WestRock (NYSE:WRK – Get Rating) – Investment analysts at Jefferies Financial Group dropped their FY2023 earnings per share estimates for shares of WestRock in a research report issued to clients and investors on Monday, July 11th. Jefferies Financial Group analyst P. Ng now anticipates that the basic materials company will post earnings per share of $5.44 for the year, down from their previous forecast of $5.54. The consensus estimate for WestRock’s current full-year earnings is $5.09 per share. WestRock (NYSE:WRK – Get Rating) last announced its quarterly earnings results on Thursday, May 5th. The basic materials company reported $1.17 earnings per share for the quarter, topping analysts’ consensus estimates of $1.01 by $0.16. WestRock had a net margin of 3.93% and a return on equity of 9.32%. The company had revenue of $5.38 billion for the quarter, compared to analysts’ expectations of $5.08 billion. During the same period last year, the firm posted $0.54 earnings per share. The business’s quarterly revenue was up 21.3% compared to the same quarter last year.
Other equities analysts have also recently issued research reports about the company. TheStreet cut WestRock from a “b” rating to a “c+” rating in a report on Thursday, June 16th. Citigroup lowered WestRock from a “buy” rating to a “neutral” rating and cut their price target for the company from $53.00 to $45.00 in a report on Tuesday, June 21st. StockNews.com downgraded WestRock from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 18th. KeyCorp cut their target price on WestRock from $44.00 to $36.00 and set an “underweight” rating on the stock in a research note on Friday, July 1st. Finally, Deutsche Bank Aktiengesellschaft raised their price target on shares of WestRock from $52.00 to $59.00 and gave the stock a “hold” rating in a research note on Monday, April 18th. One analyst has rated the stock with a sell rating, five have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, WestRock currently has a consensus rating of “Hold” and a consensus price target of $51.00.
NYSE:WRK opened at $40.07 on Tuesday. WestRock has a 1 year low of $38.40 and a 1 year high of $54.78. The stock has a 50-day moving average price of $45.16 and a two-hundred day moving average price of $46.00. The stock has a market cap of $10.21 billion, a price-to-earnings ratio of 13.54, a PEG ratio of 0.36 and a beta of 1.05. The company has a current ratio of 1.53, a quick ratio of 0.96 and a debt-to-equity ratio of 0.69.
Several large investors have recently added to or reduced their stakes in the business. Gulf International Bank UK Ltd grew its position in shares of WestRock by 3.3% in the fourth quarter. Gulf International Bank UK Ltd now owns 106,385 shares of the basic materials company’s stock valued at $4,719,000 after purchasing an additional 3,403 shares during the last quarter. Seeyond lifted its stake in WestRock by 133.1% in the 4th quarter. Seeyond now owns 13,175 shares of the basic materials company’s stock valued at $584,000 after purchasing an additional 7,522 shares during the last quarter. Advisor Partners LLC boosted its position in WestRock by 3.0% in the fourth quarter. Advisor Partners LLC now owns 10,700 shares of the basic materials company’s stock valued at $475,000 after buying an additional 307 shares in the last quarter. Assenagon Asset Management S.A. grew its stake in shares of WestRock by 161.3% during the fourth quarter. Assenagon Asset Management S.A. now owns 460,959 shares of the basic materials company’s stock worth $20,448,000 after buying an additional 284,521 shares during the last quarter. Finally, Quent Capital LLC acquired a new position in shares of WestRock during the fourth quarter worth $105,000. Hedge funds and other institutional investors own 84.42% of the company’s stock.
In related news, insider Thomas Stigers sold 15,000 shares of WestRock stock in a transaction dated Monday, April 18th. The stock was sold at an average price of $50.10, for a total transaction of $751,500.00. Following the completion of the transaction, the insider now owns 88,034 shares in the company, valued at $4,410,503.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.00% of the stock is currently owned by corporate insiders.
WestRock declared that its board has approved a stock repurchase plan on Thursday, May 5th that permits the company to repurchase 25,000,000 shares. This repurchase authorization permits the basic materials company to repurchase shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 24th. Stockholders of record on Thursday, May 12th were paid a dividend of $0.25 per share. The ex-dividend date of this dividend was Wednesday, May 11th. This represents a $1.00 annualized dividend and a dividend yield of 2.50%. WestRock’s dividend payout ratio is presently 33.78%.
WestRock Company Profile (Get Rating)
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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