Allstate Corp Makes New $581,000 Investment in Westlake Corp. $WLK

Key Points

• Allstate Corp recently acquired 5,807 shares of Westlake Corp, valued at approximately $581,000, in the first quarter.
• Westlake announced a quarterly dividend increase, with a new payout of $0.53 per share, representing a 2.4% dividend yield.
• Brokerages have raised their price targets for Westlake shares, with the average target now at $92.29 following multiple upgrades from firms like Mizuho and Citigroup.

Allstate Corp purchased a new stake in Westlake Corp. (NYSE:WLK - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund purchased 5,807 shares of the specialty chemicals company's stock, valued at approximately $581,000.

Other institutional investors have also recently made changes to their positions in the company. Private Trust Co. NA boosted its position in shares of Westlake by 251.1% during the 1st quarter. Private Trust Co. NA now owns 316 shares of the specialty chemicals company's stock worth $32,000 after purchasing an additional 226 shares in the last quarter. Signaturefd LLC increased its position in shares of Westlake by 127.1% during the first quarter. Signaturefd LLC now owns 427 shares of the specialty chemicals company's stock worth $43,000 after acquiring an additional 239 shares in the last quarter. Fifth Third Bancorp lifted its position 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 valued at $51,000 after purchasing an additional 215 shares in the last quarter. Parallel Advisors LLC lifted its position 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 valued at $53,000 after purchasing an additional 133 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its position 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 valued at $56,000 after purchasing an additional 541 shares in the last quarter. Institutional investors own 28.40% of the company's stock.

Westlake Stock Performance

Westlake stock traded up $1.54 during midday trading on Friday, reaching $87.95. The stock had a trading volume of 907,528 shares, compared to its average volume of 1,040,991. Westlake Corp. has a 12 month low of $68.55 and a 12 month high of $151.56. The firm's 50-day moving average price is $81.82 and its 200 day moving average price is $88.55. The firm has a market capitalization of $11.28 billion, a PE ratio of -165.93, a P/E/G ratio of 378.45 and a beta of 0.92. The company has a quick ratio of 1.75, a current ratio of 2.47 and a debt-to-equity ratio of 0.43.

Westlake (NYSE:WLK - Get Free Report) last announced its quarterly earnings data on Tuesday, August 5th. The specialty chemicals company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($0.15). Westlake had a negative net margin of 0.57% and a positive return on equity of 1.26%. The firm had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $3 billion. During the same quarter in the prior year, the firm posted $2.40 earnings per share. The company's revenue was down 7.9% on a year-over-year basis. As a group, research analysts predict that Westlake Corp. will post 6.48 earnings per share for the current fiscal year.

Westlake Increases Dividend

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

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. Piper Sandler dropped their price target on shares of Westlake from $105.00 to $100.00 and set a "neutral" rating on the stock in a research report on Wednesday, May 14th. Truist Financial dropped their price target on shares of Westlake from $117.00 to $92.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. The Goldman Sachs Group dropped their price target on shares of Westlake from $130.00 to $95.00 and set a "neutral" rating on the stock in a research report on Tuesday, May 6th. Morgan Stanley dropped their price target on shares of Westlake from $98.00 to $90.00 and set an "equal weight" rating on the stock in a research report on Wednesday, August 6th. Finally, JPMorgan Chase & Co. dropped their price target on shares of Westlake from $75.00 to $73.00 and set a "neutral" rating on the stock in a research report on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $92.29.

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.