Erste Asset Management GmbH Grows Position in Westlake Corporation $WLK

Erste Asset Management GmbH boosted its stake in shares of Westlake Corporation (NYSE:WLK) 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 purchasing an additional 160,000 shares during the period. Erste Asset Management GmbH owned approximately 0.33% of Westlake worth $31,055,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in WLK. Caitong International Asset Management Co. Ltd purchased a new stake in shares of Westlake in the 3rd quarter valued at $28,000. Fifth Third Bancorp boosted its holdings in shares of Westlake by 71.3% in 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 during the last quarter. CIBC Private Wealth Group LLC purchased a new stake in shares of Westlake in the 3rd quarter valued at $53,000. Hantz Financial Services Inc. boosted its holdings in shares of Westlake by 180.3% in the 3rd quarter. Hantz Financial Services Inc. now owns 740 shares of the specialty chemicals company’s stock valued at $57,000 after acquiring an additional 476 shares during the last quarter. Finally, NewEdge Advisors LLC boosted its holdings in shares of Westlake by 49.6% in the 2nd quarter. NewEdge Advisors LLC now owns 745 shares of the specialty chemicals company’s stock valued at $57,000 after acquiring an additional 247 shares during the last quarter. 28.40% of the stock is owned by hedge funds and other institutional investors.

Westlake Stock Performance

NYSE:WLK opened at $84.40 on Monday. The company has a fifty day moving average of $103.82 and a two-hundred day moving average of $92.38. Westlake Corporation has a fifty-two week low of $56.33 and a fifty-two week high of $124.23. The stock has a market capitalization of $10.81 billion, a PE ratio of -6.65 and a beta of 0.58. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.56 and a current ratio of 2.17.

Westlake (NYSE:WLK) last announced its earnings results 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 analyst estimates of $2.79 billion. During the same quarter last year, the business earned ($0.31) EPS. The firm’s revenue for the quarter was down 6.8% compared to the same quarter last year. As a group, research analysts forecast that Westlake Corporation will post 3.81 earnings per share for the current fiscal 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 issued a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 2.5%. The ex-dividend date is Wednesday, May 27th. Westlake’s payout ratio is presently -16.69%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Royal Bank Of Canada dropped their price objective on shares of Westlake from $145.00 to $130.00 and set an “outperform” rating on the stock in a report on Monday, May 11th. BMO Capital Markets raised shares of Westlake from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $108.00 to $127.00 in a report on Thursday, March 5th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Westlake in a report on Monday, April 20th. Truist Financial upped their price objective on shares of Westlake from $117.00 to $127.00 and gave the company a “buy” rating in a report on Thursday, March 26th. Finally, Wall Street Zen downgraded shares of Westlake from a “hold” rating to a “sell” rating in a report on Sunday, May 3rd. One analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus 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.