Quantbot Technologies LP Invests $1.12 Million in Westlake Corporation $WLK

Quantbot Technologies LP bought a new position in Westlake Corporation (NYSE:WLK) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor bought 15,303 shares of the specialty chemicals company’s stock, valued at approximately $1,117,000.

Several other large investors have also added to or reduced their stakes in the business. Orbis Allan Gray Ltd increased its holdings in Westlake by 12.1% during the 4th quarter. Orbis Allan Gray Ltd now owns 4,386,635 shares of the specialty chemicals company’s stock worth $324,348,000 after purchasing an additional 472,224 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Westlake by 7,239.1% in the fourth quarter. Wellington Management Group LLP now owns 4,220,717 shares of the specialty chemicals company’s stock worth $312,080,000 after purchasing an additional 4,163,207 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Westlake by 13.9% in the fourth quarter. Vanguard Group Inc. now owns 3,917,329 shares of the specialty chemicals company’s stock valued at $289,647,000 after purchasing an additional 477,698 shares in the last quarter. BlackRock Inc. bought a new position in Westlake during the 2nd quarter valued at $240,474,000. Finally, Capital World Investors purchased a new position in Westlake during the 4th quarter worth $160,548,000. Institutional investors own 28.40% of the company’s stock.

Insider Buying and Selling

In other Westlake news, Chairman Albert Chao sold 38,873 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $80.28, for a total transaction of $3,120,724.44. Following the completion of the transaction, the chairman directly owned 642,880 shares of the company’s stock, valued at approximately $51,610,406.40. This represents a 5.70% 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. Insiders own 1.40% of the company’s stock.

Westlake Stock Performance

NYSE WLK opened at $74.83 on Wednesday. Westlake Corporation has a 52-week low of $56.33 and a 52-week high of $124.23. The company has a 50-day simple moving average of $76.48 and a 200 day simple moving average of $93.35. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.70 and a current ratio of 2.45. The company has a market capitalization of $9.56 billion, a PE ratio of -7.81 and a beta of 0.63.

Westlake (NYSE:WLK) last released its earnings results on Tuesday, August 4th. The specialty chemicals company reported $2.01 earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $3.27 billion for the quarter, compared to analysts’ expectations of $3.24 billion. During the same period in the previous year, the company earned ($1.11) earnings per share. The company’s quarterly revenue was up 10.8% on a year-over-year basis. On average, research analysts predict that Westlake Corporation will post 3.43 EPS for the current year.

Westlake Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 10th. Investors of record on Tuesday, August 25th will be paid a $0.533 dividend. The ex-dividend date 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 currently -22.13%.

Analyst Ratings Changes

Several analysts have recently issued reports on the stock. Truist Financial reduced their target price on shares of Westlake from $127.00 to $104.00 and set a “buy” rating for the company in a research note on Monday, July 20th. Citigroup decreased their price objective on shares of Westlake from $95.00 to $85.00 and set a “neutral” rating for the company in a research note on Wednesday, June 24th. UBS Group reissued a “buy” rating and set a $117.00 target price (down from $130.00) on shares of Westlake in a research report on Friday, June 5th. BMO Capital Markets reaffirmed a “market perform” rating and issued a $96.00 target price on shares of Westlake in a report on Monday, July 6th. Finally, Zacks Research downgraded Westlake from a “hold” rating to a “strong sell” rating in a research report on Tuesday, July 21st. Three analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $93.92.

About Westlake

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.