New York State Teachers Retirement System Decreases Stock Holdings in Westlake Co. (NYSE:WLK)

New York State Teachers Retirement System lessened its holdings in Westlake Co. (NYSE:WLK) by 19.8% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,743 shares of the specialty chemicals company’s stock after selling 2,900 shares during the quarter. New York State Teachers Retirement System’s holdings in Westlake were worth $1,644,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. First Trust Advisors LP boosted its position in shares of Westlake by 189.0% during the 1st quarter. First Trust Advisors LP now owns 802,507 shares of the specialty chemicals company’s stock worth $99,029,000 after acquiring an additional 524,828 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in Westlake by 959.2% in the first quarter. Envestnet Asset Management Inc. now owns 554,086 shares of the specialty chemicals company’s stock valued at $4,866,000 after purchasing an additional 501,774 shares in the last quarter. Balyasny Asset Management L.P. increased its stake in Westlake by 420.1% in the first quarter. Balyasny Asset Management L.P. now owns 610,892 shares of the specialty chemicals company’s stock valued at $70,851,000 after purchasing an additional 493,432 shares during the last quarter. Norges Bank acquired a new stake in Westlake during the fourth quarter worth approximately $31,719,000. Finally, Caisse DE Depot ET Placement DU Quebec purchased a new stake in shares of Westlake during the 1st quarter worth approximately $30,261,000. 28.40% of the stock is currently owned by institutional investors and hedge funds.

Westlake Trading Down 2.0 %

NYSE WLK opened at $150.16 on Wednesday. The company has a quick ratio of 1.79, a current ratio of 2.37 and a debt-to-equity ratio of 0.43. The stock has a market capitalization of $19.25 billion, a P/E ratio of 40.58, a P/E/G ratio of 1.48 and a beta of 1.30. Westlake Co. has a 52-week low of $103.28 and a 52-week high of $162.64. The firm has a 50-day moving average price of $146.17 and a 200 day moving average price of $135.91.

Westlake (NYSE:WLK) last issued its earnings results on Tuesday, February 20th. The specialty chemicals company reported $0.72 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.09). Westlake had a return on equity of 9.70% and a net margin of 3.82%. The business had revenue of $2.83 billion for the quarter, compared to analysts’ expectations of $2.85 billion. During the same period last year, the company posted $1.79 earnings per share. The business’s quarterly revenue was down 14.3% on a year-over-year basis. Equities research analysts expect that Westlake Co. will post 6.94 EPS for the current year.

Westlake Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Stockholders of record on Wednesday, February 28th were paid a dividend of $0.50 per share. The ex-dividend date was Tuesday, February 27th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.33%. Westlake’s dividend payout ratio (DPR) is presently 54.05%.

Insider Activity

In related news, CFO Mark Steven Bender sold 4,854 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $137.57, for a total transaction of $667,764.78. Following the sale, the chief financial officer now owns 50,110 shares of the company’s stock, valued at $6,893,632.70. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CFO Mark Steven Bender sold 4,854 shares of Westlake stock in a transaction on Monday, February 26th. The stock was sold at an average price of $137.57, for a total transaction of $667,764.78. Following the completion of the transaction, the chief financial officer now directly owns 50,110 shares of the company’s stock, valued at $6,893,632.70. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Robert F. Buesinger sold 3,878 shares of the business’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $144.50, for a total value of $560,371.00. Following the sale, the executive vice president now owns 21,144 shares in the company, valued at $3,055,308. The disclosure for this sale can be found here. Insiders sold 13,658 shares of company stock worth $1,923,225 in the last 90 days. 1.30% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently commented on WLK. Royal Bank of Canada cut their price target on shares of Westlake from $139.00 to $134.00 and set a “sector perform” rating on the stock in a research note on Monday, February 26th. Wells Fargo & Company upped their target price on Westlake from $150.00 to $180.00 and gave the company an “overweight” rating in a research report on Wednesday, April 3rd. Citigroup lifted their price target on Westlake from $140.00 to $162.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 10th. Tudor, Pickering, Holt & Co. raised Westlake from a “sell” rating to a “hold” rating in a report on Tuesday, January 2nd. Finally, Vertical Research cut shares of Westlake from a “buy” rating to a “hold” rating and set a $154.00 target price on the stock. in a report on Monday, April 8th. Three research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $138.79.

About Westlake

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.