1832 Asset Management L.P. Sells 14,820 Shares of Westlake Corporation $WLK

1832 Asset Management L.P. lowered its stake in Westlake Corporation (NYSE:WLK) by 9.6% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 138,920 shares of the specialty chemicals company’s stock after selling 14,820 shares during the quarter. 1832 Asset Management L.P. owned approximately 0.11% of Westlake worth $10,548,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of WLK. Huntington National Bank acquired a new position in shares of Westlake during the 2nd quarter worth approximately $26,000. Caitong International Asset Management Co. Ltd boosted its holdings in shares of 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 buying an additional 541 shares during the last quarter. UMB Bank n.a. grew its stake in shares of Westlake by 107.0% in the second quarter. UMB Bank n.a. now owns 565 shares of the specialty chemicals company’s stock valued at $43,000 after buying an additional 292 shares in the last quarter. CWM LLC increased its holdings in Westlake by 54.5% during the second quarter. CWM LLC now owns 567 shares of the specialty chemicals company’s stock worth $43,000 after buying an additional 200 shares during the last quarter. Finally, Brooklyn Investment Group raised its position in Westlake by 66.0% during the first quarter. Brooklyn Investment Group now owns 601 shares of the specialty chemicals company’s stock worth $60,000 after acquiring an additional 239 shares in the last quarter. 28.40% of the stock is owned by institutional investors and hedge funds.

Westlake Price Performance

Shares of NYSE WLK opened at $67.89 on Friday. The firm has a market cap of $8.71 billion, a P/E ratio of -9.15 and a beta of 0.94. The business’s 50 day moving average is $70.77 and its 200-day moving average is $77.16. The company has a current ratio of 1.99, a quick ratio of 1.39 and a debt-to-equity ratio of 0.39. Westlake Corporation has a 1-year low of $56.33 and a 1-year high of $128.85.

Westlake (NYSE:WLK) last issued its quarterly earnings data on Thursday, October 30th. The specialty chemicals company reported ($0.29) EPS for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.47). The firm had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.97 billion. Westlake had a negative net margin of 8.34% and a negative return on equity of 0.78%. The business’s quarterly revenue was down 9.0% compared to the same quarter last year. During the same period in the prior year, the company earned $1.41 earnings per share. Equities research analysts predict that Westlake Corporation will post 6.48 earnings per share for the current year.

Westlake Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on WLK shares. Bank of America raised shares of Westlake from a “neutral” rating to a “buy” rating and decreased their price objective for the company from $87.00 to $84.00 in a research report on Monday, November 3rd. Alembic Global Advisors set a $80.00 price target on Westlake in a report on Monday, November 17th. The Goldman Sachs Group set a $78.00 price target on Westlake and gave the stock a “neutral” rating in a research report on Friday, October 31st. Royal Bank Of Canada cut their price objective on Westlake from $87.00 to $79.00 and set an “outperform” rating for the company in a research report on Monday, November 3rd. Finally, Citigroup decreased their target price on Westlake from $88.00 to $75.00 and set a “buy” rating on the stock in a report on Wednesday, November 19th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Westlake currently has a consensus rating of “Moderate Buy” and a consensus price target of $86.67.

Westlake Company 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.