Citigroup Cuts Westrock (NYSE:WRK) Price Target to $38.00

Westrock (NYSE:WRK) had its price objective lowered by Citigroup from $39.00 to $38.00 in a research note released on Thursday, October 17th, BenzingaRatingsTable reports. The firm currently has a neutral rating on the basic materials company’s stock.

A number of other research analysts have also issued reports on WRK. Zacks Investment Research lowered Westrock from a hold rating to a sell rating and set a $39.00 target price on the stock. in a report on Monday, October 14th. UBS Group set a $44.00 target price on Westrock and gave the company a buy rating in a report on Monday, June 24th. ValuEngine lowered Westrock from a hold rating to a sell rating in a report on Thursday, October 10th. Finally, KeyCorp restated a sell rating and issued a $32.00 price target on shares of Westrock in a research note on Monday, September 23rd. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. Westrock currently has a consensus rating of Hold and a consensus price target of $41.86.

Westrock stock traded up $0.71 during midday trading on Thursday, reaching $39.75. 2,011,055 shares of the stock traded hands, compared to its average volume of 2,408,343. The company has a 50-day simple moving average of $36.66 and a two-hundred day simple moving average of $36.10. Westrock has a 12-month low of $31.94 and a 12-month high of $48.55. The firm has a market cap of $9.96 billion, a PE ratio of 9.72, a price-to-earnings-growth ratio of 2.62 and a beta of 1.61. The company has a current ratio of 1.45, a quick ratio of 0.87 and a debt-to-equity ratio of 0.82.

Westrock (NYSE:WRK) last announced its quarterly earnings data on Thursday, November 7th. The basic materials company reported $1.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.19 by $0.05. The business had revenue of $4.65 billion during the quarter, compared to analysts’ expectations of $4.84 billion. Westrock had a return on equity of 8.97% and a net margin of 4.65%. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. During the same quarter last year, the business posted $1.29 EPS. Equities research analysts anticipate that Westrock will post 3.93 earnings per share for the current year.

In other Westrock news, Director John A. Luke, Jr. sold 103,015 shares of the business’s stock in a transaction on Wednesday, September 11th. The stock was sold at an average price of $38.00, for a total transaction of $3,914,570.00. Also, Director John A. Luke, Jr. sold 20,603 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $38.68, for a total value of $796,924.04. 2.00% of the stock is owned by insiders.

Several large investors have recently modified their holdings of WRK. Kistler Tiffany Companies LLC purchased a new stake in shares of Westrock in the third quarter valued at $25,000. Rockefeller Capital Management L.P. increased its stake in Westrock by 47.6% in the second quarter. Rockefeller Capital Management L.P. now owns 1,042 shares of the basic materials company’s stock valued at $38,000 after purchasing an additional 336 shares during the last quarter. Signaturefd LLC increased its stake in Westrock by 154.1% in the second quarter. Signaturefd LLC now owns 1,080 shares of the basic materials company’s stock valued at $39,000 after purchasing an additional 655 shares during the last quarter. Phocas Financial Corp. acquired a new position in Westrock in the second quarter valued at $40,000. Finally, SRS Capital Advisors Inc. acquired a new position in Westrock in the second quarter valued at $48,000. Institutional investors and hedge funds own 82.37% 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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