Bank of Nova Scotia Invests $255,000 in Westlake Co. (NYSE:WLK)

Bank of Nova Scotia acquired a new position in shares of Westlake Co. (NYSE:WLKFree Report) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 1,825 shares of the specialty chemicals company’s stock, valued at approximately $255,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of WLK. Oppenheimer & Co. Inc. lifted its stake in shares of Westlake by 10.9% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 3,083 shares of the specialty chemicals company’s stock worth $384,000 after acquiring an additional 303 shares during the period. Vanguard Personalized Indexing Management LLC boosted its position in shares of Westlake by 17.7% in the third quarter. Vanguard Personalized Indexing Management LLC now owns 5,981 shares of the specialty chemicals company’s stock worth $746,000 after acquiring an additional 900 shares during the last quarter. Pathstone Family Office LLC acquired a new stake in shares of Westlake in the third quarter worth approximately $208,000. HighTower Advisors LLC boosted its position in shares of Westlake by 14.4% in the third quarter. HighTower Advisors LLC now owns 2,852 shares of the specialty chemicals company’s stock worth $351,000 after acquiring an additional 358 shares during the last quarter. Finally, Deutsche Bank AG boosted its position in shares of Westlake by 0.8% in the third quarter. Deutsche Bank AG now owns 29,838 shares of the specialty chemicals company’s stock worth $3,720,000 after acquiring an additional 251 shares during the last quarter. Hedge funds and other institutional investors own 28.40% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. Vertical Research cut shares of Westlake from a “buy” rating to a “hold” rating and set a $154.00 target price on the stock. in a research report on Monday, April 8th. StockNews.com upgraded shares of Westlake from a “sell” rating to a “hold” rating in a research note on Tuesday, June 4th. Barclays boosted 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. Bank of America raised shares of Westlake from a “hold” rating to a “buy” rating and boosted their price target for the company from $138.00 to $174.00 in a report on Thursday, April 18th. Finally, Citigroup boosted their price target on shares of Westlake from $140.00 to $162.00 and gave the company a “neutral” rating in a report on Wednesday, April 10th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $151.00.

View Our Latest Report on Westlake

Insiders Place Their Bets

In other Westlake news, CFO Mark Steven Bender sold 4,950 shares of the business’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $152.19, for a total transaction of $753,340.50. Following the sale, the chief financial officer now owns 40,356 shares in the company, valued at approximately $6,141,779.64. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, EVP Robert F. Buesinger sold 3,878 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $144.50, for a total value of $560,371.00. Following the transaction, the executive vice president now owns 21,144 shares in the company, valued at approximately $3,055,308. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Mark Steven Bender sold 4,950 shares of the company’s stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $152.19, for a total value of $753,340.50. Following the completion of the transaction, the chief financial officer now owns 40,356 shares in the company, valued at approximately $6,141,779.64. The disclosure for this sale can be found here. In the last quarter, insiders have sold 8,950 shares of company stock worth $1,331,341. Company insiders own 74.10% of the company’s stock.

Westlake Price Performance

Shares of NYSE WLK opened at $153.01 on Monday. The firm has a 50-day moving average of $154.84 and a two-hundred day moving average of $144.63. The company has a current ratio of 2.46, a quick ratio of 1.83 and a debt-to-equity ratio of 0.42. The company has a market capitalization of $19.67 billion, a price-to-earnings ratio of 76.89, a PEG ratio of 1.93 and a beta of 1.26. Westlake Co. has a twelve month low of $107.34 and a twelve month high of $162.64.

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

Westlake Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 6th. Shareholders of record on Tuesday, May 21st were issued a dividend of $0.50 per share. The ex-dividend date was Monday, May 20th. This represents a $2.00 annualized dividend and a yield of 1.31%. Westlake’s payout ratio is presently 100.50%.

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.

See Also

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Institutional Ownership by Quarter for Westlake (NYSE:WLK)

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