Venturi Wealth Management LLC Raises Holdings in Westlake Co. (NYSE:WLK)

Venturi Wealth Management LLC lifted its holdings in Westlake Co. (NYSE:WLK) by 163.9% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 789 shares of the specialty chemicals company’s stock after buying an additional 490 shares during the quarter. Venturi Wealth Management LLC’s holdings in Westlake were worth $90,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently bought and sold shares of WLK. Blue Trust Inc. lifted its stake in Westlake by 247.7% in the 4th quarter. Blue Trust Inc. now owns 226 shares of the specialty chemicals company’s stock valued at $26,000 after buying an additional 161 shares in the last quarter. Allworth Financial LP lifted its holdings in Westlake by 6,316.7% in the 4th quarter. Allworth Financial LP now owns 385 shares of the specialty chemicals company’s stock valued at $45,000 after purchasing an additional 379 shares in the last quarter. Continuum Advisory LLC boosted its stake in shares of Westlake by 43.2% during the 3rd quarter. Continuum Advisory LLC now owns 318 shares of the specialty chemicals company’s stock worth $48,000 after purchasing an additional 96 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Westlake by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 523 shares of the specialty chemicals company’s stock worth $60,000 after buying an additional 219 shares in the last quarter. Finally, Versant Capital Management Inc boosted its position in Westlake by 84.4% during the fourth quarter. Versant Capital Management Inc now owns 531 shares of the specialty chemicals company’s stock worth $61,000 after acquiring an additional 243 shares during the last quarter. Institutional investors and hedge funds own 28.40% of the company’s stock.

Westlake Stock Performance

WLK stock opened at $109.68 on Monday. The firm has a market cap of $14.12 billion, a P/E ratio of 154.48, a P/E/G ratio of 2.36 and a beta of 1.17. The stock’s 50 day simple moving average is $114.25 and its 200 day simple moving average is $129.38. The company has a current ratio of 2.79, a quick ratio of 2.04 and a debt-to-equity ratio of 0.41. Westlake Co. has a 12-month low of $108.56 and a 12-month high of $162.64.

Westlake Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Tuesday, March 4th will be issued a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a yield of 1.91%. Westlake’s dividend payout ratio is currently 295.77%.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on WLK shares. Piper Sandler reduced their price target on Westlake from $155.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. Truist Financial initiated coverage on shares of Westlake in a report on Tuesday, January 28th. They set a “buy” rating and a $168.00 price objective on the stock. Royal Bank of Canada cut their price target on shares of Westlake from $170.00 to $167.00 and set an “outperform” rating on the stock in a research note on Monday, November 11th. Citigroup raised shares of Westlake from a “neutral” rating to a “buy” rating and lowered their price objective for the company from $152.00 to $140.00 in a research note on Wednesday, December 18th. Finally, BMO Capital Markets lowered their price target on Westlake from $171.00 to $165.00 and set a “market perform” rating for the company in a research report on Wednesday, November 13th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and nine have issued a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $155.79.

Insider Buying and Selling at Westlake

In other news, Director David Tsung-Hung Chao sold 1,750 shares of the company’s stock in a transaction dated Friday, November 29th. The shares were sold at an average price of $129.08, for a total transaction of $225,890.00. Following the completion of the transaction, the director now owns 7,784 shares in the company, valued at approximately $1,004,758.72. This represents a 18.36 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 74.10% of the stock is currently owned by insiders.

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.