Alyeska Investment Group L.P. Has $19.29 Million Holdings in Westlake Corp. $WLK

Key Points

• Alyeska Investment Group L.P. increased its stake in Westlake Corp. by 83.3% during the 1st quarter, holding approximately $19.29 million worth of the company's stock.
• Westlake recently saw a quarterly dividend increase to $0.53 per share, up from the previous $0.47, representing a 2.4% yield.
• Analyst ratings for Westlake reflect a consensus of "Moderate Buy," with target prices ranging from $90.00 to $98.00 following various upgrades by firms such as Mizuho and Wells Fargo.

Alyeska Investment Group L.P. lifted its position in shares of Westlake Corp. (NYSE:WLK - Free Report) by 83.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 192,876 shares of the specialty chemicals company's stock after purchasing an additional 87,675 shares during the quarter. Alyeska Investment Group L.P. owned approximately 0.15% of Westlake worth $19,293,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. grew its holdings in shares of Westlake by 3.4% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 244,497 shares of the specialty chemicals company's stock worth $24,457,000 after purchasing an additional 8,143 shares in the last quarter. Private Trust Co. NA grew its holdings 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. Fifth Third Bancorp grew its holdings in shares of Westlake by 71.9% during the 1st quarter. Fifth Third Bancorp now owns 514 shares of the specialty chemicals company's stock worth $51,000 after purchasing an additional 215 shares in the last quarter. Asset Management One Co. Ltd. grew its holdings in shares of Westlake by 4.6% during the 1st quarter. Asset Management One Co. Ltd. now owns 12,253 shares of the specialty chemicals company's stock worth $1,226,000 after purchasing an additional 534 shares in the last quarter. Finally, Janney Montgomery Scott LLC grew its holdings in shares of Westlake by 2.7% during the 1st quarter. Janney Montgomery Scott LLC now owns 61,134 shares of the specialty chemicals company's stock worth $6,115,000 after purchasing an additional 1,635 shares in the last quarter. Institutional investors and hedge funds own 28.40% of the company's stock.

Westlake Trading Up 2.0%

Shares of WLK stock traded up $1.75 on Friday, reaching $89.39. 1,200,207 shares of the stock were exchanged, compared to its average volume of 1,104,049. The stock has a market cap of $11.46 billion, a PE ratio of -168.66 and a beta of 0.92. Westlake Corp. has a one year low of $68.55 and a one year high of $151.56. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.47 and a quick ratio of 1.75. The stock has a 50 day moving average price of $83.32 and a 200 day moving average price of $87.11.

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

Westlake Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Tuesday, August 19th were given a dividend of $0.53 per share. The ex-dividend date was Tuesday, August 19th. This is an increase from Westlake's previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.4%. Westlake's dividend payout ratio is presently -400.00%.

Analyst Ratings Changes

Several analysts recently commented on the company. Morgan Stanley decreased their price target on Westlake from $98.00 to $90.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 6th. JPMorgan Chase & Co. decreased their price target on Westlake from $75.00 to $73.00 and set a "neutral" rating on the stock in a research note on Tuesday, August 12th. Tudor Pickering raised Westlake from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 6th. Tudor, Pickering, Holt & Co. raised Westlake from a "hold" rating to a "buy" rating and set a $90.00 price target on the stock in a research note on Wednesday, August 6th. Finally, Citigroup boosted their price target on Westlake from $85.00 to $95.00 and gave the company a "buy" rating in a research note on Tuesday, July 8th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat.com, Westlake 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.