Allspring Global Investments Holdings LLC Has $33.28 Million Stock Holdings in Westlake Corporation $WLK

Allspring Global Investments Holdings LLC lowered its position in Westlake Corporation (NYSE:WLK) by 43.7% during the 1st quarter, Holdings Channel reports. The fund owned 285,434 shares of the specialty chemicals company’s stock after selling 221,322 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Westlake were worth $33,276,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in WLK. Caitong International Asset Management Co. Ltd acquired a new stake in shares of Westlake in the 3rd quarter worth about $28,000. Quarry LP bought a new position in Westlake during the 4th quarter valued at $31,000. Fifth Third Bancorp lifted its stake in Westlake by 71.3% during the 4th quarter. Fifth Third Bancorp now owns 562 shares of the specialty chemicals company’s stock valued at $42,000 after acquiring an additional 234 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new position in Westlake during the 3rd quarter worth $53,000. Finally, NewEdge Advisors LLC boosted its holdings in Westlake by 49.6% during the 2nd quarter. NewEdge Advisors LLC now owns 745 shares of the specialty chemicals company’s stock worth $57,000 after acquiring an additional 247 shares during the last quarter. Institutional investors and hedge funds own 28.40% of the company’s stock.

Westlake Stock Up 0.0%

Shares of NYSE WLK opened at $77.66 on Monday. Westlake Corporation has a one year low of $56.33 and a one year high of $124.23. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.17 and a quick ratio of 1.56. The business’s fifty day moving average price is $82.93 and its 200-day moving average price is $94.53. The stock has a market capitalization of $9.95 billion, a PE ratio of -6.12 and a beta of 0.62.

Westlake (NYSE:WLK) last announced its quarterly earnings data on Tuesday, May 5th. The specialty chemicals company reported ($0.77) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.67). The firm had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.79 billion. Westlake had a negative net margin of 14.91% and a negative return on equity of 1.89%. The company’s revenue was down 6.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.31) earnings per share. On average, equities research analysts anticipate that Westlake Corporation will post 3.37 EPS for the current year.

Westlake Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Wednesday, May 27th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.7%. The ex-dividend date was Wednesday, May 27th. Westlake’s dividend payout ratio is presently -16.69%.

Analyst Ratings Changes

Several equities analysts have commented on WLK shares. The Goldman Sachs Group set a $85.00 target price on shares of Westlake in a research report on Thursday. Bank of America decreased their price target on Westlake from $104.00 to $85.00 and set a “neutral” rating for the company in a research report on Tuesday, June 30th. Royal Bank Of Canada dropped their price target on Westlake from $145.00 to $130.00 and set an “outperform” rating on the stock in a report on Monday, May 11th. Wells Fargo & Company cut their price objective on Westlake from $125.00 to $110.00 and set an “equal weight” rating on the stock in a research report on Wednesday, May 6th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Westlake in a research note on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Westlake presently has a consensus rating of “Hold” and an average target price of $99.29.

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.