Westlake Corporation (NYSE:WLK) Plans $0.53 Quarterly Dividend

Westlake Corporation (NYSE:WLK) declared a quarterly dividend on Friday, May 15th. Shareholders of record on Wednesday, May 27th will be given a dividend of 0.53 per share by the specialty chemicals company on Thursday, June 11th. This represents a c) dividend on an annualized basis and a yield of 2.4%. The ex-dividend date of this dividend is Wednesday, May 27th.

Westlake has raised its dividend by an average of 0.1%annually over the last three years and has raised its dividend annually for the last 21 consecutive years. Westlake has a dividend payout ratio of 41.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Westlake to earn $3.52 per share next year, which means the company should continue to be able to cover its $2.12 annual dividend with an expected future payout ratio of 60.2%.

Westlake Price Performance

WLK opened at $88.63 on Monday. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.17 and a quick ratio of 1.56. The company has a market capitalization of $11.35 billion, a price-to-earnings ratio of -6.98 and a beta of 0.67. The firm’s fifty day moving average price is $108.76 and its two-hundred day moving average price is $90.76. Westlake has a 1 year low of $56.33 and a 1 year high of $124.23.

Westlake (NYSE:WLK) last posted its quarterly earnings data on Tuesday, May 5th. The specialty chemicals company reported ($0.77) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.67). The firm had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.79 billion. Westlake had a negative return on equity of 1.89% and a negative net margin of 14.91%.Westlake’s revenue was down 6.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.31) earnings per share. As a group, analysts anticipate that Westlake will post 3.73 earnings per share for the current fiscal year.

Insider Buying and Selling at Westlake

In related news, CFO Mark Steven Bender sold 17,409 shares of the business’s stock in a transaction dated Friday, February 27th. The shares were sold at an average price of $100.92, for a total value of $1,756,916.28. Following the transaction, the chief financial officer directly owned 44,433 shares of the company’s stock, valued at approximately $4,484,178.36. The trade was a 28.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Westlake

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. State of Michigan Retirement System boosted its holdings in shares of Westlake by 1.3% in the 1st quarter. State of Michigan Retirement System now owns 8,000 shares of the specialty chemicals company’s stock worth $935,000 after buying an additional 100 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in Westlake by 2.9% in the 4th quarter. Daiwa Securities Group Inc. now owns 4,108 shares of the specialty chemicals company’s stock valued at $304,000 after acquiring an additional 117 shares during the period. The Manufacturers Life Insurance Company raised its stake in Westlake by 0.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 28,134 shares of the specialty chemicals company’s stock valued at $2,136,000 after acquiring an additional 165 shares during the period. PNC Financial Services Group Inc. raised its stake in Westlake by 14.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,522 shares of the specialty chemicals company’s stock valued at $178,000 after acquiring an additional 187 shares during the period. Finally, Oregon Public Employees Retirement Fund raised its stake in Westlake by 3.0% in the 1st quarter. Oregon Public Employees Retirement Fund now owns 6,868 shares of the specialty chemicals company’s stock valued at $802,000 after acquiring an additional 200 shares during the period. 28.40% of the stock is owned by hedge funds and other institutional investors.

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.