Westlake Co. (NYSE:WLK) Shares Sold by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC reduced its stake in shares of Westlake Co. (NYSE:WLK) by 1.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,068 shares of the specialty chemicals company’s stock after selling 337 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Westlake were worth $2,715,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in WLK. 1832 Asset Management L.P. purchased a new position in Westlake in the 2nd quarter valued at approximately $27,179,000. Allspring Global Investments Holdings LLC raised its position in Westlake by 90.6% during the third quarter. Allspring Global Investments Holdings LLC now owns 386,480 shares of the specialty chemicals company’s stock worth $58,084,000 after acquiring an additional 183,666 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of Westlake by 3,330.4% in the second quarter. Bank of Montreal Can now owns 150,047 shares of the specialty chemicals company’s stock valued at $23,802,000 after purchasing an additional 145,673 shares in the last quarter. Assenagon Asset Management S.A. purchased a new position in shares of Westlake during the 3rd quarter worth approximately $15,295,000. Finally, Point72 Asset Management L.P. acquired a new position in shares of Westlake during the 2nd quarter worth approximately $10,302,000. 28.40% of the stock is owned by hedge funds and other institutional investors.

Westlake Stock Up 1.0 %

Shares of NYSE WLK opened at $130.45 on Friday. The stock’s 50-day simple moving average is $138.31 and its 200-day simple moving average is $144.59. Westlake Co. has a 1 year low of $118.64 and a 1 year high of $162.64. The firm has a market cap of $16.79 billion, a price-to-earnings ratio of 183.73, a PEG ratio of 2.50 and a beta of 1.19. 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 announced its quarterly earnings data on Tuesday, November 5th. The specialty chemicals company reported $1.41 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.21 by ($0.80). Westlake had a return on equity of 6.93% and a net margin of 0.81%. The firm had revenue of $3.12 billion for the quarter, compared to the consensus estimate of $3.31 billion. During the same quarter last year, the business earned $2.20 earnings per share. The business’s revenue for the quarter was up .1% compared to the same quarter last year. As a group, equities analysts anticipate that Westlake Co. will post 6.47 earnings per share for the current fiscal year.

Westlake Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 26th will be given a dividend of $0.525 per share. The ex-dividend date is Tuesday, November 26th. This represents a $2.10 dividend on an annualized basis and a yield of 1.61%. Westlake’s dividend payout ratio (DPR) is presently 295.77%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. StockNews.com downgraded Westlake from a “hold” rating to a “sell” rating in a research report on Thursday, September 19th. Mizuho initiated coverage on shares of Westlake in a research note on Thursday, August 8th. They issued an “outperform” rating and a $170.00 target price for the company. BMO Capital Markets decreased their price target 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. UBS Group cut their price target on Westlake from $160.00 to $144.00 and set a “neutral” rating for the company in a report on Wednesday, November 6th. Finally, Wells Fargo & Company lowered their price objective on Westlake from $180.00 to $160.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Westlake has an average rating of “Hold” and a consensus price target of $162.17.

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.