Allspring Global Investments Holdings LLC Reduces Position in Westlake Co. (NYSE:WLK)

Allspring Global Investments Holdings LLC decreased its stake in shares of Westlake Co. (NYSE:WLK) by 19.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 234,879 shares of the specialty chemicals company’s stock after selling 55,442 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Westlake were worth $32,874,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Arizona State Retirement System grew its position in shares of Westlake by 0.8% in the fourth quarter. Arizona State Retirement System now owns 10,528 shares of the specialty chemicals company’s stock valued at $1,473,000 after purchasing an additional 81 shares during the period. Venturi Wealth Management LLC grew its position in shares of Westlake by 51.3% in the fourth quarter. Venturi Wealth Management LLC now owns 236 shares of the specialty chemicals company’s stock valued at $33,000 after purchasing an additional 80 shares during the period. Denali Advisors LLC grew its position in shares of Westlake by 3.5% in the fourth quarter. Denali Advisors LLC now owns 5,925 shares of the specialty chemicals company’s stock valued at $829,000 after purchasing an additional 200 shares during the period. Grey Fox Wealth Advisors LLC purchased a new stake in shares of Westlake in the fourth quarter valued at $220,000. Finally, Planned Solutions Inc. purchased a new stake in shares of Westlake in the fourth quarter valued at $87,000. Hedge funds and other institutional investors own 28.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Wells Fargo & Company boosted their price target on Westlake from $150.00 to $180.00 and gave the company an “overweight” rating in a research report on Wednesday, April 3rd. UBS Group upped their price target on Westlake from $139.00 to $145.00 and gave the stock a “neutral” rating in a research note on Thursday, January 11th. Vertical Research lowered Westlake from a “buy” rating to a “hold” rating and set a $154.00 price target for the company. in a research note on Monday, April 8th. Citigroup upped their price target on Westlake from $140.00 to $162.00 and gave the stock a “neutral” rating in a research note on Wednesday. Finally, Tudor, Pickering, Holt & Co. upgraded Westlake from a “sell” rating to a “hold” rating in a research note on Tuesday, January 2nd. Three equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Westlake currently has an average rating of “Hold” and a consensus target price of $138.79.

Westlake Price Performance

Shares of NYSE WLK opened at $153.49 on Friday. Westlake Co. has a 1-year low of $103.28 and a 1-year high of $162.64. The business has a 50-day moving average of $145.65 and a 200-day moving average of $135.36. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.37 and a quick ratio of 1.79. The company has a market capitalization of $19.68 billion, a price-to-earnings ratio of 41.48, a PEG ratio of 1.50 and a beta of 1.30.

Westlake (NYSE:WLK) last issued its earnings results on Tuesday, February 20th. The specialty chemicals company reported $0.72 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.09). The company had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.85 billion. Westlake had a return on equity of 9.70% and a net margin of 3.82%. Westlake’s quarterly revenue was down 14.3% on a year-over-year basis. During the same period in the previous year, the company earned $1.79 EPS. On average, equities analysts anticipate that Westlake Co. will post 6.94 EPS for the current fiscal year.

Westlake Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Wednesday, February 28th were issued a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 1.30%. The ex-dividend date was Tuesday, February 27th. Westlake’s dividend payout ratio is currently 54.05%.

Insider Activity at Westlake

In related news, CFO Mark Steven Bender sold 4,854 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $137.57, for a total value of $667,764.78. Following the completion of the transaction, the chief financial officer now owns 50,110 shares of the company’s stock, valued at $6,893,632.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Robert F. Buesinger sold 3,878 shares of Westlake stock in a transaction on Friday, March 15th. The stock was sold at an average price of $144.50, for a total transaction of $560,371.00. Following the transaction, the executive vice president now directly owns 21,144 shares in the company, valued at approximately $3,055,308. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Mark Steven Bender sold 4,854 shares of Westlake stock in a transaction on Monday, February 26th. The shares were sold at an average price of $137.57, for a total value of $667,764.78. Following the transaction, the chief financial officer now owns 50,110 shares in the company, valued at $6,893,632.70. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 13,658 shares of company stock valued at $1,923,225. Insiders own 74.10% of the company’s stock.

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.