UBS Group Begins Coverage on Westrock (WRK)

UBS Group Begins Coverage on Westrock (WRK)

UBS Group initiated coverage on shares of Westrock (NYSE:WRK) in a research note published on Wednesday morning, Benzinga reports. The brokerage issued a buy rating and a $47.00 price target on the basic materials company’s stock.

Several other brokerages have also issued reports on WRK. KeyCorp reissued a hold rating on shares of Westrock in a research note on Wednesday, May 1st. Deutsche Bank lowered shares of Westrock from a buy rating to a hold rating and cut their target price for the stock from $51.00 to $42.00 in a research note on Wednesday, April 17th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the company’s stock. The company has an average rating of Hold and a consensus target price of $49.56.

NYSE WRK traded up $0.31 on Wednesday, hitting $37.75. 25,331 shares of the company were exchanged, compared to its average volume of 2,732,435. The firm has a market cap of $9.28 billion, a PE ratio of 9.24, a P/E/G ratio of 2.02 and a beta of 1.59. Westrock has a 12 month low of $35.20 and a 12 month high of $62.80. The company has a quick ratio of 0.77, a current ratio of 1.29 and a debt-to-equity ratio of 0.80.

Westrock (NYSE:WRK) last issued its earnings results on Tuesday, April 30th. The basic materials company reported $0.80 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.63 by $0.17. The business had revenue of $4.62 billion for the quarter, compared to analyst estimates of $4.67 billion. Westrock had a net margin of 4.89% and a return on equity of 9.03%. Westrock’s revenue was up 15.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.83 earnings per share. On average, equities analysts predict that Westrock will post 3.95 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, May 20th. Shareholders of record on Friday, May 10th will be issued a dividend of $0.455 per share. The ex-dividend date is Thursday, May 9th. This represents a $1.82 annualized dividend and a yield of 4.82%. Westrock’s payout ratio is 44.50%.

In other Westrock news, Director Currey M. Russell acquired 5,000 shares of the stock in a transaction on Thursday, February 28th. The shares were purchased at an average price of $37.50 per share, for a total transaction of $187,500.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 2.00% of the company’s stock.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Raymond James Financial Services Advisors Inc. raised its holdings in shares of Westrock by 23.0% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 366,723 shares of the basic materials company’s stock valued at $13,847,000 after purchasing an additional 68,625 shares during the last quarter. Landmark Bank purchased a new stake in shares of Westrock in the first quarter valued at about $264,000. BlackRock Inc. raised its holdings in shares of Westrock by 12.3% in the fourth quarter. BlackRock Inc. now owns 22,410,471 shares of the basic materials company’s stock valued at $846,221,000 after purchasing an additional 2,445,795 shares during the last quarter. Proffitt & Goodson Inc. purchased a new stake in shares of Westrock in the first quarter valued at about $85,000. Finally, Mackenzie Financial Corp raised its holdings in shares of Westrock by 112.1% in the fourth quarter. Mackenzie Financial Corp now owns 442,785 shares of the basic materials company’s stock valued at $16,720,000 after purchasing an additional 233,992 shares during the last quarter. Hedge funds and other institutional investors own 85.26% of the company’s stock.

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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