Wedge Capital Management L L P NC Has $5.40 Million Stake in Westlake Co. (NYSE:WLK)

Wedge Capital Management L L P NC cut its position in Westlake Co. (NYSE:WLKGet Rating) by 16.8% in the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 55,056 shares of the specialty chemicals company’s stock after selling 11,113 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Westlake were worth $5,397,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. HighTower Advisors LLC acquired a new position in Westlake during the fourth quarter valued at approximately $215,000. Teacher Retirement System of Texas raised its holdings in shares of Westlake by 20.0% during the 4th quarter. Teacher Retirement System of Texas now owns 7,421 shares of the specialty chemicals company’s stock worth $721,000 after buying an additional 1,239 shares in the last quarter. Rhumbline Advisers lifted its position in shares of Westlake by 2.5% during the 4th quarter. Rhumbline Advisers now owns 32,303 shares of the specialty chemicals company’s stock worth $3,138,000 after buying an additional 798 shares during the last quarter. abrdn plc acquired a new stake in Westlake in the fourth quarter valued at about $220,000. Finally, Charles Schwab Investment Management Inc. grew its position in Westlake by 3.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 297,734 shares of the specialty chemicals company’s stock valued at $28,919,000 after acquiring an additional 8,545 shares during the last quarter. Institutional investors own 27.72% of the company’s stock.

Westlake Price Performance

Shares of NYSE WLK opened at $89.25 on Wednesday. The firm has a market capitalization of $11.45 billion, a P/E ratio of 4.04, a P/E/G ratio of 2.24 and a beta of 1.21. The firm’s 50-day moving average price is $97.60 and its 200-day moving average price is $112.05. The company has a current ratio of 2.39, a quick ratio of 1.59 and a debt-to-equity ratio of 0.49. Westlake Co. has a 1-year low of $80.56 and a 1-year high of $141.19.

Westlake Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 6th. Shareholders of record on Monday, August 22nd were paid a $0.357 dividend. This represents a $1.43 dividend on an annualized basis and a yield of 1.60%. The ex-dividend date of this dividend was Friday, August 19th. This is a boost from Westlake’s previous quarterly dividend of $0.30. Westlake’s dividend payout ratio (DPR) is 6.47%.

Insider Transactions at Westlake

In other Westlake news, CAO Johnathan Stevan Zoeller sold 542 shares of the company’s stock in a transaction on Friday, August 26th. The shares were sold at an average price of $107.08, for a total transaction of $58,037.36. Following the transaction, the chief accounting officer now owns 543 shares in the company, valued at $58,144.44. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 73.80% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms have recently weighed in on WLK. Bank of America reduced their price target on shares of Westlake from $167.00 to $147.00 and set a “buy” rating on the stock in a research note on Tuesday, June 14th. Piper Sandler cut shares of Westlake from an “overweight” rating to a “neutral” rating and decreased their target price for the stock from $147.00 to $115.00 in a research note on Monday, July 25th. Barclays dropped their price target on Westlake from $120.00 to $112.00 and set an “equal weight” rating for the company in a research note on Monday, August 8th. Credit Suisse Group initiated coverage on Westlake in a research report on Tuesday, September 6th. They set an “outperform” rating and a $120.00 price objective on the stock. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on Westlake from $120.00 to $115.00 and set a “buy” rating for the company in a research report on Wednesday, September 14th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $123.86.

About Westlake

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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.

See Also

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Institutional Ownership by Quarter for Westlake (NYSE:WLK)

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