BNP Paribas Financial Markets Buys 1,154 Shares of Westlake Co. (NYSE:WLK)

BNP Paribas Financial Markets grew its stake in shares of Westlake Co. (NYSE:WLKFree Report) by 2.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 42,589 shares of the specialty chemicals company’s stock after buying an additional 1,154 shares during the period. BNP Paribas Financial Markets’ holdings in Westlake were worth $6,508,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of WLK. Wellington Management Group LLP increased its position in shares of Westlake by 37.1% during the third quarter. Wellington Management Group LLP now owns 50,194 shares of the specialty chemicals company’s stock valued at $6,258,000 after buying an additional 13,583 shares during the period. Teachers Retirement System of The State of Kentucky increased its position in shares of Westlake by 91.0% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 11,945 shares of the specialty chemicals company’s stock worth $1,489,000 after purchasing an additional 5,691 shares during the last quarter. Nordea Investment Management AB increased its position in shares of Westlake by 13.1% in the fourth quarter. Nordea Investment Management AB now owns 3,260 shares of the specialty chemicals company’s stock worth $455,000 after purchasing an additional 377 shares during the last quarter. Vest Financial LLC bought a new position in shares of Westlake in the fourth quarter worth approximately $235,000. Finally, Raymond James & Associates increased its position in shares of Westlake by 1.3% in the fourth quarter. Raymond James & Associates now owns 38,050 shares of the specialty chemicals company’s stock worth $5,326,000 after purchasing an additional 477 shares during the last quarter. 28.40% of the stock is currently owned by institutional investors.

Westlake Stock Performance

NYSE:WLK opened at $141.40 on Thursday. The firm has a market cap of $18.18 billion, a PE ratio of 71.06, a price-to-earnings-growth ratio of 1.80 and a beta of 1.20. Westlake Co. has a fifty-two week low of $112.77 and a fifty-two 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 50 day moving average price of $152.22 and a 200-day moving average price of $146.80.

Westlake (NYSE:WLKGet Free Report) last released its quarterly earnings data on Wednesday, May 1st. The specialty chemicals company reported $1.34 earnings per share for the quarter, beating 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 firm had revenue of $2.98 billion during the quarter, compared to analyst estimates of $2.93 billion. During the same quarter in the prior year, the firm posted $3.05 earnings per share. The business’s quarterly revenue was down 11.4% compared to the same quarter last year. Equities research analysts predict that Westlake Co. will post 6.62 earnings per share for the current year.

Westlake Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 6th. Investors of record on Tuesday, May 21st were paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.41%. The ex-dividend date was Monday, May 20th. Westlake’s payout ratio is 100.50%.

Analyst Upgrades and Downgrades

WLK has been the topic of several research analyst reports. Vertical Research cut shares of Westlake from a “buy” rating to a “hold” rating and set a $154.00 price objective on the stock. in a research report on Monday, April 8th. Royal Bank of Canada restated a “sector perform” rating and issued a $158.00 price objective on shares of Westlake in a research report on Friday, June 14th. Bank of America upgraded shares of Westlake from a “hold” rating to a “buy” rating and upped their price objective for the stock from $138.00 to $174.00 in a research report on Thursday, April 18th. Citigroup upped their target price on Westlake from $162.00 to $168.00 and gave the stock a “neutral” rating in a research note on Friday, June 14th. Finally, Piper Sandler upped their target price on Westlake from $160.00 to $180.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 7th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $153.15.

Read Our Latest Stock Report on WLK

Insider Buying and Selling

In related news, CFO Mark Steven Bender sold 4,950 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $152.19, for a total value of $753,340.50. Following the completion of the sale, the chief financial officer now owns 40,356 shares of the company’s stock, valued at $6,141,779.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.30% of the stock is currently owned by insiders.

About Westlake

(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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