Westlake Co. (NYSE:WLK) Shares Purchased by Daiwa Securities Group Inc.

Daiwa Securities Group Inc. grew its position in shares of Westlake Co. (NYSE:WLK) by 11.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 3,024 shares of the specialty chemicals company’s stock after acquiring an additional 300 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Westlake were worth $454,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also modified their holdings of the company. Thrivent Financial for Lutherans raised its holdings in Westlake by 1.1% in the third quarter. Thrivent Financial for Lutherans now owns 7,855 shares of the specialty chemicals company’s stock valued at $1,181,000 after buying an additional 89 shares during the period. Oppenheimer & Co. Inc. raised its stake in shares of Westlake by 3.8% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 2,624 shares of the specialty chemicals company’s stock valued at $394,000 after acquiring an additional 97 shares during the period. DekaBank Deutsche Girozentrale lifted its holdings in shares of Westlake by 3.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 3,518 shares of the specialty chemicals company’s stock valued at $532,000 after acquiring an additional 116 shares in the last quarter. CIBC Asset Management Inc boosted its position in Westlake by 4.1% during the 3rd quarter. CIBC Asset Management Inc now owns 3,911 shares of the specialty chemicals company’s stock worth $588,000 after purchasing an additional 153 shares during the period. Finally, Louisiana State Employees Retirement System increased its holdings in Westlake by 2.2% in the 3rd quarter. Louisiana State Employees Retirement System now owns 9,300 shares of the specialty chemicals company’s stock valued at $1,398,000 after purchasing an additional 200 shares in the last quarter. 28.40% of the stock is owned by institutional investors and hedge funds.

Westlake Trading Down 0.1 %

Shares of NYSE WLK opened at $128.40 on Friday. The company has a quick ratio of 2.04, a current ratio of 2.79 and a debt-to-equity ratio of 0.41. The stock’s 50 day moving average price is $136.87 and its two-hundred day moving average price is $143.64. Westlake Co. has a 52-week low of $118.64 and a 52-week high of $162.64. The stock has a market capitalization of $16.53 billion, a P/E ratio of 180.99, a PEG ratio of 2.48 and a beta of 1.19.

Westlake (NYSE:WLK) last posted its quarterly earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.21 by ($0.80). Westlake had a net margin of 0.81% and a return on equity of 6.93%. The firm had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.31 billion. During the same period in the prior year, the company posted $2.20 earnings per share. The business’s revenue was up .1% on a year-over-year basis. On average, analysts anticipate that Westlake Co. will post 6.47 earnings per share for the current fiscal year.

Westlake Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 26th will be issued a $0.525 dividend. The ex-dividend date is Tuesday, November 26th. This represents a $2.10 dividend on an annualized basis and a yield of 1.64%. Westlake’s dividend payout ratio is currently 295.77%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on WLK. Royal Bank of Canada decreased their target price on Westlake from $170.00 to $167.00 and set an “outperform” rating for the company in a research report on Monday, November 11th. Wells Fargo & Company dropped their price objective on shares of Westlake from $180.00 to $160.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. StockNews.com upgraded shares of Westlake from a “sell” rating to a “hold” rating in a research note on Tuesday, November 26th. BMO Capital Markets dropped their price target on shares of Westlake from $171.00 to $165.00 and set a “market perform” rating on the stock in a research note on Wednesday, November 13th. Finally, Mizuho started coverage on shares of Westlake in a research report on Thursday, August 8th. They issued an “outperform” rating and a $170.00 price objective for the company. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $162.17.

Insider Buying and Selling at Westlake

In related news, Director David Tsung-Hung Chao sold 1,750 shares of Westlake stock in a transaction dated Friday, November 22nd. The shares were sold at an average price of $130.00, for a total value of $227,500.00. Following the sale, the director now directly owns 9,534 shares in the company, valued at $1,239,420. This trade represents a 15.51 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 74.10% of the stock is currently owned by insiders.

Westlake Company 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.