors LLC acquired a new position in WestRock during the first quarter valued at approximately $29,000. Core Alternative Capital acquired a new position in WestRock during the first quarter valued at approximately $30,000. Tompkins Financial Corp acquired a new position in WestRock during the first quarter valued at approximately $37,000. Quadrant Capital Group LLC grew its holdings in WestRock by 48.6% during the first quarter. Quadrant Capital Group LLC now owns 905 shares of the basic materials company’s stock valued at $42,000 after purchasing an additional 296 shares during the last quarter. Finally, Signaturefd LLC grew its holdings in WestRock by 22.9% during the first quarter. Signaturefd LLC now owns 1,332 shares of the basic materials company’s stock valued at $63,000 after purchasing an additional 248 shares during the last quarter. Institutional investors and hedge funds own 83.52% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities analysts have commented on the company. TheStreet downgraded WestRock from a “b-” rating to a “c+” rating in a report on Friday, October 7th. StockNews.com cut WestRock from a “strong-buy” rating to a “buy” rating in a research report on Wednesday, November 16th. Citigroup increased their price objective on WestRock from $35.00 to $39.00 in a research report on Sunday, November 13th. Jefferies Financial Group reduced their price objective on WestRock from $45.00 to $42.00 and set a “hold” rating for the company in a research report on Friday, September 16th. Finally, KeyCorp reduced their price objective on WestRock from $36.00 to $27.00 and set an “underweight” rating for the company in a research report on Friday, September 30th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $38.00.
WestRock Stock Up 0.2 %
WestRock (NYSE:WRK – Get Rating) last issued its earnings results on Thursday, November 10th. The basic materials company reported $1.43 EPS for the quarter, missing the consensus estimate of $1.45 by ($0.02). The firm had revenue of $5.40 billion during the quarter, compared to the consensus estimate of $5.44 billion. WestRock had a return on equity of 10.77% and a net margin of 4.44%. The firm’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same period last year, the business earned $1.23 earnings per share. Analysts predict that WestRock will post 3.88 earnings per share for the current year.
WestRock Increases Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, November 23rd. Shareholders of record on Thursday, November 10th were issued a dividend of $0.275 per share. The ex-dividend date was Wednesday, November 9th. This is a boost from WestRock’s previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.92%. WestRock’s dividend payout ratio (DPR) is presently 30.22%.
WestRock Company, together with its subsidiaries, provides fiber-based paper and packaging solutions in North America, South America, Europe, Asia, and Australia. It operates through two segments, Corrugated Packaging and Consumer Packaging. The Corrugated Packaging segment produces containerboards, corrugated sheets, corrugated packaging, and preprinted linerboards to consumer and industrial products manufacturers, and corrugated box manufacturers.
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