Westlake Co. (NYSE:WLK) Shares Sold by Comerica Bank

Comerica Bank lessened its holdings in shares of Westlake Co. (NYSE:WLKGet Rating) by 28.6% during the 1st quarter, HoldingsChannel reports. The firm owned 3,372 shares of the specialty chemicals company’s stock after selling 1,351 shares during the period. Comerica Bank’s holdings in Westlake were worth $439,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the business. Soroban Capital Partners LP acquired a new stake in Westlake during the 4th quarter worth $115,498,000. Acadian Asset Management LLC boosted its stake in Westlake by 47.1% during the 4th quarter. Acadian Asset Management LLC now owns 964,859 shares of the specialty chemicals company’s stock worth $93,699,000 after purchasing an additional 308,896 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in Westlake by 19.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 766,261 shares of the specialty chemicals company’s stock worth $74,427,000 after purchasing an additional 124,587 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in Westlake during the 4th quarter worth $40,506,000. Finally, Geode Capital Management LLC boosted its stake in Westlake by 3.2% during the 4th quarter. Geode Capital Management LLC now owns 411,552 shares of the specialty chemicals company’s stock worth $39,974,000 after purchasing an additional 12,682 shares during the last quarter.

Insiders Place Their Bets

In other Westlake news, CEO Albert Chao sold 37,876 shares of the business’s stock in a transaction dated Thursday, May 19th. The shares were sold at an average price of $130.38, for a total transaction of $4,938,272.88. Following the sale, the chief executive officer now directly owns 472,983 shares in the company, valued at $61,667,523.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Robert F. Buesinger sold 14,427 shares of the business’s stock in a transaction dated Friday, May 27th. The stock was sold at an average price of $129.47, for a total transaction of $1,867,863.69. Following the completion of the transaction, the executive vice president now directly owns 11,780 shares of the company’s stock, valued at $1,525,156.60. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Albert Chao sold 37,876 shares of the business’s stock in a transaction dated Thursday, May 19th. The stock was sold at an average price of $130.38, for a total value of $4,938,272.88. Following the transaction, the chief executive officer now directly owns 472,983 shares of the company’s stock, valued at $61,667,523.54. The disclosure for this sale can be found here. Insiders have sold 73,260 shares of company stock worth $9,706,190 over the last three months. Company insiders own 73.80% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on the stock. Wells Fargo & Company lowered their price target on shares of Westlake from $162.00 to $150.00 and set an “overweight” rating on the stock in a research report on Tuesday, June 21st. Bank of America lowered their price target on shares of Westlake from $167.00 to $147.00 and set a “buy” rating on the stock in a research report on Tuesday, June 14th. JPMorgan Chase & Co. cut shares of Westlake from an “overweight” rating to a “neutral” rating and boosted their price target for the company from $134.00 to $135.00 in a research report on Friday, June 3rd. Deutsche Bank Aktiengesellschaft boosted their price target on shares of Westlake from $135.00 to $148.00 in a research report on Monday, May 16th. Finally, UBS Group lowered their price target on shares of Westlake from $117.00 to $92.00 and set a “sell” rating on the stock in a research report on Wednesday, July 13th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat, Westlake currently has an average rating of “Hold” and a consensus price target of $132.55.

Westlake Stock Up 3.6 %

Shares of WLK opened at $97.34 on Friday. The company has a current ratio of 2.12, a quick ratio of 1.38 and a debt-to-equity ratio of 0.53. The firm has a market cap of $12.49 billion, a P/E ratio of 4.98, a price-to-earnings-growth ratio of 0.13 and a beta of 1.30. The company’s 50-day moving average price is $107.16 and its 200 day moving average price is $113.42. Westlake Co. has a 12-month low of $79.88 and a 12-month high of $141.19.

Westlake (NYSE:WLKGet Rating) last issued its quarterly earnings results on Tuesday, May 3rd. The specialty chemicals company reported $5.83 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.70 by $1.13. The company had revenue of $4.06 billion for the quarter, compared to analyst estimates of $3.46 billion. Westlake had a net margin of 18.76% and a return on equity of 30.67%. The business’s revenue for the quarter was up 72.1% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.87 earnings per share. On average, sell-side analysts forecast that Westlake Co. will post 22.1 earnings per share for the current year.

Westlake Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 7th. Shareholders of record on Monday, May 23rd were paid a dividend of $0.2975 per share. The ex-dividend date of this dividend was Friday, May 20th. This represents a $1.19 dividend on an annualized basis and a yield of 1.22%. Westlake’s dividend payout ratio (DPR) is presently 6.09%.

Westlake Profile

(Get Rating)

Westlake Corporation manufactures and supplies petrochemicals, polymers, and building products worldwide. It operates through two segments, Performance and Essential Materials; and Housing and Infrastructure Products. The Performance and Essential Materials segment manufactures and markets polyethylene, styrene monomer, ethylene co-products, PVC, VCM, ethylene dichloride chlor-alkali, and chlorinated derivative products.

See Also

Want to see what other hedge funds are holding WLK? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Westlake Co. (NYSE:WLKGet Rating).

Institutional Ownership by Quarter for Westlake (NYSE:WLK)

Receive News & Ratings for Westlake Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Westlake and related companies with MarketBeat.com's FREE daily email newsletter.