1832 Asset Management L.P. Reduces Holdings in Westlake Corp. $WLK

Key Points

• 1832 Asset Management L.P. has significantly reduced its position in Westlake Corp. by 59.1%, selling over 222,000 shares and now holds approximately 0.12% of the company.
• Westlake recently missed earnings expectations, reporting a loss of ($0.09) EPS against a consensus estimate of $0.06 and experiencing a 7.9% decrease in revenue year-over-year.
• The company has announced an increase in its quarterly dividend from $0.47 to $0.53 per share, which reflects a yield of 2.3% based on an annual payout.

1832 Asset Management L.P. lessened its stake in Westlake Corp. (NYSE:WLK - Free Report) by 59.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 153,740 shares of the specialty chemicals company's stock after selling 222,260 shares during the period. 1832 Asset Management L.P. owned 0.12% of Westlake worth $15,379,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Private Trust Co. NA grew its stake in Westlake by 251.1% in the first quarter. Private Trust Co. NA now owns 316 shares of the specialty chemicals company's stock valued at $32,000 after purchasing an additional 226 shares during the last quarter. Signaturefd LLC grew its stake in Westlake by 127.1% in the first quarter. Signaturefd LLC now owns 427 shares of the specialty chemicals company's stock valued at $43,000 after purchasing an additional 239 shares during the last quarter. Fifth Third Bancorp grew its stake in shares of Westlake by 71.9% during the first quarter. Fifth Third Bancorp now owns 514 shares of the specialty chemicals company's stock worth $51,000 after acquiring an additional 215 shares during the last quarter. Parallel Advisors LLC grew its stake in shares of Westlake by 33.9% during the first quarter. Parallel Advisors LLC now owns 525 shares of the specialty chemicals company's stock worth $53,000 after acquiring an additional 133 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its stake in shares of Westlake by 3,005.6% during the first quarter. Caitong International Asset Management Co. Ltd now owns 559 shares of the specialty chemicals company's stock worth $56,000 after acquiring an additional 541 shares during the last quarter. Hedge funds and other institutional investors own 28.40% of the company's stock.

Westlake Stock Performance

NYSE:WLK traded up $1.05 during trading hours on Friday, reaching $87.46. The company had a trading volume of 283,752 shares, compared to its average volume of 1,037,094. Westlake Corp. has a 1-year low of $68.55 and a 1-year high of $151.56. The firm has a market cap of $11.22 billion, a PE ratio of -165.04, a price-to-earnings-growth ratio of 378.45 and a beta of 0.92. The business's 50 day moving average price is $81.82 and its 200-day moving average price is $88.55. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.47 and a quick ratio of 1.75.

Westlake (NYSE:WLK - Get Free Report) last announced its earnings results on Tuesday, August 5th. The specialty chemicals company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of $0.06 by ($0.15). The business had revenue of $2.95 billion for the quarter, compared to analyst estimates of $3 billion. Westlake had a positive return on equity of 1.26% and a negative net margin of 0.57%.The company's quarterly revenue was down 7.9% compared to the same quarter last year. During the same period in the previous year, the company earned $2.40 earnings per share. Research analysts forecast that Westlake Corp. will post 6.48 EPS for the current year.

Westlake Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Tuesday, August 19th will be paid a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a dividend yield of 2.4%. The ex-dividend date of this dividend is Tuesday, August 19th. This is a positive change from Westlake's previous quarterly dividend of $0.47. Westlake's dividend payout ratio is currently -400.00%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the company. Wells Fargo & Company boosted their price target on Westlake from $76.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. Wall Street Zen lowered Westlake from a "hold" rating to a "sell" rating in a research note on Friday, May 9th. Citigroup boosted their price target on Westlake from $85.00 to $95.00 and gave the stock a "buy" rating in a research note on Tuesday, July 8th. Mizuho boosted their price target on Westlake from $82.00 to $98.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Finally, UBS Group dropped their price target on Westlake from $101.00 to $99.00 and set a "buy" rating on the stock in a research note on Wednesday, July 9th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $92.29.

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.