Neuberger Berman Group LLC Sells 4,136 Shares of Westlake Co. (NYSE:WLK)

Neuberger Berman Group LLC lessened its position in Westlake Co. (NYSE:WLKFree Report) by 26.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 11,622 shares of the specialty chemicals company’s stock after selling 4,136 shares during the quarter. Neuberger Berman Group LLC’s holdings in Westlake were worth $1,627,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. CVA Family Office LLC bought a new position in shares of Westlake during the 4th quarter worth about $25,000. Venturi Wealth Management LLC increased its holdings in shares of Westlake by 51.3% during the 4th quarter. Venturi Wealth Management LLC now owns 236 shares of the specialty chemicals company’s stock worth $33,000 after purchasing an additional 80 shares during the period. GAMMA Investing LLC bought a new position in shares of Westlake during the 4th quarter worth about $37,000. Planned Solutions Inc. bought a new position in shares of Westlake during the 4th quarter worth about $87,000. Finally, Astoria Portfolio Advisors LLC. bought a new position in shares of Westlake during the 4th quarter worth about $202,000. Institutional investors own 28.40% of the company’s stock.

Insider Buying and Selling at Westlake

In other Westlake news, EVP Robert F. Buesinger sold 3,878 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $144.50, for a total value of $560,371.00. Following the completion of the sale, the executive vice president now owns 21,144 shares of the company’s stock, valued at $3,055,308. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Robert F. Buesinger sold 3,878 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $144.50, for a total value of $560,371.00. Following the completion of the transaction, the executive vice president now owns 21,144 shares in the company, valued at $3,055,308. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Mark Steven Bender sold 4,950 shares of the company’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $152.19, for a total transaction of $753,340.50. Following the completion of the transaction, the chief financial officer now owns 40,356 shares of the company’s stock, valued at approximately $6,141,779.64. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 8,950 shares of company stock valued at $1,331,341. Corporate insiders own 1.30% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently weighed in on WLK. Wells Fargo & Company lifted their target price on shares of Westlake from $150.00 to $180.00 and gave the company an “overweight” rating in a research report on Wednesday, April 3rd. Vertical Research lowered shares of Westlake from a “buy” rating to a “hold” rating and set a $154.00 target price on the stock. in a research report on Monday, April 8th. Piper Sandler lifted their target price on shares of Westlake from $160.00 to $180.00 and gave the company an “overweight” rating in a research report on Tuesday, May 7th. Royal Bank of Canada lifted their target price on shares of Westlake from $134.00 to $153.00 and gave the company a “sector perform” rating in a research report on Friday, April 19th. Finally, Bank of America upgraded shares of Westlake from a “hold” rating to a “buy” rating and boosted their price target for the company from $138.00 to $174.00 in a research report on Thursday, April 18th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $151.00.

View Our Latest Report on WLK

Westlake Trading Down 1.8 %

WLK opened at $150.29 on Tuesday. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.46 and a quick ratio of 1.83. The company has a market cap of $19.32 billion, a price-to-earnings ratio of 75.52, a price-to-earnings-growth ratio of 1.93 and a beta of 1.26. The firm has a 50 day simple moving average of $154.76 and a 200 day simple moving average of $144.79. Westlake Co. has a fifty-two week low of $107.34 and a fifty-two week high of $162.64.

Westlake (NYSE:WLKGet Free Report) last posted its quarterly earnings results on Wednesday, May 1st. The specialty chemicals company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.25. The business had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $2.93 billion. Westlake had a net margin of 2.13% and a return on equity of 7.69%. Westlake’s revenue for the quarter was down 11.4% compared to the same quarter last year. During the same period in the previous year, the firm posted $3.05 earnings per share. On average, sell-side analysts anticipate that Westlake Co. will post 6.59 earnings per share for the current year.

Westlake Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Tuesday, May 21st were paid a $0.50 dividend. This represents a $2.00 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend was Monday, May 20th. Westlake’s payout ratio is presently 100.50%.

Westlake Profile

(Free Report)

Westlake Corporation engages in the manufacture and marketing of performance and essential materials, and housing and infrastructure products in the United States, Canada, Germany, China, Mexico, Brazil, France, Italy, Taiwan, and internationally. The company operates through two segments: Performance and Essential Materials and Housing and Infrastructure Products.

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Institutional Ownership by Quarter for Westlake (NYSE:WLK)

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