Patrick M. Kivits, President of Corrugated Packaging (NYSE:PKG) at WestRock Co (NYSE:NYSE:WRK), recently sold 6,000 shares of company stock, totaling approximately $308,640. The transactions were executed with a weighted average price of $51.44 per share, with individual sales prices ranging from $51.33 to $51.51.
The sale, which took place on May 3, 2024, was disclosed in a regulatory filing with the Securities and Exchange Commission. Following the transaction, Kivits retains ownership of 51,502 shares in WestRock Co. The details provided in the filing indicate that the reported price is a weighted average, suggesting that the shares were sold in multiple transactions at varying prices within the stated range.
Investors and market watchers often monitor insider sales as they can provide insights into executives' perspectives on their company's future prospects. The disclosure also noted that the total shares owned by Kivits include dividend reinvestments and dividend equivalent units that were not previously reported and are exempt from Section 16.
WestRock Co, headquartered in Atlanta, Georgia, is a prominent player in the paperboard containers and boxes industry. The company's stock is publicly traded and is an important component of the packaging sector in the stock market.
The filing was signed by Steph W. Bignon, attorney-in-fact for Patrick M. Kivits, and was submitted on May 6, 2024. WestRock Co has not made any official statement regarding the transaction.
InvestingPro Insights
As investors assess the recent insider sale by Patrick M. Kivits, President of Corrugated Packaging at WestRock Co (NYSE:WRK), it's important to consider the company's financial health and market performance. WestRock Co's current market capitalization stands at 13.27 billion USD, reflecting the scale of its operations within the paperboard containers and boxes industry.
An analysis of WestRock's stock performance reveals a robust 85.94% price total return over the past year, indicating a strong market confidence and a significant appreciation in share value. This performance is further substantiated by the company's stock trading near its 52-week high, at 99.25% of the peak price. The positive trend extends to the short-term as well, with a 34.35% price total return over the last three months.
From a valuation perspective, WestRock is currently trading at a price-to-earnings (P/E) ratio of 43.13, which is expected to adjust to 24.37 based on the last twelve months as of Q2 2024. This adjustment suggests a more attractive valuation relative to near-term earnings growth, aligning with an InvestingPro Tip highlighting the stock's low P/E ratio in this context. Additionally, the company has maintained dividend payments for 31 consecutive years, with a recent dividend yield of 2.37% and a 10.0% dividend growth in the last twelve months, underscoring its commitment to shareholder returns.
For those looking to delve deeper into WestRock's financials and stock performance, there are 12 additional InvestingPro Tips available, offering insights into factors such as earnings revisions, volatility, and profitability. Interested readers can find these tips at InvestingPro and can use the coupon code PRONEWS24 to receive an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
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