Erste Asset Management GmbH raised its position in Westlake Corporation (NYSE:WLK – Free Report) by 61.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 420,000 shares of the specialty chemicals company’s stock after buying an additional 160,000 shares during the period. Erste Asset Management GmbH’s holdings in Westlake were worth $31,055,000 at the end of the most recent reporting period.
Other institutional investors also recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Westlake in the third quarter valued at about $28,000. Fifth Third Bancorp raised its position in shares of Westlake by 71.3% in the fourth quarter. Fifth Third Bancorp now owns 562 shares of the specialty chemicals company’s stock valued at $42,000 after buying an additional 234 shares during the last quarter. CIBC Private Wealth Group LLC acquired a new stake in shares of Westlake in the third quarter valued at about $53,000. Hantz Financial Services Inc. raised its position in shares of Westlake by 180.3% in the third quarter. Hantz Financial Services Inc. now owns 740 shares of the specialty chemicals company’s stock valued at $57,000 after buying an additional 476 shares during the last quarter. Finally, NewEdge Advisors LLC raised its position in shares of Westlake by 49.6% in the second quarter. NewEdge Advisors LLC now owns 745 shares of the specialty chemicals company’s stock valued at $57,000 after buying an additional 247 shares during the last quarter. 28.40% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
WLK has been the subject of a number of recent research reports. Deutsche Bank Aktiengesellschaft reiterated a “hold” rating and issued a $115.00 target price on shares of Westlake in a research report on Thursday, May 7th. Wall Street Zen cut shares of Westlake from a “hold” rating to a “sell” rating in a research report on Sunday, May 3rd. Bank of America reiterated a “neutral” rating and issued a $119.00 target price on shares of Westlake in a research report on Monday, April 6th. Citigroup cut shares of Westlake from a “buy” rating to a “neutral” rating and reduced their target price for the company from $125.00 to $95.00 in a research report on Wednesday, May 27th. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Westlake in a research report on Monday, April 20th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $107.36.
Westlake Price Performance
Westlake stock opened at $84.40 on Monday. Westlake Corporation has a 12-month low of $56.33 and a 12-month high of $124.23. The stock has a market cap of $10.81 billion, a P/E ratio of -6.65 and a beta of 0.58. The company has a 50-day moving average price of $103.82 and a 200 day moving average price of $92.38. The company has a current ratio of 2.17, a quick ratio of 1.56 and a debt-to-equity ratio of 0.56.
Westlake (NYSE:WLK – Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The specialty chemicals company reported ($0.77) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.67). Westlake had a negative return on equity of 1.89% and a negative net margin of 14.91%.The firm had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same quarter in the previous year, the business posted ($0.31) earnings per share. Westlake’s revenue for the quarter was down 6.8% on a year-over-year basis. Sell-side analysts anticipate that Westlake Corporation will post 3.81 earnings per share for the current year.
Westlake Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 11th. Investors of record on Wednesday, May 27th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.5%. The ex-dividend date is Wednesday, May 27th. Westlake’s dividend payout ratio (DPR) is presently -16.69%.
Westlake Company Profile
Westlake Corp. is a global manufacturer of petrochemicals, polymers and building products, serving customers across industrial and residential markets. The company’s core operations encompass the production of vinyls—primarily polyvinyl chloride (PVC) and its key feedstock vinyl chloride monomer (VCM)—as well as chlor-alkali products including caustic soda and chlorine. In addition, Westlake produces ethylene, propylene and specialty elastomers, along with construction-related materials such as vinyl siding, trim, windows and roofing systems.
Operating a network of vertically integrated plants and distribution centers, Westlake serves markets in North America, Europe and Asia.
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