Westlake Co. (NYSE:WLK) Holdings Increased by Pictet Asset Management SA

Pictet Asset Management SA lifted its holdings in Westlake Co. (NYSE:WLKGet Rating) by 355.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,975 shares of the specialty chemicals company’s stock after purchasing an additional 8,564 shares during the period. Pictet Asset Management SA’s holdings in Westlake were worth $1,076,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in WLK. Federated Hermes Inc. grew its stake in shares of Westlake by 82.9% in the 1st quarter. Federated Hermes Inc. now owns 1,297,300 shares of the specialty chemicals company’s stock worth $160,087,000 after purchasing an additional 588,163 shares during the last quarter. First Trust Advisors LP grew its stake in shares of Westlake by 189.0% in the 1st quarter. First Trust Advisors LP now owns 802,507 shares of the specialty chemicals company’s stock worth $99,029,000 after purchasing an additional 524,828 shares during the last quarter. Cookson Peirce & Co. Inc. acquired a new position in shares of Westlake in the 2nd quarter worth approximately $12,461,000. Panagora Asset Management Inc. grew its stake in shares of Westlake by 177.0% in the 1st quarter. Panagora Asset Management Inc. now owns 177,045 shares of the specialty chemicals company’s stock worth $21,847,000 after purchasing an additional 113,138 shares during the last quarter. Finally, Bornite Capital Management LP acquired a new position in shares of Westlake in the 2nd quarter worth approximately $9,802,000. Institutional investors and hedge funds own 27.72% of the company’s stock.

Westlake Stock Performance

WLK stock opened at $106.67 on Wednesday. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.66 and a current ratio of 2.48. The stock has a market cap of $13.60 billion, a P/E ratio of 5.20, a P/E/G ratio of 2.95 and a beta of 1.21. The firm has a 50 day simple moving average of $94.60 and a 200 day simple moving average of $102.82. Westlake Co. has a 52 week low of $81.29 and a 52 week high of $141.19.

Westlake Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, December 9th. Investors of record on Friday, November 25th will be issued a dividend of $0.357 per share. This represents a $1.43 annualized dividend and a dividend yield of 1.34%. The ex-dividend date is Wednesday, November 23rd. Westlake’s dividend payout ratio is currently 6.97%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on WLK shares. Wells Fargo & Company set a $125.00 price objective on shares of Westlake in a research note on Thursday, November 17th. JPMorgan Chase & Co. downgraded shares of Westlake from an “overweight” rating to a “neutral” rating and dropped their target price for the stock from $135.00 to $109.00 in a research report on Tuesday, November 15th. Royal Bank of Canada lifted their target price on shares of Westlake from $107.00 to $113.00 and gave the stock an “outperform” rating in a research report on Monday, November 7th. Piper Sandler dropped their target price on shares of Westlake from $115.00 to $110.00 and set a “neutral” rating on the stock in a research report on Monday, October 10th. Finally, Morgan Stanley dropped their target price on shares of Westlake from $115.00 to $110.00 and set an “equal weight” rating on the stock in a research report on Monday, November 7th. Three analysts have rated the stock with a sell rating, eight have given a hold rating and four have given a buy rating to the company. According to MarketBeat.com, Westlake presently has a consensus rating of “Hold” and a consensus target price of $110.86.

Insider Buying and Selling

In related news, CAO Johnathan Stevan Zoeller sold 542 shares of the firm’s stock in a transaction that occurred 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 directly 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 the SEC website. 73.80% of the stock is currently owned by corporate insiders.

About Westlake

(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.

Further Reading

Want to see what other hedge funds are holding WLK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Westlake Co. (NYSE:WLKGet Rating).

Institutional Ownership by Quarter for Westlake (NYSE:WLK)

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.