Inspire Investing LLC increased its holdings in Westlake Co. (NYSE:WLK – Free Report) by 18.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,246 shares of the specialty chemicals company’s stock after purchasing an additional 343 shares during the period. Inspire Investing LLC’s holdings in Westlake were worth $258,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of WLK. Jacobs Levy Equity Management Inc. boosted its holdings in Westlake by 699.1% in the third quarter. Jacobs Levy Equity Management Inc. now owns 595,149 shares of the specialty chemicals company’s stock worth $89,445,000 after purchasing an additional 520,669 shares in the last quarter. Ilex Capital Partners UK LLP bought a new stake in Westlake during the third quarter valued at about $55,542,000. Allspring Global Investments Holdings LLC boosted its holdings in Westlake by 90.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 386,480 shares of the specialty chemicals company’s stock valued at $58,084,000 after acquiring an additional 183,666 shares during the period. Erste Asset Management GmbH bought a new stake in Westlake during the third quarter valued at about $19,718,000. Finally, Assenagon Asset Management S.A. bought a new stake in Westlake during the third quarter valued at about $15,295,000. 28.40% of the stock is currently owned by institutional investors.
Insider Transactions at Westlake
In other news, Director David Tsung-Hung Chao sold 1,750 shares of the firm’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $129.08, for a total transaction of $225,890.00. Following the completion of the sale, the director now owns 7,784 shares of the company’s stock, valued at approximately $1,004,758.72. This trade represents a 18.36 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 74.10% of the company’s stock.
Westlake Stock Performance
Westlake (NYSE:WLK – Get Free Report) 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). The business had revenue of $3.12 billion during the quarter, compared to analyst estimates of $3.31 billion. Westlake had a return on equity of 6.93% and a net margin of 0.81%. The business’s revenue for the quarter was up .1% on a year-over-year basis. During the same period last year, the company earned $2.20 EPS. Research analysts anticipate that Westlake Co. will post 6.57 earnings per share for the current fiscal year.
Westlake Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 12th. Stockholders of record on Tuesday, November 26th were issued a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 1.80%. The ex-dividend date was Tuesday, November 26th. Westlake’s payout ratio is 295.77%.
Analyst Ratings Changes
A number of equities research analysts have issued reports on the stock. StockNews.com upgraded shares of Westlake from a “sell” rating to a “hold” rating in a report on Tuesday, November 26th. Citigroup upgraded shares of Westlake from a “neutral” rating to a “buy” rating and decreased their price target for the company from $152.00 to $140.00 in a report on Wednesday, December 18th. BMO Capital Markets decreased their price target on shares of Westlake from $171.00 to $165.00 and set a “market perform” rating for the company in a report on Wednesday, November 13th. Royal Bank of Canada cut their price objective on shares of Westlake from $170.00 to $167.00 and set an “outperform” rating for the company in a research report on Monday, November 11th. Finally, Truist Financial started coverage on shares of Westlake in a research report on Tuesday. They set a “buy” rating and a $168.00 price objective for the company. One research analyst has rated the stock with a sell rating, five have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $155.79.
Get Our Latest Stock Analysis on Westlake
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.
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