Agman Capital LLC Takes $5.35 Million Position in Westlake Corporation $WLK

Agman Capital LLC bought a new stake in Westlake Corporation (NYSE:WLK) during the fourth quarter, HoldingsChannel.com reports. The institutional investor bought 72,283 shares of the specialty chemicals company’s stock, valued at approximately $5,345,000. Westlake accounts for 4.5% of Agman Capital LLC’s investment portfolio, making the stock its 8th biggest holding.

A number of other institutional investors have also modified their holdings of the stock. Kestra Advisory Services LLC acquired a new position in shares of Westlake in the fourth quarter valued at approximately $84,000. Transamerica Financial Advisors LLC grew its holdings in Westlake by 37.4% during the fourth quarter. Transamerica Financial Advisors LLC now owns 805 shares of the specialty chemicals company’s stock worth $59,000 after acquiring an additional 219 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Westlake by 19.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 33,451 shares of the specialty chemicals company’s stock worth $2,473,000 after acquiring an additional 5,371 shares during the period. CANADA LIFE ASSURANCE Co grew its holdings in Westlake by 27.1% during the fourth quarter. CANADA LIFE ASSURANCE Co now owns 19,331 shares of the specialty chemicals company’s stock worth $1,431,000 after acquiring an additional 4,124 shares during the period. Finally, Stifel Financial Corp grew its holdings in Westlake by 12.9% during the fourth quarter. Stifel Financial Corp now owns 18,921 shares of the specialty chemicals company’s stock worth $1,399,000 after acquiring an additional 2,158 shares during the period. Institutional investors and hedge funds own 28.40% of the company’s stock.

Westlake Stock Up 1.6%

Westlake stock opened at $88.63 on Friday. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.56 and a current ratio of 2.17. The firm has a market capitalization of $11.35 billion, a price-to-earnings ratio of -6.98 and a beta of 0.58. Westlake Corporation has a fifty-two week low of $56.33 and a fifty-two week high of $124.23. The stock’s fifty day moving average is $101.01 and its two-hundred day moving average is $93.15.

Westlake (NYSE:WLK) last issued 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 net margin of 14.91% and a negative return on equity of 1.89%. The company had revenue of $2.65 billion during the quarter, compared to analysts’ expectations of $2.79 billion. During the same quarter in the prior year, the company earned ($0.31) earnings per share. The firm’s revenue was down 6.8% compared to the same quarter last year. Analysts predict that Westlake Corporation will post 3.81 EPS for the current fiscal year.

Westlake Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Wednesday, May 27th were given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 2.4%. The ex-dividend date was Wednesday, May 27th. Westlake’s dividend payout ratio is currently -16.69%.

Wall Street Analyst Weigh In

WLK has been the topic of a number of recent analyst reports. BMO Capital Markets raised Westlake from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $108.00 to $127.00 in a report on Thursday, March 5th. Zacks Research raised Westlake from a “strong sell” rating to a “hold” rating in a report on Thursday, February 26th. Bank of America reaffirmed a “neutral” rating and set a $119.00 price objective on shares of Westlake in a report on Monday, April 6th. Royal Bank Of Canada dropped their price objective on Westlake from $145.00 to $130.00 and set an “outperform” rating on the stock in a report on Monday, May 11th. Finally, Mizuho upped their price objective on Westlake from $97.00 to $110.00 and gave the stock a “neutral” rating in a report on Monday, March 23rd. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $107.36.

Westlake 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.