Westlake Co. (NYSE:WLK) Position Cut by Appian Way Asset Management LP

Appian Way Asset Management LP lessened its position in shares of Westlake Co. (NYSE:WLK - Free Report) by 76.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,172 shares of the specialty chemicals company's stock after selling 50,446 shares during the period. Westlake makes up 0.4% of Appian Way Asset Management LP's portfolio, making the stock its 24th biggest position. Appian Way Asset Management LP's holdings in Westlake were worth $1,739,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in Westlake by 1.0% in the fourth quarter. Geode Capital Management LLC now owns 557,943 shares of the specialty chemicals company's stock valued at $63,832,000 after buying an additional 5,297 shares during the period. Rhumbline Advisers lifted its holdings in shares of Westlake by 4.4% during the 4th quarter. Rhumbline Advisers now owns 98,056 shares of the specialty chemicals company's stock valued at $11,242,000 after acquiring an additional 4,088 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Westlake by 5.3% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 236,354 shares of the specialty chemicals company's stock worth $27,098,000 after purchasing an additional 11,992 shares during the period. Janney Montgomery Scott LLC increased its holdings in Westlake by 27.5% in the 4th quarter. Janney Montgomery Scott LLC now owns 59,499 shares of the specialty chemicals company's stock valued at $6,822,000 after purchasing an additional 12,833 shares in the last quarter. Finally, Victory Capital Management Inc. raised its position in Westlake by 21.0% in the fourth quarter. Victory Capital Management Inc. now owns 3,313,847 shares of the specialty chemicals company's stock valued at $379,933,000 after purchasing an additional 574,068 shares during the period. 28.40% of the stock is currently owned by institutional investors and hedge funds.

Westlake Stock Down 13.2 %

Westlake stock traded down $12.15 during midday trading on Friday, hitting $80.12. The stock had a trading volume of 2,721,926 shares, compared to its average volume of 578,668. The business has a fifty day moving average price of $98.40 and a 200 day moving average price of $113.25. Westlake Co. has a 12 month low of $78.51 and a 12 month high of $161.31. The stock has a market cap of $10.29 billion, a P/E ratio of 112.85, a P/E/G ratio of 2.36 and a beta of 1.02. The company has a current ratio of 2.79, a quick ratio of 2.04 and a debt-to-equity ratio of 0.41.

Westlake (NYSE:WLK - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The specialty chemicals company reported ($0.31) EPS for the quarter, missing analysts' consensus estimates of $0.70 by ($1.01). Westlake had a return on equity of 6.93% and a net margin of 0.81%. The business had revenue of $2.85 billion during the quarter, compared to analyst estimates of $2.97 billion. During the same period in the prior year, the firm earned $1.34 EPS. The business's revenue for the quarter was down 4.3% compared to the same quarter last year. Research analysts predict that Westlake Co. will post 6.48 EPS for the current year.

Westlake Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Tuesday, March 4th were paid a dividend of $0.525 per share. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $2.10 annualized dividend and a yield of 2.62%. Westlake's dividend payout ratio (DPR) is 45.36%.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the company. Piper Sandler reiterated a "neutral" rating and issued a $105.00 target price (down previously from $120.00) on shares of Westlake in a research note on Monday, April 7th. StockNews.com upgraded shares of Westlake from a "sell" rating to a "hold" rating in a research note on Thursday. Barclays reduced their target price on shares of Westlake from $175.00 to $135.00 and set an "overweight" rating on the stock in a research report on Tuesday, February 25th. Morgan Stanley lowered their price target on shares of Westlake from $130.00 to $122.00 and set an "equal weight" rating for the company in a report on Wednesday, February 26th. Finally, Bank of America raised shares of Westlake from a "neutral" rating to a "buy" rating and decreased their price objective for the company from $116.00 to $75.00 in a research report on Tuesday, April 15th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $122.25.

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.