Bank of New York Mellon Corp has raised its holdings in Smurfit Westrock PLC by 2.3% during the third quarter, according to a recent filing with the Securities and Exchange Commission (SEC). The investment firm now owns approximately 8,693,951 shares, having acquired an additional 193,099 shares in the period. This brings the total value of Bank of New York Mellon’s stake to approximately $370.1 million, representing about 1.67% of the company’s total shares.
Several other institutional investors have also made adjustments to their positions in Smurfit Westrock. For instance, Vanguard Group Inc. increased its stake by 1.6% during the previous quarter, now owning 80,421,330 shares valued at $3.47 billion. Similarly, State Street Corp raised its holdings by 1.7% to 20,779,789 shares, worth around $896.7 million, while Orbis Allan Gray Ltd significantly increased its stake by 81.9%, bringing its total to 18,400,418 shares, valued at $794 million.
Norges Bank entered a new position in the company during the second quarter, valued at approximately $749.7 million. Additionally, Soros Fund Management LLC increased its stake by 9.2%, now holding 7,480,587 shares worth $322.8 million. Institutional investors collectively own 83.38% of Smurfit Westrock’s stock.
Analysts Adjust Price Targets for Smurfit Westrock
In light of recent developments, analysts have revised their price targets for Smurfit Westrock shares. Wells Fargo & Company reduced its price target from $50.00 to $48.00, maintaining an “overweight” rating on the stock. Citigroup likewise lowered its target to $48.00 while retaining a “buy” rating.
Other notable adjustments include Argus, which cut its target from $55.00 to $45.00, and JPMorgan Chase & Co., which raised its target from $60.00 to $61.00, also assigning an “overweight” rating. Overall, ten investment analysts view Smurfit Westrock as a “Buy,” while two have assigned a “Hold” rating. The stock currently holds a consensus rating of “Moderate Buy” with a target price of $51.60.
Smurfit Westrock’s Financial Performance
As of the latest trading session, Smurfit Westrock’s stock opened at $42.13. The company has maintained a market capitalization of $22 billion, with a P/E ratio of 29.46 and a beta of 1.09. Over the past year, shares have fluctuated between a low of $32.73 and a high of $55.54.
In its recent quarterly earnings report, released on October 29, Smurfit Westrock announced earnings per share of $0.58, falling short of analysts’ expectations of $0.68 by $0.10. The firm reported revenues of $8 billion, slightly exceeding the consensus estimate of $7.89 billion. Year-over-year, the company’s revenue grew by 4.3%, while it recorded a return on equity of 6.21% and a net margin of 2.40%.
Looking ahead, analysts anticipate that Smurfit Westrock will post earnings per share of $3.25 for the current fiscal year. The company, known for its production of containerboard and various paper-based packaging products, operates internationally and serves a diverse clientele.
