Amundi Increases Stake in Westlake Co. (NYSE:WLK)

Amundi lifted its stake in Westlake Co. (NYSE:WLK) by 525.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 278,329 shares of the specialty chemicals company’s stock after purchasing an additional 233,838 shares during the quarter. Amundi owned about 0.22% of Westlake worth $30,766,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Raymond James Financial Inc. purchased a new position in Westlake during the 4th quarter worth approximately $13,411,000. Arizona State Retirement System raised its position in Westlake by 1.4% during the 4th quarter. Arizona State Retirement System now owns 11,204 shares of the specialty chemicals company’s stock worth $1,285,000 after buying an additional 153 shares during the last quarter. Aigen Investment Management LP raised its position in Westlake by 7.3% during the 4th quarter. Aigen Investment Management LP now owns 5,251 shares of the specialty chemicals company’s stock worth $602,000 after buying an additional 355 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in Westlake during the 4th quarter worth approximately $9,430,000. Finally, Victory Capital Management Inc. raised its position in Westlake by 21.0% during the 4th quarter. Victory Capital Management Inc. now owns 3,313,847 shares of the specialty chemicals company’s stock worth $379,933,000 after buying an additional 574,068 shares during the last quarter. 28.40% of the stock is owned by hedge funds and other institutional investors.

Westlake Price Performance

Westlake stock opened at $106.97 on Thursday. The company’s fifty day moving average price is $113.18 and its 200 day moving average price is $126.39. Westlake Co. has a 1 year low of $104.74 and a 1 year high of $162.64. The stock has a market capitalization of $13.72 billion, a P/E ratio of 150.66, a P/E/G ratio of 2.36 and a beta of 1.18. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.04 and a current ratio of 2.79.

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

Westlake Dividend Announcement

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 paid a dividend of $0.525 per share. The ex-dividend date is Tuesday, March 4th. This represents a $2.10 annualized dividend and a yield of 1.96%. Westlake’s dividend payout ratio (DPR) is presently 45.36%.

Analyst Upgrades and Downgrades

WLK has been the subject of a number of recent research reports. Truist Financial reduced their price target on shares of Westlake from $168.00 to $166.00 and set a “buy” rating for the company in a research report on Tuesday, February 25th. Wells Fargo & Company reduced their price target on shares of Westlake from $160.00 to $130.00 and set an “overweight” rating for the company in a research report on Tuesday, February 25th. JPMorgan Chase & Co. raised shares of Westlake from an “underweight” rating to a “neutral” rating and dropped their price objective for the stock from $135.00 to $110.00 in a research note on Thursday, February 27th. BMO Capital Markets dropped their price objective on shares of Westlake from $157.00 to $132.00 and set a “market perform” rating on the stock in a research note on Wednesday, February 26th. Finally, Barclays dropped their price objective on shares of Westlake from $175.00 to $135.00 and set an “overweight” rating on the stock in a research note on Tuesday, February 25th. One analyst has rated the stock with a sell rating, five have issued a hold rating and nine have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $140.07.

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.