Wedge Capital Management L L P NC Grows Stock Position in Westlake Co. (NYSE:WLK)

Wedge Capital Management L L P NC lifted its stake in Westlake Co. (NYSE:WLK) by 19.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 64,811 shares of the specialty chemicals company’s stock after buying an additional 10,687 shares during the period. Wedge Capital Management L L P NC owned approximately 0.05% of Westlake worth $9,071,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. CVA Family Office LLC purchased a new position in shares of Westlake in the fourth quarter worth about $25,000. Venturi Wealth Management LLC grew its stake 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 worth $33,000 after purchasing an additional 80 shares during the last quarter. Fifth Third Bancorp grew its stake in shares of Westlake by 55.9% in the third quarter. Fifth Third Bancorp now owns 354 shares of the specialty chemicals company’s stock worth $44,000 after purchasing an additional 127 shares during the last quarter. Exchange Traded Concepts LLC grew its stake in shares of Westlake by 19.3% in the third quarter. Exchange Traded Concepts LLC now owns 599 shares of the specialty chemicals company’s stock worth $75,000 after purchasing an additional 97 shares during the last quarter. Finally, Planned Solutions Inc. bought a new stake in shares of Westlake in the fourth quarter worth about $87,000. Hedge funds and other institutional investors own 28.40% of the company’s stock.

Westlake Price Performance

WLK stock opened at $149.27 on Wednesday. The firm has a 50 day moving average price of $146.73 and a 200-day moving average price of $136.65. Westlake Co. has a 52-week low of $103.28 and a 52-week high of $162.64. The firm has a market capitalization of $19.14 billion, a price-to-earnings ratio of 40.34, a PEG ratio of 1.45 and a beta of 1.30. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.79 and a current ratio of 2.37.

Westlake (NYSE:WLK) last announced its quarterly earnings data on Tuesday, February 20th. The specialty chemicals company reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $0.81 by ($0.09). Westlake had a return on equity of 9.70% and a net margin of 3.82%. The firm had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.85 billion. During the same quarter in the previous year, the firm earned $1.79 earnings per share. Westlake’s revenue was down 14.3% on a year-over-year basis. Equities research analysts forecast that Westlake Co. will post 6.93 EPS for the current fiscal year.

Westlake Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, March 14th. Shareholders of record on Wednesday, February 28th were paid a dividend of $0.50 per share. The ex-dividend date was Tuesday, February 27th. This represents a $2.00 dividend on an annualized basis and a yield of 1.34%. Westlake’s dividend payout ratio is presently 54.05%.

Analysts Set New Price Targets

WLK has been the topic of several recent analyst reports. Barclays raised their target price on Westlake from $142.00 to $160.00 and gave the stock an “equal weight” rating in a research note on Thursday, April 4th. Wells Fargo & Company raised their target price on Westlake from $150.00 to $180.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 3rd. Bank of America raised Westlake from a “hold” rating to a “buy” rating and lifted their price objective for the company from $138.00 to $174.00 in a research report on Thursday, April 18th. Vertical Research cut Westlake from a “buy” rating to a “hold” rating and set a $154.00 price objective on the stock. in a research report on Monday, April 8th. Finally, Tudor, Pickering, Holt & Co. raised Westlake from a “sell” rating to a “hold” rating in a research report on Tuesday, January 2nd. Two investment analysts have rated the stock with a sell rating, ten have given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $145.79.

Insider Activity

In related news, EVP Robert F. Buesinger sold 3,878 shares of the company’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $144.50, for a total value of $560,371.00. Following the completion of the transaction, the executive vice president now owns 21,144 shares of the company’s stock, valued at approximately $3,055,308. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Mark Steven Bender sold 4,804 shares of the company’s stock in a transaction on Wednesday, March 6th. The shares were sold at an average price of $141.02, for a total value of $677,460.08. Following the completion of the transaction, the chief financial officer now owns 45,306 shares of the company’s stock, valued at approximately $6,389,052.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Robert F. Buesinger sold 3,878 shares of the stock in a transaction dated Friday, March 15th. The shares were 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 of the company’s stock, valued at approximately $3,055,308. The disclosure for this sale can be found here. Insiders sold a total of 13,658 shares of company stock valued at $1,923,225 in the last 90 days. Company insiders own 1.30% of the company’s stock.

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.