Westlake Corp. $WLK Shares Sold by Amundi

Amundi trimmed its holdings in shares of Westlake Corp. (NYSE:WLK) by 81.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,770 shares of the specialty chemicals company’s stock after selling 227,559 shares during the period. Amundi’s holdings in Westlake were worth $4,785,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Private Trust Co. NA lifted its position in Westlake by 251.1% during the first quarter. Private Trust Co. NA now owns 316 shares of the specialty chemicals company’s stock valued at $32,000 after buying an additional 226 shares in the last quarter. Signaturefd LLC grew its stake in shares of Westlake by 127.1% in the first quarter. Signaturefd LLC now owns 427 shares of the specialty chemicals company’s stock valued at $43,000 after buying an additional 239 shares in the last quarter. Fifth Third Bancorp grew its stake in shares of Westlake by 71.9% in the first quarter. Fifth Third Bancorp now owns 514 shares of the specialty chemicals company’s stock valued at $51,000 after buying an additional 215 shares in the last quarter. Parallel Advisors LLC grew its stake in shares of Westlake by 33.9% in the first quarter. Parallel Advisors LLC now owns 525 shares of the specialty chemicals company’s stock valued at $53,000 after buying an additional 133 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its stake in shares of Westlake by 3,005.6% in the first quarter. Caitong International Asset Management Co. Ltd now owns 559 shares of the specialty chemicals company’s stock valued at $56,000 after buying an additional 541 shares in the last quarter. 28.40% of the stock is owned by institutional investors and hedge funds.

Westlake Stock Down 1.0%

WLK stock opened at $85.14 on Thursday. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.47 and a quick ratio of 1.75. Westlake Corp. has a 1-year low of $68.55 and a 1-year high of $151.56. The firm has a fifty day moving average price of $83.75 and a two-hundred day moving average price of $86.94. The firm has a market cap of $10.92 billion, a price-to-earnings ratio of -160.64 and a beta of 0.92.

Westlake (NYSE:WLK) last released its earnings results on Tuesday, August 5th. The specialty chemicals company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.15). Westlake had a negative net margin of 0.57% and a positive return on equity of 1.26%. The business had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $3 billion. During the same quarter in the previous year, the firm earned $2.40 EPS. The firm’s revenue for the quarter was down 7.9% on a year-over-year basis. Research analysts predict that Westlake Corp. will post 6.48 EPS for the current year.

Westlake Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Tuesday, August 19th were given a dividend of $0.53 per share. This is an increase from Westlake’s previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a dividend yield of 2.5%. The ex-dividend date was Tuesday, August 19th. Westlake’s payout ratio is currently -400.00%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on WLK shares. Tudor, Pickering, Holt & Co. upgraded Westlake from a “hold” rating to a “buy” rating and set a $90.00 target price for the company in a research note on Wednesday, August 6th. Citigroup boosted their target price on shares of Westlake from $85.00 to $95.00 and gave the stock a “buy” rating in a research report on Tuesday, July 8th. Wells Fargo & Company boosted their target price on shares of Westlake from $76.00 to $90.00 and gave the stock an “equal weight” rating in a research report on Monday, July 14th. BMO Capital Markets boosted their target price on shares of Westlake from $91.00 to $94.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 6th. Finally, Mizuho boosted their target price on shares of Westlake from $82.00 to $98.00 and gave the stock an “outperform” rating in a research report on Tuesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have given a Hold rating to the company. According to data from MarketBeat, Westlake has an average rating of “Moderate Buy” and an average price target of $92.29.

Westlake Profile

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.