Charles Schwab Investment Management Inc. Has $24.46 Million Stock Holdings in Westlake Corp. $WLK

Key Points

• Charles Schwab Investment Management Inc. increased its holdings in Westlake Corp. by 3.4%, owning 244,497 shares valued at approximately $24.46 million at the end of the reporting period.
• Westlake Corp. has seen significant institutional interest, with Victory Capital Management increasing its stake by 17.7% and Balyasny Asset Management increasing its position by a remarkable 732.7% in the recent quarters.
• The company recently declared a quarterly dividend of $0.53 per share, which is an increase from the previous dividend of $0.47, resulting in an annualized payout of $2.12 and a yield of 2.6%.

Charles Schwab Investment Management Inc. increased its stake in shares of Westlake Corp. (NYSE:WLK - Free Report) by 3.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 244,497 shares of the specialty chemicals company's stock after acquiring an additional 8,143 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.19% of Westlake worth $24,457,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of WLK. Private Trust Co. NA increased its stake in Westlake by 251.1% in the first quarter. Private Trust Co. NA now owns 316 shares of the specialty chemicals company's stock valued at $32,000 after purchasing an additional 226 shares during the period. Signaturefd LLC boosted its holdings in 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 buying an additional 239 shares in the last quarter. Fifth Third Bancorp boosted its holdings in Westlake by 71.9% during the first quarter. Fifth Third Bancorp now owns 514 shares of the specialty chemicals company's stock worth $51,000 after buying an additional 215 shares in the last quarter. Parallel Advisors LLC boosted its holdings in Westlake by 33.9% during the first quarter. Parallel Advisors LLC now owns 525 shares of the specialty chemicals company's stock worth $53,000 after buying an additional 133 shares in the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S purchased a new stake in shares of Westlake in the fourth quarter valued at about $71,000. 28.40% of the stock is currently owned by institutional investors and hedge funds.

Westlake Price Performance

Westlake stock traded down $0.94 during trading hours on Tuesday, hitting $86.29. 1,318,472 shares of the company traded hands, compared to its average volume of 1,429,040. The firm's 50-day simple moving average is $81.21 and its two-hundred day simple moving average is $88.74. The firm has a market cap of $11.07 billion, a P/E ratio of -162.82, a P/E/G ratio of 383.51 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 1-year low of $68.55 and a 1-year high of $151.56.

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 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 business had revenue of $2.95 billion during the quarter, compared to analyst estimates of $3 billion. During the same period in the prior year, the firm earned $2.40 EPS. The business's revenue for the quarter was down 7.9% on a year-over-year basis. As a group, analysts forecast 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 issued 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 dividend yield of 2.5%. The ex-dividend date is Tuesday, August 19th. Westlake's dividend payout ratio is -400.00%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Tudor Pickering raised shares of Westlake from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 6th. Mizuho upped their price target on shares of Westlake from $82.00 to $98.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Morgan Stanley dropped their price objective on shares of Westlake from $98.00 to $90.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 6th. Truist Financial dropped their price objective on shares of Westlake from $117.00 to $92.00 and set a "buy" rating for the company in a research report on Friday, May 30th. Finally, Wall Street Zen downgraded shares of Westlake from a "hold" rating to a "sell" rating in a research note on Friday, May 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 MarketBeat, Westlake has a consensus rating of "Moderate Buy" and an average price target of $92.29.

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.