Thomist Capital Management LP Acquires Shares of 96,200 Westlake Corporation $WLK

Thomist Capital Management LP acquired a new position in shares of Westlake Corporation (NYSE:WLK) during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm acquired 96,200 shares of the specialty chemicals company’s stock, valued at approximately $7,023,000. Westlake comprises approximately 2.2% of Thomist Capital Management LP’s investment portfolio, making the stock its 13th biggest holding.

Several other institutional investors and hedge funds have also made changes to their positions in WLK. Sanctuary Advisors LLC acquired a new stake in shares of Westlake in the 2nd quarter valued at about $364,000. Meiji Yasuda Asset Management Co Ltd. acquired a new position in Westlake during the second quarter worth approximately $6,043,000. Quantbot Technologies LP acquired a new position in Westlake during the second quarter worth approximately $1,117,000. Farringdon Capital Ltd. purchased a new stake in Westlake in the second quarter valued at approximately $335,000. Finally, Landscape Capital Management L.L.C. purchased a new stake in Westlake in the 2nd quarter valued at $224,000. 28.40% of the stock is owned by hedge funds and other institutional investors.

Westlake Stock Performance

Shares of WLK opened at $76.51 on Tuesday. Westlake Corporation has a 12-month low of $56.33 and a 12-month high of $124.23. The stock has a market cap of $9.78 billion, a P/E ratio of -7.99 and a beta of 0.63. The company has a current ratio of 2.45, a quick ratio of 1.70 and a debt-to-equity ratio of 0.55. The company has a 50-day moving average of $76.67 and a two-hundred day moving average of $93.49.

Westlake (NYSE:WLK) last released its quarterly earnings results on Tuesday, August 4th. The specialty chemicals company reported $2.01 EPS for the quarter, beating the consensus estimate of $1.83 by $0.18. Westlake had a negative net margin of 10.94% and a positive return on equity of 0.93%. The business had revenue of $3.27 billion for the quarter, compared to analyst estimates of $3.24 billion. During the same period in the prior year, the business earned ($1.11) earnings per share. The company’s quarterly revenue was up 10.8% on a year-over-year basis. As a group, research analysts predict that Westlake Corporation will post 3.43 EPS for the current fiscal year.

Westlake Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th will be given a dividend of $0.533 per share. The ex-dividend date of this dividend is Tuesday, August 25th. This is a positive change from Westlake’s previous quarterly dividend of $0.53. This represents a $2.13 annualized dividend and a yield of 2.8%. Westlake’s dividend payout ratio (DPR) is -22.13%.

Wall Street Analyst Weigh In

WLK has been the topic of several recent research reports. Weiss Ratings restated a “sell (d)” rating on shares of Westlake in a research report on Friday, July 17th. Wall Street Zen raised Westlake from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. BMO Capital Markets reaffirmed a “market perform” rating and set a $96.00 price objective on shares of Westlake in a report on Monday, July 6th. Citigroup cut their price target on shares of Westlake from $95.00 to $85.00 and set a “neutral” rating for the company in a report on Wednesday, June 24th. Finally, Wells Fargo & Company decreased their price target on Westlake from $110.00 to $89.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 5th. Three research analysts have rated the stock with a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $93.92.

Insider Buying and Selling at Westlake

In other news, Chairman Albert Chao sold 38,873 shares of the company’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $80.28, for a total value of $3,120,724.44. Following the sale, the chairman directly owned 642,880 shares in the company, valued at $51,610,406.40. This represents a 5.70% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.40% of the stock is currently owned by company insiders.

Westlake Profile

Westlake Corp. is a global manufacturer of petrochemicals, polymers and building products, serving customers across industrial and residential markets. The company’s core operations encompass the production of vinyls—primarily polyvinyl chloride (PVC) and its key feedstock vinyl chloride monomer (VCM)—as well as chlor-alkali products including caustic soda and chlorine. In addition, Westlake produces ethylene, propylene and specialty elastomers, along with construction-related materials such as vinyl siding, trim, windows and roofing systems.

Operating a network of vertically integrated plants and distribution centers, Westlake serves markets in North America, Europe and Asia.