Alyeska Investment Group L.P. Has $19.29 Million Stock Position 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. raised its position in Westlake Corp. (NYSE:WLK - Free Report) by 83.3% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 192,876 shares of the specialty chemicals company's stock after purchasing an additional 87,675 shares during the period. Alyeska Investment Group L.P. owned about 0.15% of Westlake worth $19,293,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Private Trust Co. NA grew its holdings in Westlake by 251.1% in the 1st quarter. Private Trust Co. NA now owns 316 shares of the specialty chemicals company's stock valued at $32,000 after buying an additional 226 shares during the period. Signaturefd LLC lifted its stake in shares of Westlake by 127.1% in the 1st quarter. Signaturefd LLC now owns 427 shares of the specialty chemicals company's stock valued at $43,000 after purchasing an additional 239 shares in the last quarter. Fifth Third Bancorp lifted its position in 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 acquiring an additional 215 shares in the last quarter. Parallel Advisors LLC lifted its position in Westlake by 33.9% during the 1st quarter. Parallel Advisors LLC now owns 525 shares of the specialty chemicals company's stock worth $53,000 after acquiring an additional 133 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd increased its holdings in Westlake by 3,005.6% during the 1st quarter. Caitong International Asset Management Co. Ltd now owns 559 shares of the specialty chemicals company's stock worth $56,000 after purchasing an additional 541 shares during the last quarter. Institutional investors and hedge funds own 28.40% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Royal Bank Of Canada lifted their price objective on Westlake from $88.00 to $92.00 and gave the stock an "outperform" rating in a report on Thursday, July 3rd. Mizuho boosted their price target on Westlake from $82.00 to $98.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. JPMorgan Chase & Co. reduced their price target on Westlake from $75.00 to $73.00 and set a "neutral" rating for the company in a research report on Tuesday, August 12th. Wells Fargo & Company upped their price objective on Westlake from $76.00 to $90.00 and gave the company an "equal weight" rating in a report on Monday, July 14th. Finally, UBS Group cut their price objective on Westlake from $101.00 to $99.00 and set a "buy" rating for the company in a report on Wednesday, July 9th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, Westlake has an average rating of "Moderate Buy" and a consensus target price of $92.29.

Westlake Stock Performance

Shares of WLK stock traded down $0.01 during mid-day trading on Wednesday, reaching $86.00. The stock had a trading volume of 180,477 shares, compared to its average volume of 1,032,287. The company has a quick ratio of 1.75, a current ratio of 2.47 and a debt-to-equity ratio of 0.43. The firm has a market cap of $11.03 billion, a PE ratio of -162.26 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 firm's 50 day simple moving average is $83.69 and its 200 day simple moving average is $86.95.

Westlake (NYSE:WLK - Get Free Report) last posted its earnings results on Tuesday, August 5th. The specialty chemicals company reported ($0.09) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.15). Westlake had a positive return on equity of 1.26% and a negative net margin of 0.57%.The company had revenue of $2.95 billion for the quarter, compared to the consensus estimate of $3 billion. During the same quarter last year, the business earned $2.40 EPS. Westlake's quarterly revenue was down 7.9% compared to the same quarter last year. On average, analysts forecast that Westlake Corp. will post 6.48 EPS for the current 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 paid a $0.53 dividend. This is an increase from Westlake's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $2.12 annualized dividend and a dividend yield of 2.5%. Westlake's payout ratio is -400.00%.

Westlake Company 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.