FTB Advisors Inc. Grows Stake in Westrock Company (WRK)

FTB Advisors Inc. increased its position in shares of Westrock Company (NYSE:WRK) by 186.2% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,185 shares of the basic materials company’s stock after purchasing an additional 2,072 shares during the period. FTB Advisors Inc.’s holdings in Westrock were worth $180,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Ronna Sue Cohen increased its position in shares of Westrock by 0.3% during the second quarter. Ronna Sue Cohen now owns 4,601 shares of the basic materials company’s stock valued at $261,000 after purchasing an additional 12 shares during the period. Cleararc Capital Inc. increased its position in shares of Westrock by 0.7% during the first quarter. Cleararc Capital Inc. now owns 6,144 shares of the basic materials company’s stock valued at $320,000 after purchasing an additional 40 shares during the period. Norinchukin Bank The increased its position in shares of Westrock by 0.3% during the second quarter. Norinchukin Bank The now owns 20,926 shares of the basic materials company’s stock valued at $1,186,000 after purchasing an additional 54 shares during the period. First Midwest Bank Trust Division increased its position in shares of Westrock by 0.5% during the second quarter. First Midwest Bank Trust Division now owns 10,845 shares of the basic materials company’s stock valued at $614,000 after purchasing an additional 55 shares during the period. Finally, Wetherby Asset Management Inc. increased its position in shares of Westrock by 1.4% during the second quarter. Wetherby Asset Management Inc. now owns 4,495 shares of the basic materials company’s stock valued at $255,000 after purchasing an additional 60 shares during the period. Institutional investors and hedge funds own 88.57% of the company’s stock.

A number of analysts have recently issued reports on WRK shares. Jefferies Group LLC restated a “buy” rating and set a $68.00 price objective on shares of Westrock in a research report on Friday, July 14th. Zacks Investment Research upgraded Westrock from a “hold” rating to a “buy” rating and set a $67.00 price target on the stock in a research report on Friday, July 14th. Barclays PLC upped their price target on Westrock from $52.00 to $54.00 and gave the company an “equal weight” rating in a research report on Tuesday, July 18th. BidaskClub cut Westrock from a “hold” rating to a “sell” rating in a research report on Friday, August 11th. Finally, Goldman Sachs Group, Inc. (The) upgraded Westrock from a “buy” rating to a “conviction-buy” rating in a research report on Thursday, July 13th. Three investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has a consensus rating of “Buy” and a consensus price target of $63.78.

Shares of Westrock Company (NYSE:WRK) traded up 0.48% during mid-day trading on Friday, reaching $58.17. The company’s stock had a trading volume of 2,361,430 shares. The firm has a 50 day moving average price of $57.24 and a 200 day moving average price of $57.24. Westrock Company has a 52-week low of $43.79 and a 52-week high of $59.02. The firm has a market cap of $14.59 billion, a price-to-earnings ratio of 35.30 and a beta of 1.35.

Westrock (NYSE:WRK) last announced its quarterly earnings data on Thursday, August 3rd. The basic materials company reported $0.74 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.64 by $0.10. The firm had revenue of $3.70 billion during the quarter, compared to analysts’ expectations of $3.66 billion. Westrock had a return on equity of 6.38% and a net margin of 2.92%. The company’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.71 EPS. On average, equities analysts predict that Westrock Company will post $2.59 EPS for the current fiscal year.

In other Westrock news, Director John A. Luke, Jr. sold 10,343 shares of Westrock stock in a transaction on Monday, July 24th. The stock was sold at an average price of $58.61, for a total value of $606,203.23. Following the completion of the transaction, the director now directly owns 497,557 shares of the company’s stock, valued at approximately $29,161,815.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director John A. Luke, Jr. sold 153,718 shares of Westrock stock in a transaction on Wednesday, August 30th. The shares were sold at an average price of $55.40, for a total value of $8,515,977.20. Following the completion of the transaction, the director now directly owns 543,291 shares of the company’s stock, valued at $30,098,321.40. The disclosure for this sale can be found here. Insiders sold a total of 443,379 shares of company stock valued at $24,890,539 over the last ninety days. Insiders own 2.68% of the company’s stock.

ILLEGAL ACTIVITY NOTICE: “FTB Advisors Inc. Grows Stake in Westrock Company (WRK)” was originally reported by Transcript Daily and is the sole property of of Transcript Daily. If you are reading this story on another website, it was stolen and republished in violation of US and international trademark and copyright laws. The correct version of this story can be read at https://transcriptdaily.com/2017/10/08/ftb-advisors-inc-grows-stake-in-westrock-company-wrk.html.

Westrock Profile

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.

Want to see what other hedge funds are holding WRK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Westrock Company (NYSE:WRK).

Institutional Ownership by Quarter for Westrock (NYSE:WRK)

Receive News & Ratings for Westrock Company Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westrock Company and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply