Truist Financial Corp Increases Stake in Westlake Co. (NYSE:WLK)

Truist Financial Corp boosted its holdings in shares of Westlake Co. (NYSE:WLKGet Rating) by 68.6% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 21,661 shares of the specialty chemicals company’s stock after purchasing an additional 8,814 shares during the quarter. Truist Financial Corp’s holdings in Westlake were worth $1,881,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the business. Wipfli Financial Advisors LLC purchased a new position in Westlake during the 3rd quarter worth approximately $50,000. Denali Advisors LLC raised its position in Westlake by 35.6% during the 3rd quarter. Denali Advisors LLC now owns 6,300 shares of the specialty chemicals company’s stock worth $547,000 after buying an additional 1,654 shares during the last quarter. Thompson Siegel & Walmsley LLC raised its position in Westlake by 4.2% during the 3rd quarter. Thompson Siegel & Walmsley LLC now owns 27,857 shares of the specialty chemicals company’s stock worth $2,420,000 after buying an additional 1,119 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its position in Westlake by 2.8% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 110,626 shares of the specialty chemicals company’s stock worth $9,611,000 after buying an additional 3,027 shares during the last quarter. Finally, CFO4Life Group LLC raised its position in Westlake by 15.7% during the 3rd quarter. CFO4Life Group LLC now owns 6,398 shares of the specialty chemicals company’s stock worth $556,000 after buying an additional 870 shares during the last quarter. 26.79% of the stock is owned by hedge funds and other institutional investors.

Westlake Trading Down 0.1 %

Shares of WLK opened at $114.39 on Tuesday. Westlake Co. has a 52-week low of $81.29 and a 52-week high of $141.19. The company has a quick ratio of 1.66, a current ratio of 2.48 and a debt-to-equity ratio of 0.47. The firm’s fifty day moving average is $106.23 and its two-hundred day moving average is $99.14. The stock has a market cap of $14.59 billion, a PE ratio of 5.58 and a beta of 1.20.

Westlake (NYSE:WLKGet Rating) last announced its earnings results on Thursday, November 3rd. The specialty chemicals company reported $3.10 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.47 by ($1.37). Westlake had a return on equity of 28.03% and a net margin of 16.62%. The business had revenue of $3.96 billion for the quarter, compared to analyst estimates of $4.16 billion. Research analysts forecast that Westlake Co. will post 18.61 earnings per share for the current fiscal year.

Westlake Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, December 9th. Shareholders of record on Friday, November 25th were paid a dividend of $0.357 per share. The ex-dividend date was Wednesday, November 23rd. This represents a $1.43 annualized dividend and a yield of 1.25%. Westlake’s dividend payout ratio (DPR) is presently 6.97%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on WLK. UBS Group lifted their target price on shares of Westlake from $95.00 to $115.00 and gave the company a “neutral” rating in a report on Wednesday, January 11th. Scotiabank lowered shares of Westlake from a “sector perform” rating to a “sector underperform” rating in a report on Monday, November 7th. The Goldman Sachs Group lifted their target price on shares of Westlake from $100.00 to $114.00 and gave the company a “neutral” rating in a report on Thursday, December 15th. Royal Bank of Canada lifted their target price on shares of Westlake from $107.00 to $113.00 and gave the company an “outperform” rating in a report on Monday, November 7th. Finally, Piper Sandler cut their target price on shares of Westlake from $115.00 to $110.00 and set a “neutral” rating for the company in a report on Monday, October 10th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $113.64.

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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