Highbridge Capital Management LLC Acquires New Holdings in WestRock Co (WRK)

Highbridge Capital Management LLC acquired a new position in WestRock Co (NYSE:WRK) in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 31,495 shares of the basic materials company’s stock, valued at approximately $1,683,000.

A number of other large investors have also modified their holdings of WRK. Alps Advisors Inc. increased its position in shares of WestRock by 2.7% during the 2nd quarter. Alps Advisors Inc. now owns 743,836 shares of the basic materials company’s stock valued at $47,018,000 after purchasing an additional 19,602 shares during the last quarter. Piedmont Investment Advisors LLC purchased a new stake in shares of WestRock during the 2nd quarter valued at about $171,000. Chevy Chase Trust Holdings Inc. purchased a new stake in shares of WestRock during the 2nd quarter valued at about $12,302,000. Barings LLC increased its position in shares of WestRock by 40.0% during the 2nd quarter. Barings LLC now owns 19,612 shares of the basic materials company’s stock valued at $1,118,000 after purchasing an additional 5,600 shares during the last quarter. Finally, LMR Partners LLP purchased a new stake in shares of WestRock during the 2nd quarter valued at about $382,000. Hedge funds and other institutional investors own 83.98% of the company’s stock.

Several equities research analysts have recently commented on WRK shares. Wells Fargo & Co started coverage on shares of WestRock in a research report on Friday, September 21st. They set a “market perform” rating and a $63.00 price target for the company. Zacks Investment Research lowered shares of WestRock from a “hold” rating to a “sell” rating in a research report on Thursday, October 4th. BMO Capital Markets lowered shares of WestRock from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $80.00 to $54.00 in a research report on Tuesday, October 9th. ValuEngine lowered shares of WestRock from a “sell” rating to a “strong sell” rating in a research report on Tuesday, October 9th. Finally, Goldman Sachs Group lowered shares of WestRock from a “conviction-buy” rating to a “buy” rating and set a $64.00 price target for the company. in a research report on Wednesday, October 10th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and seven have assigned a buy rating to the company. WestRock currently has a consensus rating of “Hold” and a consensus target price of $64.50.

In related news, insider Robert A. Feeser sold 67,755 shares of the stock in a transaction that occurred on Monday, December 3rd. The shares were sold at an average price of $46.91, for a total value of $3,178,387.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 2.68% of the company’s stock.

WestRock stock opened at $45.29 on Friday. The company has a market capitalization of $11.87 billion, a P/E ratio of 11.07, a PEG ratio of 1.64 and a beta of 1.61. WestRock Co has a 12-month low of $39.21 and a 12-month high of $71.55. The company has a quick ratio of 0.89, a current ratio of 1.44 and a debt-to-equity ratio of 0.49.

WestRock (NYSE:WRK) last released its earnings results on Monday, November 5th. The basic materials company reported $1.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.24 by $0.05. The company had revenue of $4.24 billion during the quarter, compared to analyst estimates of $4.28 billion. WestRock had a net margin of 11.70% and a return on equity of 9.26%. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.87 EPS. Analysts forecast that WestRock Co will post 4.58 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, November 19th. Investors of record on Friday, November 9th were issued a $0.455 dividend. This represents a $1.82 annualized dividend and a yield of 4.02%. This is a positive change from WestRock’s previous quarterly dividend of $0.43. The ex-dividend date was Thursday, November 8th. WestRock’s dividend payout ratio is currently 44.50%.

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About WestRock

WestRock Company manufactures and sells paper and packaging solutions for the consumer and corrugated markets in North America, South America, Europe, Australia, and Asia. The company operates through three segments: Corrugated Packaging, Consumer Packaging, and Land and Development. The Corrugated Packaging segment produces containerboards, corrugated sheets, corrugated packaging, and preprinted linerboards for consumer and industrial products manufacturers, and corrugated box manufacturers.

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Institutional Ownership by Quarter for WestRock (NYSE:WRK)

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