State of Michigan Retirement System Has $607,000 Holdings in Westlake Corporation $WLK

State of Michigan Retirement System lessened its holdings in Westlake Corporation (NYSE:WLK) by 11.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 8,000 shares of the specialty chemicals company’s stock after selling 1,000 shares during the period. State of Michigan Retirement System’s holdings in Westlake were worth $607,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently made changes to their positions in WLK. Private Trust Co. NA grew its holdings in shares of Westlake by 251.1% during the 1st quarter. Private Trust Co. NA now owns 316 shares of the specialty chemicals company’s stock valued at $32,000 after purchasing an additional 226 shares during the last quarter. Signaturefd LLC lifted its stake in Westlake by 127.1% in the 1st quarter. Signaturefd LLC now owns 427 shares of the specialty chemicals company’s stock valued at $43,000 after purchasing an additional 239 shares during the last quarter. UMB Bank n.a. boosted its position in Westlake by 107.0% in the second quarter. UMB Bank n.a. now owns 565 shares of the specialty chemicals company’s stock valued at $43,000 after buying an additional 292 shares in the last quarter. CWM LLC grew its stake in shares of Westlake by 54.5% during the second quarter. CWM LLC now owns 567 shares of the specialty chemicals company’s stock worth $43,000 after buying an additional 200 shares during the last quarter. Finally, AlphaQuest LLC grew its stake in shares of Westlake by 989.6% during the second quarter. AlphaQuest LLC now owns 730 shares of the specialty chemicals company’s stock worth $55,000 after buying an additional 663 shares during the last quarter. Institutional investors own 28.40% of the company’s stock.

Westlake Price Performance

Shares of WLK opened at $64.87 on Friday. The business has a 50-day moving average of $79.13 and a 200-day moving average of $80.21. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.47 and a quick ratio of 1.75. The company has a market capitalization of $8.32 billion, a price-to-earnings ratio of -122.40 and a beta of 0.95. Westlake Corporation has a 1 year low of $63.88 and a 1 year high of $134.50.

Westlake (NYSE:WLK) last announced its earnings results on Thursday, October 30th. The specialty chemicals company reported ($0.29) EPS for the quarter, missing the consensus estimate of $0.18 by ($0.47). Westlake had a negative net margin of 0.57% and a positive return on equity of 1.26%. The company had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.97 billion. During the same quarter in the previous year, the company earned $1.41 earnings per share. The business’s revenue was down 9.0% on a year-over-year basis. As a group, equities research analysts anticipate that Westlake Corporation will post 6.48 earnings per share for the current year.

Analyst Ratings Changes

WLK has been the subject of a number of research reports. JPMorgan Chase & Co. increased their price target on Westlake from $73.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday, September 25th. Mizuho set a $90.00 target price on Westlake and gave the stock an “outperform” rating in a report on Friday, October 3rd. Weiss Ratings reiterated a “sell (d)” rating on shares of Westlake in a research report on Wednesday, October 8th. The Goldman Sachs Group set a $78.00 price target on Westlake and gave the company a “neutral” rating in a research note on Friday, October 31st. Finally, Truist Financial set a $90.00 price objective on Westlake and gave the company a “buy” rating in a research note on Monday, October 13th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $88.07.

Westlake Profile

Westlake Corporation engages in the manufacture and marketing of performance and essential materials, and housing and infrastructure products in the United States, Canada, Germany, China, Mexico, Brazil, France, Italy, Taiwan, and internationally. The company operates through two segments: Performance and Essential Materials and Housing and Infrastructure Products.