HITE Hedge Asset Management LLC Purchases 10,827 Shares of Westlake Corp. $WLK

Key Points

• HITE Hedge Asset Management LLC increased its holdings in Westlake Corp. by 17.9% during the first quarter, now owning approximately 71,475 shares valued at $7.15 million.
• Despite recent upgrades from some brokerages, Westlake Corp. reported a loss of ($0.09) EPS in its latest earnings, missing analyst expectations, with revenue down 7.9% year-over-year.
• Westlake announced a quarterly dividend increase to $0.53, marking a rise from the previous $0.47, with a dividend yield of 2.5%.

HITE Hedge Asset Management LLC boosted its holdings in Westlake Corp. (NYSE:WLK - Free Report) by 17.9% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 71,475 shares of the specialty chemicals company's stock after purchasing an additional 10,827 shares during the quarter. HITE Hedge Asset Management LLC owned 0.06% of Westlake worth $7,150,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Northern Trust Corp raised its stake in Westlake by 2.9% in the 1st quarter. Northern Trust Corp now owns 314,618 shares of the specialty chemicals company's stock worth $31,471,000 after purchasing an additional 8,955 shares in the last quarter. Brooklyn Investment Group raised its position in shares of Westlake by 66.0% in the 1st quarter. Brooklyn Investment Group now owns 601 shares of the specialty chemicals company's stock valued at $60,000 after buying an additional 239 shares in the last quarter. Aberdeen Group plc acquired a new position in shares of Westlake in the 1st quarter valued at approximately $1,000,000. Caitong International Asset Management Co. Ltd raised its position 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 buying an additional 541 shares in the last quarter. Finally, Nuveen LLC acquired a new position in shares of Westlake in the 1st quarter valued at approximately $72,974,000. Institutional investors and hedge funds own 28.40% of the company's stock.

Westlake Trading Up 9.3%

NYSE WLK traded up $7.7150 on Friday, hitting $90.4550. The company's stock had a trading volume of 2,312,260 shares, compared to its average volume of 1,390,508. 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 $153.34. The company's 50-day moving average is $80.73 and its 200 day moving average is $89.23. The firm has a market cap of $11.60 billion, a PE ratio of -170.67, a PEG ratio of 363.77 and a beta of 0.92.

Westlake (NYSE:WLK - Get Free Report) last announced its quarterly earnings results 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 negative net margin of 0.57% and a positive return on equity of 1.26%. The business had revenue of $2.95 billion during the quarter, compared to analyst estimates of $3 billion. During the same quarter last year, the company posted $2.40 earnings per share. The company's revenue was down 7.9% compared to the same quarter last year. As a group, analysts predict that Westlake Corp. will post 6.48 earnings per share for the current fiscal year.

Westlake Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Tuesday, August 19th will be paid a $0.53 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.3%. This is an increase from Westlake's previous quarterly dividend of $0.47. Westlake's payout ratio is currently -400.00%.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on WLK shares. Tudor Pickering upgraded shares of Westlake from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 6th. Tudor, Pickering, Holt & Co. upgraded shares of Westlake from a "hold" rating to a "buy" rating and set a $90.00 target price for the company in a research report on Wednesday, August 6th. Bank of America dropped their target price on shares of Westlake from $90.00 to $84.00 and set a "buy" rating for the company in a research report on Wednesday, June 18th. BMO Capital Markets boosted their target price on shares of Westlake from $91.00 to $94.00 and gave the company a "market perform" rating in a research report on Wednesday, August 6th. Finally, UBS Group dropped their target price on shares of Westlake from $101.00 to $99.00 and set a "buy" rating for the company in a research report on Wednesday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target 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.