Synovus Financial Corp Increases Stock Holdings in Westlake Co. (NYSE:WLK)

Synovus Financial Corp lifted its stake in shares of Westlake Co. (NYSE:WLKGet Rating) by 4.0% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 2,681 shares of the specialty chemicals company’s stock after acquiring an additional 102 shares during the period. Synovus Financial Corp’s holdings in Westlake were worth $258,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Mount Lucas Management LP purchased a new stake in shares of Westlake during the 2nd quarter valued at about $450,000. Mitsubishi UFJ Trust & Banking Corp raised its holdings in shares of Westlake by 128.8% during the 2nd quarter. Mitsubishi UFJ Trust & Banking Corp now owns 23,738 shares of the specialty chemicals company’s stock valued at $2,327,000 after buying an additional 13,362 shares during the period. Swiss National Bank raised its holdings in shares of Westlake by 84.1% during the 2nd quarter. Swiss National Bank now owns 166,800 shares of the specialty chemicals company’s stock valued at $16,350,000 after buying an additional 76,200 shares during the period. Pictet Asset Management SA increased its holdings in Westlake by 355.2% during the 2nd quarter. Pictet Asset Management SA now owns 10,975 shares of the specialty chemicals company’s stock worth $1,076,000 after purchasing an additional 8,564 shares during the last quarter. Finally, Lazard Asset Management LLC increased its holdings in Westlake by 109.5% during the 2nd quarter. Lazard Asset Management LLC now owns 32,136 shares of the specialty chemicals company’s stock worth $3,149,000 after purchasing an additional 16,795 shares during the last quarter. 27.72% of the stock is currently owned by hedge funds and other institutional investors.

Westlake Trading Up 0.2 %

NYSE:WLK opened at $104.43 on Monday. Westlake Co. has a 12-month low of $81.29 and a 12-month high of $141.19. The firm has a market capitalization of $13.32 billion, a P/E ratio of 5.09, a P/E/G ratio of 3.00 and a beta of 1.21. The company has a debt-to-equity ratio of 0.47, a current ratio of 2.48 and a quick ratio of 1.66. The business has a 50 day simple moving average of $94.32 and a 200 day simple moving average of $103.29.

Westlake Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 9th. Investors of record on Friday, November 25th will be given a dividend of $0.357 per share. The ex-dividend date is Wednesday, November 23rd. This represents a $1.43 dividend on an annualized basis and a yield of 1.37%. Westlake’s dividend payout ratio is currently 6.97%.

Insider Activity at Westlake

In related news, CAO Johnathan Stevan Zoeller sold 542 shares of the business’s stock in a transaction that occurred on Friday, August 26th. The stock was sold at an average price of $107.08, for a total transaction of $58,037.36. Following the completion of the transaction, the chief accounting officer now owns 543 shares in the company, valued at approximately $58,144.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 73.80% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on WLK shares. StockNews.com downgraded Westlake from a “buy” rating to a “hold” rating in a report on Sunday, November 6th. Bank of America dropped their price objective on Westlake from $130.00 to $120.00 in a report on Tuesday, October 11th. Scotiabank downgraded Westlake from a “sector perform” rating to a “sector underperform” rating in a report on Monday, November 7th. The Goldman Sachs Group started coverage on Westlake in a report on Thursday, October 13th. They set a “neutral” rating and a $93.00 price objective on the stock. Finally, Piper Sandler dropped their price objective on Westlake from $115.00 to $110.00 and set a “neutral” rating on the stock in a report on Monday, October 10th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $110.86.

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.

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Institutional Ownership by Quarter for Westlake (NYSE:WLK)

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