Allspring Global Investments Holdings LLC Sells 21,230 Shares of Westlake Co. (NYSE:WLK)

Allspring Global Investments Holdings LLC reduced its stake in Westlake Co. (NYSE:WLK) by 9.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 213,649 shares of the specialty chemicals company’s stock after selling 21,230 shares during the period. Allspring Global Investments Holdings LLC owned about 0.17% of Westlake worth $32,646,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Venturi Wealth Management LLC boosted its position in Westlake by 51.3% in the fourth quarter. Venturi Wealth Management LLC now owns 236 shares of the specialty chemicals company’s stock valued at $33,000 after buying an additional 80 shares in the last quarter. Arizona State Retirement System boosted its holdings in shares of Westlake by 0.8% during the 4th quarter. Arizona State Retirement System now owns 10,528 shares of the specialty chemicals company’s stock valued at $1,473,000 after acquiring an additional 81 shares in the last quarter. Treasurer of the State of North Carolina grew its position in Westlake by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 17,569 shares of the specialty chemicals company’s stock worth $2,190,000 after acquiring an additional 83 shares during the last quarter. Gulf International Bank UK Ltd increased its holdings in Westlake by 2.6% in the 1st quarter. Gulf International Bank UK Ltd now owns 3,302 shares of the specialty chemicals company’s stock worth $504,000 after purchasing an additional 84 shares in the last quarter. Finally, Legacy Capital Group California Inc. raised its position in Westlake by 2.1% in the fourth quarter. Legacy Capital Group California Inc. now owns 4,256 shares of the specialty chemicals company’s stock valued at $596,000 after purchasing an additional 88 shares during the last quarter. 28.40% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

WLK has been the topic of several research reports. StockNews.com cut Westlake from a “hold” rating to a “sell” rating in a report on Friday, June 28th. Piper Sandler upped their price target 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. Wells Fargo & Company lifted their price target on shares of Westlake from $150.00 to $180.00 and gave the stock an “overweight” rating in a report on Wednesday, April 3rd. Bank of America upgraded Westlake from a “hold” rating to a “buy” rating and increased their price objective for the company from $138.00 to $174.00 in a report on Thursday, April 18th. Finally, Vertical Research downgraded Westlake from a “buy” rating to a “hold” rating and set a $154.00 target price on the stock. in a report on Monday, April 8th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $152.00.

Insider Buying and Selling

In other Westlake news, CFO Mark Steven Bender sold 4,950 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $152.19, for a total value of $753,340.50. Following the completion of the sale, the chief financial officer now owns 40,356 shares of the company’s stock, valued at $6,141,779.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.30% of the stock is owned by company insiders.

Westlake Price Performance

Westlake stock opened at $144.11 on Friday. The stock has a market capitalization of $18.53 billion, a price-to-earnings ratio of 72.42, a PEG ratio of 1.82 and a beta of 1.20. Westlake Co. has a 52-week low of $112.77 and a 52-week high of $162.64. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.83 and a current ratio of 2.46. The stock’s 50 day moving average price is $152.84 and its two-hundred day moving average price is $146.75.

Westlake (NYSE:WLK) last issued its earnings results on Wednesday, May 1st. The specialty chemicals company reported $1.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.09 by $0.25. Westlake had a net margin of 2.13% and a return on equity of 7.69%. The business had revenue of $2.98 billion for the quarter, compared to analyst estimates of $2.93 billion. During the same period in the prior year, the firm earned $3.05 earnings per share. Westlake’s revenue was down 11.4% on a year-over-year basis. On average, equities analysts predict that Westlake Co. will post 6.62 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. Investors of record on Tuesday, May 21st were given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.39%. The ex-dividend date was Monday, May 20th. Westlake’s payout ratio is 100.50%.

Westlake Profile

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.