Walleye Capital LLC Has $488,000 Holdings in Westlake Co. (NYSE:WLK)

Walleye Capital LLC cut its position in Westlake Co. (NYSE:WLKGet Rating) by 37.3% during the first quarter, Holdings Channel.com reports. The institutional investor owned 3,956 shares of the specialty chemicals company’s stock after selling 2,355 shares during the quarter. Walleye Capital LLC’s holdings in Westlake were worth $488,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. State of Alaska Department of Revenue lifted its position in shares of Westlake by 7.3% during the first quarter. State of Alaska Department of Revenue now owns 3,696 shares of the specialty chemicals company’s stock worth $456,000 after purchasing an additional 252 shares in the last quarter. Signaturefd LLC lifted its position in shares of Westlake by 113.4% during the first quarter. Signaturefd LLC now owns 303 shares of the specialty chemicals company’s stock worth $37,000 after purchasing an additional 161 shares in the last quarter. Sandler Capital Management acquired a new position in shares of Westlake during the fourth quarter worth approximately $7,770,000. FORA Capital LLC acquired a new position in shares of Westlake during the first quarter worth approximately $1,005,000. Finally, Scopus Asset Management L.P. lifted its position in shares of Westlake by 5.1% during the fourth quarter. Scopus Asset Management L.P. now owns 241,750 shares of the specialty chemicals company’s stock worth $23,481,000 after purchasing an additional 11,750 shares in the last quarter. 27.72% of the stock is currently owned by institutional investors and hedge funds.

Westlake Stock Down 0.9 %

Shares of WLK stock opened at $85.75 on Friday. The firm has a fifty day moving average of $97.36 and a 200-day moving average of $111.70. The company has a quick ratio of 1.59, a current ratio of 2.39 and a debt-to-equity ratio of 0.49. Westlake Co. has a 12-month low of $84.65 and a 12-month high of $141.19. The company has a market capitalization of $11.00 billion, a price-to-earnings ratio of 3.88, a P/E/G ratio of 2.16 and a beta of 1.21.

Westlake Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 6th. Stockholders of record on Monday, August 22nd were given a dividend of $0.357 per share. This is an increase 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 annualized dividend and a dividend yield of 1.67%. Westlake’s dividend payout ratio is currently 6.47%.

Insider Transactions at Westlake

In other news, CAO Johnathan Stevan Zoeller sold 542 shares of the 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 completion of the sale, the chief accounting officer now owns 543 shares of the company’s stock, valued at $58,144.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 73.70% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on WLK shares. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Westlake from $115.00 to $100.00 and set a “buy” rating on the stock in a research report on Wednesday. Citigroup dropped their price target on shares of Westlake from $114.00 to $106.00 in a research note on Monday, August 8th. Credit Suisse Group started coverage on shares of Westlake in a research note on Tuesday, September 6th. They set an “outperform” rating and a $120.00 price target for the company. JPMorgan Chase & Co. raised shares of Westlake from a “neutral” rating to an “overweight” rating and set a $135.00 price target for the company in a research note on Wednesday, August 17th. Finally, Bank of America dropped their price target on shares of Westlake from $167.00 to $147.00 and set a “buy” rating for the company in a research note on Tuesday, June 14th. Two research analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Westlake presently has an average rating of “Hold” and an average price target of $122.79.

Westlake Profile

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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.

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Institutional Ownership by Quarter for Westlake (NYSE:WLK)

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