Mutual of America Capital Management LLC Has $1.26 Million Stock Holdings in Westlake Corporation $WLK

Mutual of America Capital Management LLC cut its holdings in Westlake Corporation (NYSE:WLK) by 3.7% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 16,581 shares of the specialty chemicals company’s stock after selling 641 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Westlake were worth $1,259,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. increased its position in Westlake by 3.4% in the first quarter. Charles Schwab Investment Management Inc. now owns 244,497 shares of the specialty chemicals company’s stock worth $24,457,000 after purchasing an additional 8,143 shares during the period. Private Trust Co. NA increased its position in Westlake by 251.1% in the first quarter. Private Trust Co. NA now owns 316 shares of the specialty chemicals company’s stock worth $32,000 after purchasing an additional 226 shares during the period. Asset Management One Co. Ltd. increased its position in Westlake by 4.6% in the first quarter. Asset Management One Co. Ltd. now owns 12,253 shares of the specialty chemicals company’s stock worth $1,226,000 after purchasing an additional 534 shares during the period. Envestnet Asset Management Inc. increased its position in Westlake by 45.2% in the first quarter. Envestnet Asset Management Inc. now owns 26,535 shares of the specialty chemicals company’s stock worth $2,654,000 after purchasing an additional 8,258 shares during the period. Finally, HITE Hedge Asset Management LLC increased its position in Westlake by 17.9% in the first quarter. HITE Hedge Asset Management LLC now owns 71,475 shares of the specialty chemicals company’s stock worth $7,150,000 after purchasing an additional 10,827 shares during the period. 28.40% of the stock is currently owned by institutional investors and hedge funds.

Westlake Price Performance

Shares of WLK opened at $79.16 on Monday. The company has a current ratio of 2.47, a quick ratio of 1.75 and a debt-to-equity ratio of 0.43. Westlake Corporation has a 1 year low of $68.55 and a 1 year high of $139.59. The stock has a market cap of $10.15 billion, a P/E ratio of -149.36 and a beta of 0.93. The stock’s 50-day moving average price is $82.33 and its two-hundred day moving average price is $81.60.

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

Westlake Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Tuesday, August 19th were issued a dividend of $0.53 per share. This is a boost from Westlake’s previous quarterly dividend of $0.47. The ex-dividend date was Tuesday, August 19th. This represents a $2.12 annualized dividend and a dividend yield of 2.7%. Westlake’s dividend payout ratio (DPR) is presently -400.00%.

Analyst Ratings Changes

A number of brokerages recently commented on WLK. Royal Bank Of Canada set a $87.00 price objective on Westlake in a research report on Tuesday, October 14th. JPMorgan Chase & Co. lifted their price objective on Westlake from $73.00 to $78.00 and gave the stock a “neutral” rating in a research report on Thursday, September 25th. Truist Financial set a $90.00 price objective on Westlake and gave the stock a “buy” rating in a research report on Monday, October 13th. Citigroup lowered their price objective on Westlake from $100.00 to $93.00 and set a “buy” rating for the company in a research report on Thursday, October 2nd. Finally, Weiss Ratings reiterated a “sell (d)” rating on shares of Westlake in a research report on Friday. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, seven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $91.64.

About Westlake

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.