Appian Way Asset Management LP Acquires 16,778 Shares of Westlake Co. (NYSE:WLK)

Appian Way Asset Management LP lifted its stake in shares of Westlake Co. (NYSE:WLK) by 34.4% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 65,618 shares of the specialty chemicals company’s stock after acquiring an additional 16,778 shares during the quarter. Westlake makes up approximately 2.2% of Appian Way Asset Management LP’s holdings, making the stock its 14th biggest holding. Appian Way Asset Management LP owned about 0.05% of Westlake worth $9,862,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Allspring Global Investments Holdings LLC increased its position in shares of 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 purchasing an additional 183,666 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in Westlake by 35.1% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 318,284 shares of the specialty chemicals company’s stock valued at $47,835,000 after purchasing an additional 82,617 shares during the period. Merewether Investment Management LP raised its position in Westlake by 17.4% during the second quarter. Merewether Investment Management LP now owns 223,366 shares of the specialty chemicals company’s stock valued at $32,348,000 after acquiring an additional 33,100 shares in the last quarter. 1832 Asset Management L.P. purchased a new position in Westlake in the second quarter valued at $27,179,000. Finally, Bank of Montreal Can grew its holdings in 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 during the period. 28.40% of the stock is currently owned by institutional investors.

Westlake Price Performance

Shares of WLK opened at $128.50 on Friday. The firm has a market cap of $16.54 billion, a PE ratio of 180.99, a PEG ratio of 2.48 and a beta of 1.19. The firm’s 50 day moving average price is $137.19 and its 200 day moving average price is $143.83. 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 Co. has a twelve month low of $118.64 and a twelve month high of $162.64.

Westlake (NYSE:WLK) last issued its quarterly earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.41 EPS for the quarter, missing analysts’ consensus estimates of $2.21 by ($0.80). The business had revenue of $3.12 billion for the quarter, compared to analyst estimates of $3.31 billion. Westlake had a return on equity of 6.93% and a net margin of 0.81%. The firm’s quarterly revenue was up .1% compared to the same quarter last year. During the same quarter last year, the firm earned $2.20 earnings per share. As a group, research analysts expect that Westlake Co. will post 6.47 EPS for the current fiscal year.

Westlake Announces Dividend

The company 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 $0.525 dividend. The ex-dividend date is Tuesday, November 26th. This represents a $2.10 dividend on an annualized basis and a yield of 1.63%. Westlake’s dividend payout ratio (DPR) is presently 295.77%.

Analyst Ratings Changes

WLK has been the topic of several recent research reports. Barclays raised shares of Westlake from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $162.00 to $180.00 in a research note on Monday, September 30th. StockNews.com raised Westlake from a “sell” rating to a “hold” rating in a research report on Tuesday. Piper Sandler cut their target price on shares of Westlake from $180.00 to $170.00 and set an “overweight” rating on the stock in a research note on Thursday, September 5th. BMO Capital Markets lowered their price objective on Westlake from $171.00 to $165.00 and set a “market perform” rating for the company in a research report on Wednesday, November 13th. Finally, Bank of America raised Westlake from an “underperform” rating to a “neutral” rating and lifted their price target for the stock from $151.00 to $159.00 in a report on Wednesday, October 16th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $162.17.

Insider Buying and Selling

In other Westlake news, Director David Tsung-Hung Chao sold 1,750 shares of the stock in a transaction dated Friday, November 22nd. The stock was sold at an average price of $130.00, for a total value of $227,500.00. Following the transaction, the director now owns 9,534 shares of the company’s stock, valued at approximately $1,239,420. This represents a 15.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 74.10% of the stock is owned by corporate insiders.

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.