CHURCHILL MANAGEMENT Corp Invests $4.39 Million in Westlake Co. (NYSE:WLK)

CHURCHILL MANAGEMENT Corp purchased a new position in shares of Westlake Co. (NYSE:WLKGet Rating) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 35,583 shares of the specialty chemicals company’s stock, valued at approximately $4,391,000.

Other large investors have also recently made changes to their positions in the company. National Bank of Canada FI purchased a new stake in shares of Westlake during the 4th quarter worth approximately $29,000. Spire Wealth Management purchased a new stake in shares of Westlake during the 4th quarter worth approximately $32,000. Wahed Invest LLC purchased a new stake in shares of Westlake during the 4th quarter worth approximately $38,000. FourThought Financial LLC purchased a new stake in shares of Westlake during the 4th quarter worth approximately $43,000. Finally, Retirement Planning Co of New England Inc. purchased a new stake in shares of Westlake during the 4th quarter worth approximately $46,000.

In related news, EVP Robert F. Buesinger sold 14,427 shares of the stock in a transaction on Friday, May 27th. The stock was sold at an average price of $129.47, for a total value of $1,867,863.69. Following the completion of the sale, the executive vice president now directly owns 11,780 shares in the company, valued at approximately $1,525,156.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Albert Chao sold 37,876 shares of the stock in a transaction on Thursday, May 19th. The shares were sold at an average price of $130.38, for a total value of $4,938,272.88. Following the completion of the sale, the chief executive officer now owns 472,983 shares of the company’s stock, valued at $61,667,523.54. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 101,614 shares of company stock valued at $13,249,339. Insiders own 73.80% of the company’s stock.

A number of equities research analysts recently issued reports on the company. Wells Fargo & Company reduced their target price on Westlake from $162.00 to $150.00 and set an “overweight” rating on the stock in a research note on Tuesday. Citigroup lowered Westlake from a “buy” rating to a “neutral” rating and reduced their target price for the company from $160.00 to $114.00 in a research note on Friday, June 17th. Royal Bank of Canada upped their target price on Westlake from $128.00 to $155.00 and gave the company an “outperform” rating in a research note on Tuesday, April 5th. Piper Sandler upped their target price on Westlake from $122.00 to $147.00 and gave the company an “overweight” rating in a research note on Monday, May 23rd. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Westlake from $135.00 to $148.00 in a research note on Monday, May 16th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $137.91.

WLK stock opened at $96.32 on Thursday. The company has a market cap of $12.36 billion, a price-to-earnings ratio of 4.93, a PEG ratio of 0.14 and a beta of 1.18. The company has a quick ratio of 1.38, a current ratio of 2.12 and a debt-to-equity ratio of 0.53. The business has a fifty day simple moving average of $125.84 and a 200-day simple moving average of $113.51. Westlake Co. has a 52 week low of $78.06 and a 52 week high of $141.19.

Westlake (NYSE:WLKGet Rating) last released its quarterly earnings data on Tuesday, May 3rd. The specialty chemicals company reported $5.83 EPS for the quarter, topping analysts’ consensus estimates of $4.70 by $1.13. The business had revenue of $4.06 billion during the quarter, compared to the consensus estimate of $3.46 billion. Westlake had a return on equity of 30.67% and a net margin of 18.76%. The business’s revenue for the quarter was up 72.1% on a year-over-year basis. During the same period in the prior year, the firm posted $1.87 EPS. As a group, analysts expect that Westlake Co. will post 22.44 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 7th. Stockholders of record on Monday, May 23rd were issued a dividend of $0.2975 per share. The ex-dividend date of this dividend was Friday, May 20th. This represents a $1.19 dividend on an annualized basis and a dividend yield of 1.24%. Westlake’s payout ratio is 6.09%.

Westlake Company Profile (Get Rating)

Westlake Corporation manufactures and supplies petrochemicals, polymers, and building products worldwide. It operates through two segments, Performance and Essential Materials; and Housing and Infrastructure Products. The Performance and Essential Materials segment manufactures and markets polyethylene, styrene monomer, ethylene co-products, PVC, VCM, ethylene dichloride chlor-alkali, and chlorinated derivative products.

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Institutional Ownership by Quarter for Westlake (NYSE:WLK)

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