Diversified Trust Co reduced its position in shares of Westlake Co. (NYSE:WLK – Get Rating) by 17.2% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,288 shares of the specialty chemicals company’s stock after selling 893 shares during the period. Diversified Trust Co’s holdings in Westlake were worth $420,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in WLK. Soroban Capital Partners LP purchased a new position in Westlake during the fourth quarter worth about $115,498,000. Federated Hermes Inc. grew its holdings in shares of Westlake by 82.9% in the 1st quarter. Federated Hermes Inc. now owns 1,297,300 shares of the specialty chemicals company’s stock worth $160,087,000 after acquiring an additional 588,163 shares during the period. First Trust Advisors LP increased its stake in Westlake by 189.0% in the 1st quarter. First Trust Advisors LP now owns 802,507 shares of the specialty chemicals company’s stock valued at $99,029,000 after purchasing an additional 524,828 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new position in Westlake in the 4th quarter valued at approximately $19,426,000. Finally, Pacer Advisors Inc. raised its holdings in Westlake by 190.8% during the first quarter. Pacer Advisors Inc. now owns 300,278 shares of the specialty chemicals company’s stock worth $37,054,000 after purchasing an additional 197,013 shares during the last quarter. 27.72% of the stock is owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of analysts have commented on WLK shares. Credit Suisse Group started coverage on Westlake in a research report on Tuesday, September 6th. They set an “outperform” rating and a $120.00 target price on the stock. Scotiabank reiterated a “sector perform” rating on shares of Westlake in a research report on Tuesday, August 2nd. JPMorgan Chase & Co. upgraded Westlake from a “neutral” rating to an “overweight” rating and set a $135.00 target price on the stock in a research report on Wednesday, August 17th. KeyCorp downgraded Westlake from a “sector weight” rating to an “underweight” rating and set a $90.00 target price on the stock. in a research report on Monday, August 29th. Finally, UBS Group decreased their target price on Westlake from $117.00 to $92.00 and set a “sell” rating on the stock in a research report on Wednesday, July 13th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, Westlake currently has a consensus rating of “Hold” and a consensus price target of $122.79.
Westlake Stock Performance
Westlake Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 6th. Investors of record on Monday, August 22nd were paid a $0.357 dividend. This is a positive change from Westlake’s previous quarterly dividend of $0.30. This represents a $1.43 annualized dividend and a yield of 1.67%. The ex-dividend date of this dividend was Friday, August 19th. Westlake’s dividend payout ratio is presently 6.47%.
Insider Activity at Westlake
In related news, CAO Johnathan Stevan Zoeller sold 542 shares of the company’s stock in a transaction on Friday, August 26th. The stock was sold at an average price of $107.08, for a total value of $58,037.36. Following the completion of the transaction, the chief accounting officer now directly owns 543 shares in the company, valued at $58,144.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 73.70% of the company’s stock.
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.
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