Engineers Gate Manager LP Grows Stake in Westrock Company (WRK)

Engineers Gate Manager LP grew its holdings in Westrock Company (NYSE:WRK) by 108.4% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,837 shares of the basic materials company’s stock after purchasing an additional 16,037 shares during the quarter. Engineers Gate Manager LP’s holdings in Westrock were worth $1,747,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in WRK. BlackRock Inc. boosted its position in Westrock by 3,569.1% during the first quarter. BlackRock Inc. now owns 22,418,080 shares of the basic materials company’s stock worth $1,166,413,000 after acquiring an additional 21,807,090 shares during the last quarter. AQR Capital Management LLC boosted its position in Westrock by 450.1% during the first quarter. AQR Capital Management LLC now owns 2,486,279 shares of the basic materials company’s stock worth $129,362,000 after acquiring an additional 2,034,341 shares during the last quarter. Bank of Montreal Can boosted its position in Westrock by 262.9% during the second quarter. Bank of Montreal Can now owns 2,547,693 shares of the basic materials company’s stock worth $144,353,000 after acquiring an additional 1,845,658 shares during the last quarter. Prudential Financial Inc. boosted its position in Westrock by 327.5% during the second quarter. Prudential Financial Inc. now owns 1,998,206 shares of the basic materials company’s stock worth $113,218,000 after acquiring an additional 1,530,797 shares during the last quarter. Finally, Janus Capital Management LLC boosted its position in Westrock by 149.8% during the first quarter. Janus Capital Management LLC now owns 2,095,551 shares of the basic materials company’s stock worth $109,032,000 after acquiring an additional 1,256,498 shares during the last quarter. Institutional investors and hedge funds own 88.63% of the company’s stock.

In related news, Director John A. Luke, Jr. sold 10,343 shares of the business’s stock in a transaction that occurred on Monday, July 24th. The shares were sold at an average price of $58.61, for a total transaction of $606,203.23. Following the transaction, the director now directly owns 497,557 shares of the company’s stock, valued at $29,161,815.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John A. Luke, Jr. sold 76,855 shares of the business’s stock in a transaction that occurred on Thursday, August 31st. The shares were sold at an average price of $56.89, for a total transaction of $4,372,280.95. Following the transaction, the director now directly owns 543,289 shares in the company, valued at $30,907,711.21. The disclosure for this sale can be found here. Insiders have sold 390,176 shares of company stock worth $21,847,797 over the last ninety days. 2.68% of the stock is currently owned by insiders.

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A number of analysts recently issued reports on WRK shares. Jefferies Group LLC restated a “buy” rating and set a $68.00 target price on shares of Westrock in a research report on Friday, July 14th. Zacks Investment Research upgraded shares of Westrock from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a research report on Friday, July 14th. BMO Capital Markets restated a “buy” rating and set a $62.00 target price on shares of Westrock in a research report on Thursday, June 15th. Goldman Sachs Group, Inc. (The) upgraded shares of Westrock from a “buy” rating to a “conviction-buy” rating in a research report on Thursday, July 13th. Finally, Barclays PLC raised their target price on shares of Westrock from $54.00 to $58.00 and gave the stock an “equal weight” rating in a research report on Monday, August 7th. Three investment analysts have rated the stock with a hold rating, nine have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $63.44.

Westrock Company (WRK) opened at 57.75 on Tuesday. Westrock Company has a 1-year low of $43.79 and a 1-year high of $60.36. The firm’s 50-day moving average is $56.63 and its 200-day moving average is $54.86. The stock has a market cap of $14.49 billion, a P/E ratio of 35.04 and a beta of 1.37.

Westrock (NYSE:WRK) last announced its quarterly earnings data on Thursday, August 3rd. The basic materials company reported $0.74 EPS for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.10. Westrock had a net margin of 2.92% and a return on equity of 6.38%. The firm had revenue of $3.70 billion for the quarter, compared to the consensus estimate of $3.66 billion. During the same period in the previous year, the firm posted $0.71 earnings per share. The firm’s revenue was up 2.8% on a year-over-year basis. On average, analysts forecast that Westrock Company will post $2.62 EPS for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 21st. Investors of record on Friday, August 11th were given a dividend of $0.40 per share. This represents a $1.60 dividend on an annualized basis and a yield of 2.77%. The ex-dividend date was Wednesday, August 9th. Westrock’s payout ratio is presently 97.56%.

About Westrock

WestRock Company, incorporated on March 6, 2015, is a multinational provider of paper and packaging solutions for consumer and corrugated packaging markets. The Company also develops real estate in the Charleston, South Carolina region. The Company’s segments include Corrugated Packaging, Consumer Packaging, and Land and Development.

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Institutional Ownership by Quarter for Westrock (NYSE:WRK)

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