Aigen Investment Management LP Buys 5,321 Shares of Westlake Corp. (NYSE:WLK)

Key Points

• Aigen Investment Management LP increased its stake in Westlake Corp. by 101.3%, acquiring an additional 5,321 shares and totaling 10,572 shares worth $1,058,000.
• Westlake recently declared a quarterly dividend of $0.53 per share, up from its previous dividend of $0.47, reflecting a 2.7% yield.
• The company's stock saw a 3.7% decline and has a 12-month price range between $68.55 and $153.34, indicating volatility in its shares.

Aigen Investment Management LP increased its stake in shares of Westlake Corp. (NYSE:WLK - Free Report) by 101.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 10,572 shares of the specialty chemicals company's stock after acquiring an additional 5,321 shares during the quarter. Aigen Investment Management LP's holdings in Westlake were worth $1,058,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Westlake by 1.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 29,692 shares of the specialty chemicals company's stock worth $2,970,000 after acquiring an additional 296 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Westlake by 3.4% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 244,497 shares of the specialty chemicals company's stock valued at $24,457,000 after buying an additional 8,143 shares during the period. ASR Vermogensbeheer N.V. bought a new stake in Westlake in the 1st quarter valued at $249,000. ING Groep NV increased its holdings in Westlake by 32.7% in the 1st quarter. ING Groep NV now owns 29,600 shares of the specialty chemicals company's stock valued at $2,961,000 after buying an additional 7,300 shares during the period. Finally, Jefferies Financial Group Inc. increased its holdings in Westlake by 336.0% in the 1st quarter. Jefferies Financial Group Inc. now owns 9,108 shares of the specialty chemicals company's stock valued at $911,000 after buying an additional 7,019 shares during the period. Institutional investors own 28.40% of the company's stock.

Westlake Stock Down 3.7%

Shares of NYSE WLK opened at $79.06 on Monday. The firm's 50-day simple moving average is $79.07 and its 200 day simple moving average is $91.09. The company has a market cap of $10.14 billion, a price-to-earnings ratio of -149.17, a price-to-earnings-growth ratio of 81.25 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 Corp. has a 12-month low of $68.55 and a 12-month high of $153.34.

Westlake (NYSE:WLK - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The specialty chemicals company reported ($0.09) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.06 by ($0.15). The company 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 firm's quarterly revenue was down 7.9% on a year-over-year basis. During the same quarter last year, the company earned $2.40 EPS. On average, research analysts expect that Westlake Corp. will post 6.48 earnings per share for the current fiscal year.

Westlake Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Tuesday, August 19th will be given a dividend of $0.53 per share. This is an increase from Westlake's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 2.7%. Westlake's dividend payout ratio is -396.23%.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on WLK shares. BMO Capital Markets boosted their price target on shares of Westlake from $91.00 to $94.00 and gave the company a "market perform" rating in a report on Wednesday, August 6th. Bank of America lowered their price target on shares of Westlake from $90.00 to $84.00 and set a "buy" rating on the stock in a report on Wednesday, June 18th. Citigroup boosted their price target on shares of Westlake from $85.00 to $95.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. UBS Group lowered their price target on shares of Westlake from $101.00 to $99.00 and set a "buy" rating on the stock in a report on Wednesday, July 9th. Finally, Royal Bank Of Canada boosted their price target on shares of Westlake from $88.00 to $92.00 and gave the company an "outperform" rating in a report on Thursday, July 3rd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Westlake presently has an average rating of "Moderate Buy" and an average target price of $92.93.

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.

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