Westlake Co. (NYSE:WLK) Short Interest Update

Westlake Co. (NYSE:WLK) saw a large increase in short interest in the month of March. As of March 15th, there was short interest totalling 2,010,000 shares, an increase of 30.5% from the February 28th total of 1,540,000 shares. Based on an average trading volume of 687,300 shares, the days-to-cover ratio is currently 2.9 days. Approximately 6.1% of the shares of the company are sold short.

Westlake Price Performance

Westlake stock traded up $1.02 during mid-day trading on Monday, reaching $100.14. 677,965 shares of the company’s stock traded hands, compared to its average volume of 543,658. Westlake has a 12-month low of $97.34 and a 12-month high of $162.64. The company has a market cap of $12.84 billion, a price-to-earnings ratio of 141.04, a PEG ratio of 2.36 and a beta of 1.18. The stock has a 50 day moving average of $110.20 and a two-hundred day moving average of $122.68. The company has a quick ratio of 2.04, a current ratio of 2.79 and a debt-to-equity ratio of 0.41.

Westlake (NYSE:WLK) last announced its earnings results on Monday, February 24th. The specialty chemicals company reported $0.06 earnings per share (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 analysts’ expectations of $3.01 billion. Westlake had a net margin of 0.81% and a return on equity of 6.93%. The firm’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.72 earnings per share. Equities analysts forecast that Westlake will post 6.48 earnings per share for the current year.

Westlake Dividend Announcement

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

Hedge Funds Weigh In On Westlake

Several large investors have recently modified their holdings of WLK. Wellington Management Group LLP boosted its stake in Westlake by 5.6% during the fourth quarter. Wellington Management Group LLP now owns 42,934 shares of the specialty chemicals company’s stock worth $4,922,000 after buying an additional 2,281 shares during the period. Total Wealth Planning & Management Inc. bought a new stake in shares of Westlake in the 4th quarter worth about $300,000. Forum Financial Management LP boosted its stake in shares of Westlake by 21.8% during the 4th quarter. Forum Financial Management LP now owns 2,393 shares of the specialty chemicals company’s stock worth $274,000 after purchasing an additional 428 shares during the period. Toronto Dominion Bank grew its holdings in Westlake by 6.9% during the 4th quarter. Toronto Dominion Bank now owns 5,190 shares of the specialty chemicals company’s stock valued at $595,000 after purchasing an additional 335 shares during the last quarter. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in Westlake by 9.0% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 346,789 shares of the specialty chemicals company’s stock worth $39,759,000 after purchasing an additional 28,505 shares during the period. Institutional investors own 28.40% of the company’s stock.

Analyst Ratings Changes

WLK has been the topic of a number of recent analyst reports. Royal Bank of Canada decreased their target price on shares of Westlake from $147.00 to $133.00 and set an “outperform” rating on the stock in a research note on Wednesday, February 26th. Citigroup upgraded shares of Westlake from a “neutral” rating to a “buy” rating and lowered their target price for the company from $152.00 to $140.00 in a research note on Wednesday, December 18th. Truist Financial cut their price target on Westlake from $166.00 to $155.00 and set a “buy” rating for the company in a research note on Friday. UBS Group upgraded Westlake from a “neutral” rating to a “buy” rating and set a $144.00 price objective on the stock in a research report on Friday, January 10th. Finally, Barclays cut their target price on Westlake from $175.00 to $135.00 and set an “overweight” rating for the company in a research report on Tuesday, February 25th. Seven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, Westlake currently has a consensus rating of “Moderate Buy” and an average price target of $138.21.

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.