DUBLIN—Mayer Saverio, President and Chief Executive Officer for Europe, MEA, and APAC at Smurfit Westrock plc (LSE:SW), has sold 25,000 ordinary shares of the company, according to a recent filing with the Securities and Exchange Commission. The transaction comes as the $28.38 billion market cap company trades near its 52-week high, with InvestingPro data showing a strong year-to-date return of 37%. The shares were sold at a weighted average price of $54.84, amounting to a total transaction value of approximately $1.37 million.
The shares were sold in multiple transactions on December 2, 2024, with prices ranging from $54.65 to $54.91. Following the sale, Saverio retains ownership of 149,911 shares in the company. The transactions were conducted on the London Stock Exchange (LON:LSEG), and the prices were converted to USD using the European Central Bank's closing rates on the transaction date. According to InvestingPro analysis, the company maintains a "GOOD" overall financial health score, though current valuations suggest the stock is trading above its Fair Value.
Saverio's role as CEO for Europe, MEA, and APAC underscores the significance of this transaction for investors monitoring insider activity at Smurfit Westrock. For deeper insights into the company's valuation and performance metrics, InvestingPro subscribers have access to additional ProTips and comprehensive financial analysis.
In other recent news, Smurfit Westrock reported a net loss in its third quarter following the merger of Smurfit Kappa (IR:SKG) and WestRock (NYSE:WRK). The company's revenue increased to $7.67 billion, primarily due to the WestRock acquisition, but fell short of the expected $8.13 billion. The net loss of $150 million was mainly attributed to transaction-related expenses and purchase accounting adjustments totaling approximately $500 million. Despite the loss, Smurfit Westrock's adjusted EBITDA was reported at $1.27 billion, with a margin of 16.5%. The company anticipates a combined adjusted EBITDA of approximately $4.7 billion for the full year 2024.
In line with these recent developments, JPMorgan reiterated its Overweight rating on Smurfit Westrock, maintaining a $65.00 price target. The firm remains positive about the company's direction and potential structural improvements within the WestRock legacy business. RBC Capital Markets also upgraded Smurfit Westrock's stock from Sector Perform to Outperform, raising the price target from $52 to $58. The upgrade followed a series of positive developments within the company, including a satisfactory pace of execution on integration and a de-risked near-term outlook for capital expenditures.
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