Mn Services Vermogensbeheer B.V. cut its position in Westlake Corp. (NYSE:WLK – Free Report) by 12.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 13,700 shares of the specialty chemicals company’s stock after selling 1,900 shares during the period. Mn Services Vermogensbeheer B.V.’s holdings in Westlake were worth $1,370,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Blue Trust Inc. increased its holdings in Westlake by 247.7% in the 4th quarter. Blue Trust Inc. now owns 226 shares of the specialty chemicals company’s stock valued at $26,000 after acquiring an additional 161 shares during the last quarter. Allworth Financial LP increased its holdings in Westlake by 6,316.7% in the 4th quarter. Allworth Financial LP now owns 385 shares of the specialty chemicals company’s stock valued at $45,000 after acquiring an additional 379 shares during the last quarter. Transamerica Financial Advisors Inc. increased its holdings in Westlake by 1,668.2% in the 4th quarter. Transamerica Financial Advisors Inc. now owns 389 shares of the specialty chemicals company’s stock valued at $45,000 after acquiring an additional 367 shares during the last quarter. Fifth Third Bancorp boosted its stake in Westlake by 71.9% during the first quarter. Fifth Third Bancorp now owns 514 shares of the specialty chemicals company’s stock valued at $51,000 after buying an additional 215 shares during the last quarter. Finally, Parallel Advisors LLC boosted its stake in Westlake by 33.9% during the first quarter. Parallel Advisors LLC now owns 525 shares of the specialty chemicals company’s stock valued at $53,000 after buying an additional 133 shares during the last quarter. 28.40% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
WLK has been the subject of a number of research reports. The Goldman Sachs Group dropped their price target on Westlake from $130.00 to $95.00 and set a “neutral” rating for the company in a research note on Tuesday, May 6th. UBS Group dropped their price target on Westlake from $118.00 to $101.00 and set a “buy” rating for the company in a research note on Wednesday, May 28th. JPMorgan Chase & Co. dropped their price target on Westlake from $110.00 to $82.00 and set a “neutral” rating for the company in a research note on Tuesday, May 6th. Mizuho dropped their price target on Westlake from $100.00 to $82.00 and set an “outperform” rating for the company in a research note on Monday, June 2nd. Finally, Piper Sandler dropped their price objective on shares of Westlake from $105.00 to $100.00 and set a “neutral” rating for the company in a research note on Wednesday, May 14th. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $90.54.
Westlake Price Performance
Westlake stock opened at $71.14 on Thursday. The firm has a 50-day moving average price of $81.30 and a 200-day moving average price of $100.76. The firm has a market capitalization of $9.12 billion, a PE ratio of 23.87, a price-to-earnings-growth ratio of 3.44 and a beta of 0.91. The company has a current ratio of 2.63, a quick ratio of 1.86 and a debt-to-equity ratio of 0.42. Westlake Corp. has a 12-month low of $68.55 and a 12-month high of $153.34.
Westlake (NYSE:WLK – Get Free Report) last released its earnings results on Friday, May 2nd. The specialty chemicals company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.70 by ($1.01). The firm had revenue of $2.85 billion during the quarter, compared to the consensus estimate of $2.97 billion. Westlake had a return on equity of 4.19% and a net margin of 3.23%. Westlake’s revenue was down 4.3% compared to the same quarter last year. During the same quarter last year, the business posted $1.34 EPS. As a group, equities research analysts forecast that Westlake Corp. will post 6.48 EPS for the current year.
Westlake Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Thursday, June 5th. Stockholders of record on Tuesday, May 20th were issued a $0.525 dividend. The ex-dividend date of this dividend was Tuesday, May 20th. This represents a $2.10 annualized dividend and a dividend yield of 2.95%. Westlake’s dividend payout ratio (DPR) is presently 70.47%.
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.
Recommended Stories
- Five stocks we like better than Westlake
- Are These Liquid Natural Gas Stocks Ready For An Upside Bounce?
- Chime’s Smart IPO: Half the Valuation, Double the Strength
- Asset Allocation Strategies in Volatile Markets
- Why Quantum Computing Inc. Is the Quiet Winner in Quantum Stocks
- Transportation Stocks Investing
- 3 Catalysts in 7 Days: Archer’s Growth Story Just Accelerated
Want to see what other hedge funds are holding WLK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Westlake Corp. (NYSE:WLK – Free Report).
Receive News & Ratings for Westlake Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake and related companies with MarketBeat.com's FREE daily email newsletter.