Creative Planning Grows Stake in Westlake Corporation $WLK

Creative Planning increased its holdings in Westlake Corporation (NYSE:WLK) by 39.2% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,165 shares of the specialty chemicals company’s stock after purchasing an additional 3,147 shares during the period. Creative Planning’s holdings in Westlake were worth $848,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in WLK. Huntington National Bank bought a new stake in shares of Westlake during the second quarter valued at approximately $26,000. Caitong International Asset Management Co. Ltd increased its holdings in Westlake by 3,005.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 559 shares of the specialty chemicals company’s stock valued at $56,000 after acquiring an additional 541 shares during the last quarter. UMB Bank n.a. lifted its stake in Westlake by 107.0% in the 2nd quarter. UMB Bank n.a. now owns 565 shares of the specialty chemicals company’s stock worth $43,000 after purchasing an additional 292 shares in the last quarter. CWM LLC boosted its holdings in shares of Westlake by 54.5% during the 2nd quarter. CWM LLC now owns 567 shares of the specialty chemicals company’s stock valued at $43,000 after purchasing an additional 200 shares during the last quarter. Finally, Brooklyn Investment Group boosted its holdings in shares of Westlake by 66.0% during the 1st quarter. Brooklyn Investment Group now owns 601 shares of the specialty chemicals company’s stock valued at $60,000 after purchasing an additional 239 shares during the last quarter. 28.40% of the stock is owned by hedge funds and other institutional investors.

Westlake Stock Up 1.2%

NYSE WLK opened at $67.63 on Tuesday. The company has a quick ratio of 1.75, a current ratio of 2.47 and a debt-to-equity ratio of 0.43. Westlake Corporation has a 52 week low of $56.33 and a 52 week high of $129.27. The firm has a market capitalization of $8.68 billion, a price-to-earnings ratio of -127.61 and a beta of 0.95. The company has a fifty day moving average of $71.40 and a two-hundred day moving average of $77.39.

Westlake (NYSE:WLK) last released its earnings results on Thursday, October 30th. The specialty chemicals company reported ($0.29) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.47). Westlake had a positive return on equity of 1.26% and a negative net margin of 0.57%.The firm had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.97 billion. During the same quarter last year, the business posted $1.41 EPS. Westlake’s revenue was down 9.0% compared to the same quarter last year. On average, analysts predict that Westlake Corporation will post 6.48 earnings per share for the current year.

Westlake Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 11th. Shareholders of record on Tuesday, November 25th will be given a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 3.1%. The ex-dividend date is Tuesday, November 25th. Westlake’s payout ratio is -28.57%.

Analyst Ratings Changes

A number of research firms recently commented on WLK. Tudor, Pickering, Holt & Co. upgraded Westlake from a “hold” rating to a “buy” rating and set a $90.00 target price on the stock in a research report on Wednesday, August 6th. UBS Group set a $93.00 price objective on Westlake and gave the stock a “buy” rating in a report on Friday, October 31st. BMO Capital Markets reiterated a “market perform” rating and set a $83.00 target price (down from $91.00) on shares of Westlake in a research report on Tuesday, November 4th. JPMorgan Chase & Co. boosted their price target on shares of Westlake from $73.00 to $78.00 and gave the stock a “neutral” rating in a research report on Thursday, September 25th. Finally, Citigroup decreased their price target on shares of Westlake from $88.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, November 19th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $86.67.

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.