Seven Eight Capital LP Takes $854,000 Position in Westlake Co. (NYSE:WLK)

Seven Eight Capital LP acquired a new position in Westlake Co. (NYSE:WLKFree Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 6,103 shares of the specialty chemicals company’s stock, valued at approximately $854,000.

Several other large investors have also modified their holdings of WLK. FMR LLC lifted its position in Westlake by 2.1% during the 3rd quarter. FMR LLC now owns 4,630,975 shares of the specialty chemicals company’s stock worth $577,344,000 after acquiring an additional 96,152 shares during the last quarter. Capital World Investors boosted its stake in Westlake by 106.2% during the 4th quarter. Capital World Investors now owns 1,311,836 shares of the specialty chemicals company’s stock valued at $183,605,000 after purchasing an additional 675,725 shares during the period. Pacer Advisors Inc. boosted its stake in Westlake by 6.2% during the 4th quarter. Pacer Advisors Inc. now owns 1,142,590 shares of the specialty chemicals company’s stock valued at $159,917,000 after purchasing an additional 66,614 shares during the period. Norges Bank acquired a new stake in Westlake in the 4th quarter valued at approximately $50,961,000. Finally, Charles Schwab Investment Management Inc. increased its position in Westlake by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 352,924 shares of the specialty chemicals company’s stock worth $49,395,000 after buying an additional 8,292 shares during the period. 28.40% of the stock is owned by institutional investors.

Insider Activity

In other Westlake news, EVP Robert F. Buesinger sold 3,878 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $144.50, for a total transaction of $560,371.00. Following the sale, the executive vice president now directly 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 accessible through this link. In other Westlake news, EVP Robert F. Buesinger sold 3,878 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $144.50, for a total value of $560,371.00. Following the sale, the executive vice president now owns 21,144 shares in the company, valued at approximately $3,055,308. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Mark Steven Bender sold 4,950 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $152.19, for a total transaction of $753,340.50. Following the transaction, the chief financial officer now directly owns 40,356 shares of the company’s stock, valued at $6,141,779.64. The disclosure for this sale can be found here. Insiders sold 8,950 shares of company stock valued at $1,331,341 in the last quarter. Company insiders own 1.30% of the company’s stock.

Westlake Stock Down 0.8 %

Shares of NYSE WLK opened at $153.01 on Monday. Westlake Co. has a 52-week low of $107.34 and a 52-week high of $162.64. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.83 and a current ratio of 2.46. The business has a fifty day moving average of $154.84 and a two-hundred day moving average of $144.63. The stock has a market cap of $19.67 billion, a PE ratio of 76.89, a PEG ratio of 1.93 and a beta of 1.26.

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

Westlake Dividend Announcement

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

Analyst Ratings Changes

WLK has been the subject of several research reports. Citigroup increased their price objective on Westlake from $140.00 to $162.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Piper Sandler raised their price target on shares of Westlake from $160.00 to $180.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 7th. Royal Bank of Canada upped their price objective on shares of Westlake from $134.00 to $153.00 and gave the company a “sector perform” rating in a research report on Friday, April 19th. Wells Fargo & Company lifted their target price on Westlake from $150.00 to $180.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 3rd. Finally, Vertical Research cut Westlake from a “buy” rating to a “hold” rating and set a $154.00 price target for the company. in a report on Monday, April 8th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $151.00.

Get Our Latest Research Report on WLK

Westlake 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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