Westrock Company (WRK) Announces Quarterly Earnings Results
Westrock Company (NYSE:WRK) released its earnings results on Thursday. The basic materials company reported $0.87 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.06, Bloomberg Earnings reports. The firm had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $4.13 billion. Westrock had a return on equity of 6.38% and a net margin of 2.92%. The business’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.71 EPS.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 20th. Shareholders of record on Friday, November 10th will be issued a $0.43 dividend. This represents a $1.72 dividend on an annualized basis and a yield of Infinity. This is a positive change from Westrock’s previous quarterly dividend of $0.40. The ex-dividend date is Thursday, November 9th. Westrock’s dividend payout ratio is currently 97.56%.
In related news, Director John A. Luke, Jr. sold 10,343 shares of the business’s stock in a transaction dated Monday, August 7th. The stock was sold at an average price of $57.26, for a total transaction of $592,240.18. Following the completion of the transaction, the director now directly owns 497,557 shares in the company, valued at $28,490,113.82. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Jeffrey Wayne Chalovich sold 18,368 shares of the business’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $58.41, for a total value of $1,072,874.88. Following the transaction, the insider now owns 24,859 shares of the company’s stock, valued at $1,452,014.19. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 453,722 shares of company stock worth $25,541,424. Corporate insiders own 2.68% of the company’s stock.
A number of brokerages have recently issued reports on WRK. BidaskClub cut Westrock from a “buy” rating to a “hold” rating in a research note on Monday, July 24th. Stephens began coverage on Westrock in a research note on Tuesday, October 24th. They set an “equal weight” rating and a $61.00 price objective on the stock. KeyCorp reiterated a “hold” rating on shares of Westrock in a research note on Wednesday, October 11th. Zacks Investment Research cut Westrock from a “buy” rating to a “hold” rating in a research note on Thursday, July 13th. Finally, Royal Bank Of Canada restated a “buy” rating and issued a $65.00 price target on shares of Westrock in a research note on Monday, September 25th. Four equities research analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $64.91.
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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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