DUBLIN—Jairo Lorenzatto, President and Chief Executive Officer of LATAM at Smurfit Westrock plc (NASDAQ:SW), recently sold 491 shares of the company. According to a filing with the Securities and Exchange Commission, the shares were sold at an average price of $48.44 each, totaling approximately $23,784. The stock has since climbed to $52.67, reflecting part of its impressive 27% gain year-to-date.
Following this transaction, Lorenzatto retains ownership of 19,033 shares in the company. It’s important to note that this figure includes 17,911 restricted stock units that are subject to time-vesting, as indicated in the filing. The retained shares represent a small portion of the company’s $26.5 billion market capitalization.
Smurfit Westrock plc, a prominent player in the paperboard containers and boxes industry, continues to be a focus for investors tracking insider transactions. The company maintains a "GOOD" financial health score according to InvestingPro, which also indicates the stock is currently trading at a premium to its Fair Value.
In other recent news, Smurfit Westrock has experienced significant developments. The company reported a net loss in its third quarter, primarily due to transaction-related expenses and purchase accounting adjustments of approximately $500 million. Despite this, Smurfit Westrock’s revenue increased to $7.67 billion, up from $2.92 billion a year ago, although this fell short of the expected $8.13 billion.
JPMorgan has reiterated its Overweight rating on Smurfit Westrock, maintaining a $65.00 price target for the company’s stock. The firm’s confidence in the stock is based on the potential for structural improvements within the WestRock (NYSE:WRK) legacy business to unlock significant value.
RBC Capital Markets has also upgraded Smurfit Westrock’s stock from Sector Perform to Outperform, raising the price target from $52 to $58. This follows a series of positive developments within the company, including a satisfactory pace of execution on integration and a management statement indicating potential to exceed initial synergy targets by over $400 million.
Lastly, Smurfit Westrock’s adjusted EBITDA, a key profitability metric, 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. These are the recent developments for Smurfit Westrock as outlined by both JPMorgan and RBC Capital Markets.
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