Bank of America Corp DE Acquires 52,551 Shares of Westlake Corporation $WLK

Key Points

• Bank of America increased its Westlake stake by 28.5% in the first quarter, adding 52,551 shares to own 236,986 shares valued at approximately $27.7 million. Institutional investors and hedge funds collectively own 28.4% of WLK.
• Analyst sentiment remains cautious: Westlake has an overall “Hold” rating, with 10 Holds, three Buys and two Sells, and a consensus price target of $93.92.
• Westlake beat quarterly earnings expectations, reporting $2.01 in EPS versus the $1.83 consensus and $3.27 billion in revenue. The company also raised its quarterly dividend to $0.533 per share, equating to a 2.7% annualized yield.

Bank of America Corp DE increased its stake in shares of Westlake Corporation (NYSE:WLK - Free Report) by 28.5% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 236,986 shares of the specialty chemicals company's stock after acquiring an additional 52,551 shares during the period. Bank of America Corp DE owned 0.18% of Westlake worth $27,685,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in WLK. Caitong International Asset Management Co. Ltd acquired a new stake in Westlake in the 3rd quarter valued at approximately $28,000. Quarry LP acquired a new stake in shares of Westlake in the fourth quarter worth $31,000. Fifth Third Bancorp increased its position in Westlake by 71.3% during the fourth quarter. Fifth Third Bancorp now owns 562 shares of the specialty chemicals company's stock worth $42,000 after acquiring an additional 234 shares during the period. CIBC Private Wealth Group LLC acquired a new position in Westlake during the 3rd quarter valued at $53,000. Finally, NewEdge Advisors LLC boosted its holdings in Westlake by 49.6% in the 2nd quarter. NewEdge Advisors LLC now owns 745 shares of the specialty chemicals company's stock valued at $57,000 after purchasing an additional 247 shares during the period. 28.40% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

WLK has been the subject of a number of research analyst reports. Zacks Research lowered shares of Westlake from a "hold" rating to a "strong sell" rating in a research report on Tuesday, July 21st. Wall Street Zen raised Westlake from a "sell" rating to a "hold" rating in a report on Saturday, August 8th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $115.00 price objective on shares of Westlake in a report on Thursday, May 7th. Truist Financial reduced their target price on Westlake from $127.00 to $104.00 and set a "buy" rating for the company in a research report on Monday, July 20th. Finally, Mizuho decreased their price target on shares of Westlake from $110.00 to $88.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 1st. Three investment analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $93.92.

Insider Activity at Westlake

In related news, Chairman Albert Chao sold 38,873 shares of the stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $80.28, for a total transaction of $3,120,724.44. Following the completion of the sale, the chairman directly owned 642,880 shares of the company's stock, valued at approximately $51,610,406.40. This represents a 5.70% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.40% of the stock is currently owned by corporate insiders.

Westlake Trading Down 0.0%

Shares of NYSE WLK opened at $79.53 on Monday. Westlake Corporation has a 1-year low of $56.33 and a 1-year high of $124.23. The company has a 50-day moving average of $77.72 and a two-hundred day moving average of $93.70. The company has a market cap of $10.16 billion, a PE ratio of -8.30 and a beta of 0.63. The company has a current ratio of 2.45, a quick ratio of 1.70 and a debt-to-equity ratio of 0.55.

Westlake (NYSE:WLK - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The specialty chemicals company reported $2.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.18. The business had revenue of $3.27 billion for the quarter, compared to analysts' expectations of $3.24 billion. Westlake had a positive return on equity of 0.93% and a negative net margin of 10.94%.The firm's quarterly revenue was up 10.8% compared to the same quarter last year. During the same quarter last year, the business earned ($1.11) earnings per share. As a group, equities analysts expect that Westlake Corporation will post 3.43 earnings per share for the current fiscal year.

Westlake Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th will be issued a $0.533 dividend. This represents a $2.13 annualized dividend and a dividend yield of 2.7%. This is an increase from Westlake's previous quarterly dividend of $0.53. The ex-dividend date is Tuesday, August 25th. Westlake's dividend payout ratio is currently -22.13%.

Westlake Company Profile

Westlake Corp. is a global manufacturer of petrochemicals, polymers and building products, serving customers across industrial and residential markets. The company's core operations encompass the production of vinyls—primarily polyvinyl chloride (PVC) and its key feedstock vinyl chloride monomer (VCM)—as well as chlor-alkali products including caustic soda and chlorine. In addition, Westlake produces ethylene, propylene and specialty elastomers, along with construction-related materials such as vinyl siding, trim, windows and roofing systems.

Operating a network of vertically integrated plants and distribution centers, Westlake serves markets in North America, Europe and Asia.

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