Neuberger Berman Group LLC Has $1.63 Million Stock Position in Westlake Co. (NYSE:WLK)

Neuberger Berman Group LLC cut its holdings in Westlake Co. (NYSE:WLKFree Report) by 26.2% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,622 shares of the specialty chemicals company’s stock after selling 4,136 shares during the period. Neuberger Berman Group LLC’s holdings in Westlake were worth $1,627,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in WLK. CVA Family Office LLC bought a new position in Westlake in the fourth quarter valued at $25,000. Venturi Wealth Management LLC grew its holdings in shares of Westlake by 51.3% in the 4th quarter. Venturi Wealth Management LLC now owns 236 shares of the specialty chemicals company’s stock valued at $33,000 after acquiring an additional 80 shares in the last quarter. GAMMA Investing LLC acquired a new stake in shares of Westlake in the fourth quarter valued at about $37,000. Planned Solutions Inc. bought a new stake in Westlake during the fourth quarter worth about $87,000. Finally, Harvest Fund Management Co. Ltd boosted its position in Westlake by 276.4% during the third quarter. Harvest Fund Management Co. Ltd now owns 1,035 shares of the specialty chemicals company’s stock valued at $129,000 after purchasing an additional 760 shares during the last quarter. Institutional investors own 28.40% of the company’s stock.

Westlake Stock Performance

NYSE:WLK opened at $158.56 on Monday. The stock has a 50 day simple moving average of $153.44 and a 200 day simple moving average of $142.35. The stock has a market cap of $20.39 billion, a P/E ratio of 79.68, a PEG ratio of 2.00 and a beta of 1.30. Westlake Co. has a 1-year low of $103.28 and a 1-year high of $162.64. The company has a current ratio of 2.46, a quick ratio of 1.83 and a debt-to-equity ratio of 0.42.

Westlake (NYSE:WLKGet Free Report) last posted its earnings results on Wednesday, May 1st. The specialty chemicals company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.25. Westlake had a return on equity of 7.69% and a net margin of 2.13%. The company had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same quarter last year, the firm earned $3.05 earnings per share. The company’s revenue was down 11.4% on a year-over-year basis. Research analysts anticipate that Westlake Co. will post 6.59 earnings per share for the current year.

Westlake Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 6th. Shareholders of record on Tuesday, May 21st will be issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.26%. The ex-dividend date is Monday, May 20th. Westlake’s dividend payout ratio is currently 100.50%.

Analysts Set New Price Targets

Several research analysts have weighed in on WLK shares. Deutsche Bank Aktiengesellschaft raised Westlake from a “hold” rating to a “buy” rating and boosted their price target for the stock from $138.00 to $174.00 in a research report on Thursday, April 18th. Wells Fargo & Company upped their price target on shares of Westlake from $150.00 to $180.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 3rd. Citigroup lifted their price objective on shares of Westlake from $140.00 to $162.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Piper Sandler boosted their price objective on shares of Westlake from $160.00 to $180.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 7th. Finally, Barclays raised their target price on shares of Westlake from $142.00 to $160.00 and gave the company an “equal weight” rating in a research note on Thursday, April 4th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $151.00.

Read Our Latest Stock Analysis on Westlake

Insiders Place Their Bets

In other news, CFO Mark Steven Bender sold 4,804 shares of Westlake stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $141.02, for a total value of $677,460.08. Following the completion of the sale, the chief financial officer now directly owns 45,306 shares in the company, valued at $6,389,052.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CFO Mark Steven Bender sold 4,804 shares of the firm’s stock in a transaction on Wednesday, March 6th. The stock was sold at an average price of $141.02, for a total value of $677,460.08. Following the transaction, the chief financial officer now owns 45,306 shares in the company, valued at $6,389,052.12. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Robert F. Buesinger sold 3,878 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $144.50, for a total value of $560,371.00. Following the completion of the transaction, the executive vice president now directly owns 21,144 shares of the company’s stock, valued at approximately $3,055,308. The disclosure for this sale can be found here. Insiders have sold a total of 13,754 shares of company stock worth $2,008,801 in the last quarter. Corporate insiders own 1.30% of the company’s stock.

Westlake Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Westlake (NYSE:WLK)

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