SG Americas Securities LLC Sells 47,566 Shares of Westlake Corporation $WLK

SG Americas Securities LLC decreased its holdings in shares of Westlake Corporation (NYSE:WLK) by 87.3% during the third quarter, according to its most recent filing with the SEC. The firm owned 6,939 shares of the specialty chemicals company’s stock after selling 47,566 shares during the period. SG Americas Securities LLC’s holdings in Westlake were worth $535,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of the business. Signaturefd LLC boosted its position in Westlake by 49.9% during the second quarter. Signaturefd LLC now owns 640 shares of the specialty chemicals company’s stock valued at $49,000 after purchasing an additional 213 shares in the last quarter. KBC Group NV raised its holdings in Westlake by 79.9% in the second quarter. KBC Group NV now owns 48,014 shares of the specialty chemicals company’s stock worth $3,646,000 after purchasing an additional 21,319 shares in the last quarter. Neo Ivy Capital Management purchased a new stake in shares of Westlake during the second quarter valued at about $404,000. Norges Bank bought a new stake in shares of Westlake in the 2nd quarter valued at about $104,314,000. Finally, Hsbc Holdings PLC grew its position in shares of Westlake by 142.8% in the 2nd quarter. Hsbc Holdings PLC now owns 25,833 shares of the specialty chemicals company’s stock worth $1,963,000 after buying an additional 15,193 shares during the last quarter. Hedge funds and other institutional investors own 28.40% of the company’s stock.

Westlake Trading Down 1.9%

Shares of NYSE:WLK opened at $85.12 on Friday. 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 12-month low of $56.33 and a 12-month high of $119.86. The business has a 50 day moving average of $73.44 and a two-hundred day moving average of $77.77. The company has a market capitalization of $10.92 billion, a PE ratio of -11.47, a PEG ratio of 43.67 and a beta of 0.91.

Westlake (NYSE:WLK) last posted its earnings results on Thursday, October 30th. The specialty chemicals company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.47). Westlake had a negative net margin of 8.34% and a negative return on equity of 0.78%. The firm had revenue of $2.84 billion for the quarter, compared to analysts’ expectations of $2.97 billion. During the same period last year, the firm earned $1.41 earnings per share. Westlake’s revenue for the quarter was down 9.0% compared to the same quarter last year. As a group, analysts forecast that Westlake Corporation will post 6.48 EPS for the current year.

Westlake Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 11th. Shareholders of record on Tuesday, November 25th were given a $0.53 dividend. The ex-dividend date was Tuesday, November 25th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.5%. Westlake’s dividend payout ratio is -28.57%.

Insider Activity

In other news, Chairman Albert Chao sold 40,836 shares of the firm’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $73.57, for a total transaction of $3,004,304.52. Following the sale, the chairman directly owned 627,722 shares in the company, valued at $46,181,507.54. This trade represents a 6.11% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.30% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. UBS Group restated a “buy” rating and issued a $92.00 target price (down from $93.00) on shares of Westlake in a research note on Tuesday, December 23rd. Royal Bank Of Canada reissued an “outperform” rating and issued a $100.00 price objective on shares of Westlake in a research report on Friday, January 16th. The Goldman Sachs Group set a $78.00 target price on Westlake and gave the stock a “neutral” rating in a research note on Friday, October 31st. Citigroup reiterated a “buy” rating and issued a $100.00 price target (up from $85.00) on shares of Westlake in a research note on Tuesday, January 13th. Finally, Truist Financial boosted their price target on Westlake from $82.00 to $99.00 and gave the stock a “buy” rating in a research note on Wednesday. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, seven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Westlake currently has an average rating of “Moderate Buy” and an average price target of $89.47.

About Westlake

Westlake Corp. is a global manufacturer of petrochemicals, polymers and building products, serving customers across industrial and residential markets. The company’s core operations encompass the production of vinyls—primarily polyvinyl chloride (PVC) and its key feedstock vinyl chloride monomer (VCM)—as well as chlor-alkali products including caustic soda and chlorine. In addition, Westlake produces ethylene, propylene and specialty elastomers, along with construction-related materials such as vinyl siding, trim, windows and roofing systems.

Operating a network of vertically integrated plants and distribution centers, Westlake serves markets in North America, Europe and Asia.