Westrock Company (WRK) to Issue Dividend Increase – $0.43 Per Share
Westrock Company (NYSE:WRK) declared a quarterly dividend on Friday, October 27th, NASDAQ reports. Investors of record on Friday, November 10th will be paid a dividend of 0.43 per share by the basic materials company on Monday, November 20th. This represents a $1.72 dividend on an annualized basis and a yield of 2.87%. The ex-dividend date is Thursday, November 9th. This is an increase from Westrock’s previous quarterly dividend of $0.40.
Westrock has a payout ratio of 67.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Westrock to earn $4.25 per share next year, which means the company should continue to be able to cover its $1.72 annual dividend with an expected future payout ratio of 40.5%.
Shares of Westrock (WRK) traded down $1.38 during midday trading on Friday, reaching $59.95. 1,602,757 shares of the company were exchanged, compared to its average volume of 1,621,057. The company has a debt-to-equity ratio of 0.57, a quick ratio of 0.85 and a current ratio of 1.49. The company has a market capitalization of $14,979.11, a PE ratio of 22.83, a PEG ratio of 2.09 and a beta of 1.37.
Westrock (NYSE:WRK) last released its quarterly earnings data on Thursday, November 2nd. The basic materials company reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.06. The company had revenue of $4.06 billion for the quarter, compared to the consensus estimate of $4.13 billion. Westrock had a return on equity of 6.73% and a net margin of 4.77%. The company’s quarterly revenue was up 12.4% compared to the same quarter last year. During the same period last year, the business posted $0.71 EPS. analysts expect that Westrock will post 3.82 EPS for the current year.
In other Westrock news, EVP Jennifer Graham-Johnson sold 3,806 shares of the firm’s stock in a transaction that occurred on Monday, September 11th. The stock was sold at an average price of $57.08, for a total transaction of $217,246.48. Following the completion of the sale, the executive vice president now owns 41,588 shares in the company, valued at approximately $2,373,843.04. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jeffrey Wayne Chalovich sold 18,368 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $58.41, for a total value of $1,072,874.88. Following the sale, the insider now owns 24,859 shares of the company’s stock, valued at approximately $1,452,014.19. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 453,722 shares of company stock valued at $25,541,424. 2.68% of the stock is owned by insiders.
WRK has been the topic of several analyst reports. Jefferies Group LLC reiterated a “buy” rating and set a $68.00 target price on shares of Westrock in a report on Friday, July 14th. Zacks Investment Research upgraded Westrock from a “hold” rating to a “buy” rating and set a $67.00 target price on the stock in a report on Friday, July 14th. DA Davidson reiterated a “buy” rating and set a $74.00 target price on shares of Westrock in a report on Friday. Barclays PLC raised their target price on Westrock from $52.00 to $54.00 and gave the company an “equal weight” rating in a report on Tuesday, July 18th. Finally, BidaskClub downgraded Westrock from a “hold” rating to a “sell” rating in a report on Friday, August 11th. Four analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of “Buy” and a consensus price target 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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