Westlake Co. (NYSE:WLK) Stake Lowered by QRG Capital Management Inc.

QRG Capital Management Inc. decreased its stake in Westlake Co. (NYSE:WLK) by 18.8% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,268 shares of the specialty chemicals company’s stock after selling 2,371 shares during the period. QRG Capital Management Inc.’s holdings in Westlake were worth $1,177,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Raymond James & Associates lifted its stake in Westlake by 1.6% in the third quarter. Raymond James & Associates now owns 19,420 shares of the specialty chemicals company’s stock valued at $2,919,000 after buying an additional 304 shares during the last quarter. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Westlake in the 3rd quarter worth about $205,000. Janney Montgomery Scott LLC lifted its position in Westlake by 1.0% in the 3rd quarter. Janney Montgomery Scott LLC now owns 46,666 shares of the specialty chemicals company’s stock valued at $7,013,000 after purchasing an additional 474 shares during the last quarter. Robeco Institutional Asset Management B.V. acquired a new position in Westlake during the 3rd quarter valued at about $382,000. Finally, Financial Enhancement Group LLC bought a new position in Westlake in the 3rd quarter worth about $1,476,000. Institutional investors and hedge funds own 28.40% of the company’s stock.

Analyst Upgrades and Downgrades

WLK has been the topic of a number of recent analyst reports. StockNews.com cut Westlake from a “hold” rating to a “sell” rating in a report on Wednesday, February 26th. Piper Sandler cut their target price on Westlake from $155.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday, January 7th. BMO Capital Markets reduced their price target on Westlake from $157.00 to $132.00 and set a “market perform” rating for the company in a research report on Wednesday, February 26th. UBS Group raised Westlake from a “neutral” rating to a “buy” rating and set a $144.00 price target on the stock in a report on Friday, January 10th. Finally, Truist Financial cut their price objective on shares of Westlake from $168.00 to $166.00 and set a “buy” rating on the stock in a research note on Tuesday, February 25th. One analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $140.07.

Westlake Price Performance

Shares of NYSE WLK opened at $108.79 on Tuesday. Westlake Co. has a twelve month low of $104.74 and a twelve month high of $162.64. The company has a current ratio of 2.79, a quick ratio of 2.04 and a debt-to-equity ratio of 0.41. The firm has a 50-day moving average of $113.84 and a two-hundred day moving average of $128.19. The company has a market capitalization of $13.95 billion, a price-to-earnings ratio of 153.23, a PEG ratio of 2.36 and a beta of 1.17.

Westlake (NYSE:WLK) last released its earnings results on Monday, February 24th. The specialty chemicals company reported $0.06 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.98). The business had revenue of $2.84 billion for the quarter, compared to analyst estimates of $3.01 billion. Westlake had a net margin of 0.81% and a return on equity of 6.93%. The firm’s revenue for the quarter was up .6% on a year-over-year basis. During the same period in the prior year, the company earned $0.72 earnings per share. As a group, analysts expect that Westlake Co. will post 6.48 earnings per share for the current fiscal year.

Westlake Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Tuesday, March 4th will be paid a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 1.93%. The ex-dividend date of this dividend is Tuesday, March 4th. Westlake’s dividend payout ratio is presently 45.36%.

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.