Drummond Knight Asset Management Pty Ltd Boosts Stake in Westlake Corp. $WLK

Key Points

• Drummond Knight Asset Management Pty Ltd increased its stake in Westlake Corp. by 37.9%, owning 117,231 shares after acquiring an additional 32,231 shares, making it the firm's 8th biggest position.
• Westlake Corp. recently announced a quarterly dividend increase from $0.47 to $0.53 per share, representing a 2.4% yield.
• The company reported a quarterly revenue of $2.95 billion, missing analyst estimates, with an earnings per share of ($0.09), significantly lower than the expected $0.06.

Drummond Knight Asset Management Pty Ltd boosted its stake in shares of Westlake Corp. (NYSE:WLK - Free Report) by 37.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 117,231 shares of the specialty chemicals company's stock after acquiring an additional 32,231 shares during the period. Westlake accounts for about 5.9% of Drummond Knight Asset Management Pty Ltd's portfolio, making the stock its 8th biggest position. Drummond Knight Asset Management Pty Ltd owned about 0.09% of Westlake worth $11,727,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently added to or reduced their stakes in the company. Private Trust Co. NA increased its stake in 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 acquiring an additional 226 shares during the period. Signaturefd LLC boosted its holdings 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 boosted its holdings in shares of Westlake by 71.9% in the 1st quarter. Fifth Third Bancorp now owns 514 shares of the specialty chemicals company's stock valued at $51,000 after purchasing an additional 215 shares in the last quarter. Parallel Advisors LLC boosted its holdings in shares of Westlake by 33.9% in the 1st quarter. Parallel Advisors LLC now owns 525 shares of the specialty chemicals company's stock valued at $53,000 after purchasing an additional 133 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in shares of Westlake by 3,005.6% in the 1st quarter. Caitong International Asset Management Co. Ltd now owns 559 shares of the specialty chemicals company's stock valued at $56,000 after purchasing an additional 541 shares in the last quarter. Institutional investors own 28.40% of the company's stock.

Westlake Stock Up 5.3%

Shares of WLK opened at $89.59 on Friday. The company has a market capitalization of $11.49 billion, a PE ratio of -169.03 and a beta of 0.92. Westlake Corp. has a 12 month low of $68.55 and a 12 month high of $151.56. The stock's 50-day moving average price is $83.92 and its two-hundred day moving average price is $86.80. The company has a current ratio of 2.47, a quick ratio of 1.75 and a debt-to-equity ratio of 0.43.

Westlake (NYSE:WLK - Get Free Report) last announced 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). 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% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.40 earnings per share. On average, analysts anticipate that Westlake Corp. will post 6.48 EPS for the current year.

Westlake Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Tuesday, August 19th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend was Tuesday, August 19th. This is a boost from Westlake's previous quarterly dividend of $0.47. Westlake's dividend payout ratio (DPR) is presently -400.00%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on WLK shares. Morgan Stanley reduced their target price on Westlake from $98.00 to $90.00 and set an "equal weight" rating on the stock in a report on Wednesday, August 6th. Citigroup raised their target price on Westlake from $85.00 to $95.00 and gave the company a "buy" rating in a report on Tuesday, July 8th. Tudor, Pickering, Holt & Co. raised Westlake from a "hold" rating to a "buy" rating and set a $90.00 target price on the stock in a report on Wednesday, August 6th. Bank of America reduced their target price on Westlake from $90.00 to $84.00 and set a "buy" rating on the stock in a report on Wednesday, June 18th. Finally, JPMorgan Chase & Co. reduced their target price on Westlake from $75.00 to $73.00 and set a "neutral" rating on the stock in a report on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat, Westlake presently has an average rating of "Moderate Buy" and an average target price of $92.29.

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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