Steward Partners Investment Advisory LLC Makes New $36,000 Investment in Westlake Co. (NYSE:WLK)

Steward Partners Investment Advisory LLC purchased a new position in shares of Westlake Co. (NYSE:WLKGet Rating) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 288 shares of the specialty chemicals company’s stock, valued at approximately $36,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Soroban Capital Partners LP bought a new stake in shares of Westlake during the 4th quarter worth approximately $115,498,000. Acadian Asset Management LLC lifted its holdings in shares of Westlake by 47.1% during the 4th quarter. Acadian Asset Management LLC now owns 964,859 shares of the specialty chemicals company’s stock worth $93,699,000 after acquiring an additional 308,896 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Westlake by 19.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 766,261 shares of the specialty chemicals company’s stock worth $74,427,000 after acquiring an additional 124,587 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Westlake by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 411,552 shares of the specialty chemicals company’s stock worth $39,974,000 after acquiring an additional 12,682 shares during the period. Finally, Lazard Asset Management LLC lifted its holdings in shares of Westlake by 11,632.1% during the 4th quarter. Lazard Asset Management LLC now owns 356,187 shares of the specialty chemicals company’s stock worth $34,595,000 after acquiring an additional 353,151 shares during the period.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Wells Fargo & Company dropped their price objective on shares of Westlake from $162.00 to $150.00 and set an “overweight” rating for the company in a research note on Tuesday, June 21st. Piper Sandler downgraded shares of Westlake from an “overweight” rating to a “neutral” rating and dropped their price objective for the company from $147.00 to $115.00 in a research note on Monday, July 25th. Barclays dropped their price objective on shares of Westlake from $150.00 to $120.00 and set an “equal weight” rating for the company in a research note on Monday, July 11th. Citigroup downgraded shares of Westlake from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $160.00 to $114.00 in a research note on Friday, June 17th. Finally, BMO Capital Markets raised their price target on shares of Westlake from $140.00 to $153.00 in a research note on Wednesday, May 4th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have assigned a buy rating to the stock. According to MarketBeat, Westlake has a consensus rating of “Hold” and an average price target of $132.55.

Insider Transactions at Westlake

In other news, 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 transaction of $4,938,272.88. Following the completion of the sale, the chief executive officer now directly owns 472,983 shares in the company, valued at $61,667,523.54. The transaction was disclosed in a filing with the SEC, which is available at this link. In other news, COO Roger L. Kearns sold 8,388 shares of Westlake stock in a transaction dated Tuesday, May 17th. The shares were sold at an average price of $136.24, for a total transaction of $1,142,781.12. Following the completion of the transaction, the chief operating officer now directly owns 26,389 shares in the company, valued at $3,595,237.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Albert Chao sold 37,876 shares of Westlake stock in a transaction dated Thursday, May 19th. The shares were sold at an average price of $130.38, for a total transaction of $4,938,272.88. Following the transaction, 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. Insiders sold a total of 60,691 shares of company stock worth $7,948,918 over the last three months. 73.70% of the stock is owned by company insiders.

Westlake Trading Down 1.6 %

WLK opened at $92.96 on Friday. Westlake Co. has a twelve month low of $79.88 and a twelve month high of $141.19. 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 company has a fifty day moving average of $104.64 and a 200-day moving average of $113.05. The stock has a market cap of $11.93 billion, a PE ratio of 4.21, a price-to-earnings-growth ratio of 0.13 and a beta of 1.22.

Westlake (NYSE:WLKGet Rating) last posted its quarterly earnings data on Tuesday, May 3rd. The specialty chemicals company reported $5.83 earnings per share for the quarter, topping the consensus estimate of $4.70 by $1.13. Westlake had a net margin of 18.97% and a return on equity of 33.51%. The company had revenue of $4.06 billion during the quarter, compared to analysts’ expectations of $3.46 billion. During the same period in the prior year, the company posted $1.87 earnings per share. Westlake’s revenue for the quarter was up 72.1% compared to the same quarter last year. On average, sell-side analysts predict that Westlake Co. will post 21.94 EPS for the current year.

Westlake Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 7th. Stockholders of record on Monday, May 23rd were given a dividend of $0.2975 per share. This represents a $1.19 annualized dividend and a dividend yield of 1.28%. The ex-dividend date was Friday, May 20th. Westlake’s dividend payout ratio (DPR) is presently 5.38%.

Westlake 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.

Read More

Institutional Ownership by Quarter for Westlake (NYSE:WLK)

Want More Great Investing Ideas?

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.