2,171,324 Shares in Westlake Corporation $WLK Purchased by Capital World Investors

Capital World Investors purchased a new position in shares of Westlake Corporation (NYSE:WLK) during the 4th quarter, HoldingsChannel reports. The institutional investor purchased 2,171,324 shares of the specialty chemicals company’s stock, valued at approximately $160,548,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in WLK. Holocene Advisors LP boosted its holdings in Westlake by 440.1% during the third quarter. Holocene Advisors LP now owns 854,184 shares of the specialty chemicals company’s stock worth $65,823,000 after purchasing an additional 696,029 shares during the last quarter. Vanguard Group Inc. raised its position in Westlake by 13.9% in the fourth quarter. Vanguard Group Inc. now owns 3,917,329 shares of the specialty chemicals company’s stock worth $289,647,000 after acquiring an additional 477,698 shares during the period. Balyasny Asset Management L.P. raised its position in Westlake by 495.8% in the third quarter. Balyasny Asset Management L.P. now owns 475,743 shares of the specialty chemicals company’s stock worth $36,661,000 after acquiring an additional 395,896 shares during the period. Caisse de depot et placement du Quebec bought a new stake in Westlake in the third quarter worth about $28,383,000. Finally, Merewether Investment Management LP bought a new stake in Westlake in the third quarter worth about $20,683,000. 28.40% of the stock is currently owned by hedge funds and other institutional investors.

Westlake Stock Performance

NYSE WLK opened at $85.26 on Tuesday. The company’s 50 day moving average is $103.27 and its 200-day moving average is $92.56. Westlake Corporation has a 12-month low of $56.33 and a 12-month high of $124.23. The company has a quick ratio of 1.56, a current ratio of 2.17 and a debt-to-equity ratio of 0.56. The firm has a market cap of $10.92 billion, a P/E ratio of -6.71 and a beta of 0.58.

Westlake (NYSE:WLK) last posted its quarterly earnings results on Tuesday, May 5th. The specialty chemicals company reported ($0.77) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.10) by ($0.67). Westlake had a negative net margin of 14.91% and a negative return on equity of 1.89%. The business had revenue of $2.65 billion during the quarter, compared to the consensus estimate of $2.79 billion. During the same period last year, the firm earned ($0.31) EPS. The business’s revenue for the quarter was down 6.8% on a year-over-year basis. Sell-side analysts predict that Westlake Corporation will post 3.81 earnings per share for the current year.

Westlake Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 11th. Stockholders of record on Wednesday, May 27th will be given a $0.53 dividend. The ex-dividend date of this dividend is Wednesday, May 27th. This represents a $2.12 annualized dividend and a dividend yield of 2.5%. Westlake’s payout ratio is -16.69%.

Wall Street Analyst Weigh In

WLK has been the topic of several research reports. Mizuho lifted their price objective on shares of Westlake from $97.00 to $110.00 and gave the stock a “neutral” rating in a research report on Monday, March 23rd. Bank of America reaffirmed a “neutral” rating and issued a $119.00 price objective on shares of Westlake in a research report on Monday, April 6th. Truist Financial lifted their price objective on shares of Westlake from $117.00 to $127.00 and gave the stock a “buy” rating in a research report on Thursday, March 26th. Morgan Stanley set a $115.00 price objective on shares of Westlake and gave the stock an “equal weight” rating in a research report on Tuesday, May 5th. Finally, Royal Bank Of Canada lowered their price objective on shares of Westlake from $145.00 to $130.00 and set an “outperform” rating on the stock in a research report on Monday, May 11th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, ten have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $107.36.

About Westlake

Westlake Corp. is a global manufacturer of petrochemicals, polymers and building products, serving customers across industrial and residential markets. The company’s core operations encompass the production of vinyls—primarily polyvinyl chloride (PVC) and its key feedstock vinyl chloride monomer (VCM)—as well as chlor-alkali products including caustic soda and chlorine. In addition, Westlake produces ethylene, propylene and specialty elastomers, along with construction-related materials such as vinyl siding, trim, windows and roofing systems.

Operating a network of vertically integrated plants and distribution centers, Westlake serves markets in North America, Europe and Asia.