ING Groep NV Has $2.56 Million Holdings in Westlake Co. (NYSE:WLK)

ING Groep NV lifted its stake in Westlake Co. (NYSE:WLK) by 10.4% during the 4th quarter, HoldingsChannel reports. The fund owned 22,300 shares of the specialty chemicals company’s stock after buying an additional 2,100 shares during the period. ING Groep NV’s holdings in Westlake were worth $2,557,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of WLK. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors bought a new stake in Westlake in the 4th quarter valued at $534,000. Kestra Investment Management LLC raised its position in shares of Westlake by 18.1% during the fourth quarter. Kestra Investment Management LLC now owns 4,445 shares of the specialty chemicals company’s stock valued at $510,000 after buying an additional 682 shares during the last quarter. Venturi Wealth Management LLC lifted its stake in shares of Westlake by 163.9% in the fourth quarter. Venturi Wealth Management LLC now owns 789 shares of the specialty chemicals company’s stock valued at $90,000 after buying an additional 490 shares during the period. CIBC Asset Management Inc grew its position in Westlake by 8.3% during the fourth quarter. CIBC Asset Management Inc now owns 4,234 shares of the specialty chemicals company’s stock worth $485,000 after buying an additional 323 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D increased its stake in Westlake by 13.4% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 16,535 shares of the specialty chemicals company’s stock valued at $1,896,000 after acquiring an additional 1,949 shares during the period. Institutional investors own 28.40% of the company’s stock.

Westlake Stock Performance

NYSE:WLK opened at $109.68 on Friday. The stock has a market capitalization of $14.12 billion, a P/E ratio of 154.48, a price-to-earnings-growth ratio of 2.36 and a beta of 1.17. Westlake Co. has a 1 year low of $108.56 and a 1 year high of $162.64. The firm has a 50 day moving average of $114.25 and a 200-day moving average of $129.48. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 19th. Shareholders of record on Tuesday, March 4th will be paid 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%.

Insider Transactions at Westlake

In other news, Director David Tsung-Hung Chao sold 1,750 shares of the company’s stock in a transaction that occurred on Friday, November 29th. The shares were sold at an average price of $129.08, for a total transaction of $225,890.00. Following the transaction, the director now directly 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 74.10% of the company’s stock.

Wall Street Analyst Weigh In

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

Westlake 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.