Teachers Retirement System of The State of Kentucky Invests $6.98 Million in Westlake Co. (NYSE:WLK)

Teachers Retirement System of The State of Kentucky purchased a new position in Westlake Co. (NYSE:WLKGet Rating) during the 1st quarter, HoldingsChannel.com reports. The firm purchased 56,567 shares of the specialty chemicals company’s stock, valued at approximately $6,980,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of WLK. Allworth Financial LP purchased a new stake in shares of Westlake in the first quarter worth approximately $27,000. Worth Asset Management LLC purchased a new stake in shares of Westlake in the first quarter worth approximately $28,000. Steward Partners Investment Advisory LLC purchased a new stake in shares of Westlake in the first quarter worth approximately $36,000. Signaturefd LLC raised its holdings in shares of Westlake by 113.4% in the first quarter. Signaturefd LLC now owns 303 shares of the specialty chemicals company’s stock worth $37,000 after buying an additional 161 shares during the period. Finally, Wahed Invest LLC purchased a new stake in shares of Westlake in the fourth quarter worth approximately $38,000. 27.72% of the stock is currently owned by hedge funds and other institutional investors.

Westlake Stock Down 3.2 %

Westlake stock opened at $90.85 on Friday. The company has a debt-to-equity ratio of 0.49, a current ratio of 2.39 and a quick ratio of 1.59. The stock has a market capitalization of $11.66 billion, a price-to-earnings ratio of 4.11, a PEG ratio of 2.27 and a beta of 1.21. Westlake Co. has a 1-year low of $80.47 and a 1-year high of $141.19. The business has a fifty day moving average price of $97.81 and a 200-day moving average price of $112.35.

Westlake Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 6th. Stockholders of record on Monday, August 22nd were given a $0.357 dividend. This is a boost from Westlake’s previous quarterly dividend of $0.30. The ex-dividend date of this dividend was Friday, August 19th. This represents a $1.43 dividend on an annualized basis and a dividend yield of 1.57%. Westlake’s dividend payout ratio (DPR) is presently 6.47%.

Analyst Ratings Changes

Several brokerages recently issued reports on WLK. UBS Group dropped their price objective on Westlake from $117.00 to $92.00 and set a “sell” rating on the stock in a research note on Wednesday, July 13th. Scotiabank reissued a “sector perform” rating on shares of Westlake in a research note on Tuesday, August 2nd. JPMorgan Chase & Co. raised Westlake from a “neutral” rating to an “overweight” rating and set a $135.00 price objective on the stock in a research note on Wednesday, August 17th. Morgan Stanley dropped their price objective on Westlake from $120.00 to $115.00 and set an “equal weight” rating on the stock in a research note on Monday, August 8th. Finally, Bank of America dropped their price objective on Westlake from $167.00 to $147.00 and set a “buy” rating on the stock in a research note on Tuesday, June 14th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat.com, Westlake presently has an average rating of “Hold” and a consensus target price of $123.86.

Insider Transactions at Westlake

In other news, CAO Johnathan Stevan Zoeller sold 542 shares of the firm’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $107.08, for a total value of $58,037.36. Following the completion of the sale, the chief accounting officer now owns 543 shares of the company’s stock, valued at approximately $58,144.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 73.70% of the company’s stock.

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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