Westlake Co. (NYSE:WLK) Shares Sold by Gulf International Bank UK Ltd

Gulf International Bank UK Ltd trimmed its position in Westlake Co. (NYSE:WLK) by 2.7% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,068 shares of the specialty chemicals company’s stock after selling 84 shares during the period. Gulf International Bank UK Ltd’s holdings in Westlake were worth $461,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in WLK. Capital World Investors increased its holdings in shares of Westlake by 1.7% in the first quarter. Capital World Investors now owns 1,334,579 shares of the specialty chemicals company’s stock valued at $203,924,000 after purchasing an additional 22,743 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in Westlake by 90.6% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 386,480 shares of the specialty chemicals company’s stock worth $58,084,000 after buying an additional 183,666 shares during the period. Merewether Investment Management LP raised its position in Westlake by 17.4% during the 2nd quarter. Merewether Investment Management LP now owns 223,366 shares of the specialty chemicals company’s stock worth $32,348,000 after buying an additional 33,100 shares during the last quarter. 1832 Asset Management L.P. acquired a new stake in Westlake during the 2nd quarter valued at approximately $27,179,000. Finally, Appian Way Asset Management LP purchased a new stake in shares of Westlake in the 1st quarter valued at $25,154,000. Hedge funds and other institutional investors own 28.40% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on WLK shares. Piper Sandler decreased their target price on shares of Westlake from $180.00 to $170.00 and set an “overweight” rating for the company in a research report on Thursday, September 5th. JPMorgan Chase & Co. boosted their price objective on Westlake from $123.00 to $135.00 and gave the company an “underweight” rating in a report on Thursday, August 15th. Barclays raised Westlake from an “equal weight” rating to an “overweight” rating and raised their target price for the stock from $162.00 to $180.00 in a report on Monday, September 30th. Mizuho assumed coverage on Westlake in a report on Thursday, August 8th. They issued an “outperform” rating and a $170.00 price target for the company. Finally, Bank of America raised shares of Westlake from an “underperform” rating to a “neutral” rating and raised their price objective for the stock from $151.00 to $159.00 in a research note on Wednesday, October 16th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Westlake presently has a consensus rating of “Hold” and an average price target of $162.92.

Westlake Trading Down 3.1 %

Shares of NYSE:WLK opened at $132.15 on Friday. The firm has a market capitalization of $16.99 billion, a price-to-earnings ratio of 186.13, a price-to-earnings-growth ratio of 1.91 and a beta of 1.19. The business’s 50 day moving average price is $140.27 and its 200-day moving average price is $146.09. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.79 and a quick ratio of 1.94. Westlake Co. has a 1 year low of $118.64 and a 1 year high of $162.64.

Westlake (NYSE:WLK) last released its earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.41 EPS for the quarter, missing analysts’ consensus estimates of $2.21 by ($0.80). The company had revenue of $3.12 billion for the quarter, compared to analysts’ expectations of $3.31 billion. Westlake had a return on equity of 6.93% and a net margin of 0.81%. The firm’s revenue for the quarter was up .1% on a year-over-year basis. During the same period in the prior year, the firm earned $2.20 EPS. On average, equities research analysts forecast that Westlake Co. will post 7.28 earnings per share for the current fiscal year.

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.