Janus Henderson Group PLC Sells 64,810 Shares of Westlake Corporation $WLK

Key Points

• Janus Henderson reduced its Westlake stake by 19.4%, selling 64,810 shares and retaining 269,783 shares valued at approximately $31.5 million. Institutional investors own 28.4% of the company.
• Westlake reported a quarterly loss of $0.77 per share, missing estimates by $0.67, while revenue fell 6.8% year over year to $2.65 billion. The stock opened at $70.59, well below its 52-week high of $124.23.
• The company paid a quarterly dividend of $0.53 per share, equating to a 3.0% annualized yield. Analysts maintain a consensus “Hold” rating with an average price target of $97.64.

Janus Henderson Group PLC trimmed its holdings in Westlake Corporation (NYSE:WLK - Free Report) by 19.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 269,783 shares of the specialty chemicals company's stock after selling 64,810 shares during the quarter. Janus Henderson Group PLC owned approximately 0.21% of Westlake worth $31,518,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of WLK. Caitong International Asset Management Co. Ltd bought a new position in Westlake in the 3rd quarter valued at $28,000. Quarry LP purchased a new stake in Westlake in the fourth quarter worth $31,000. Fifth Third Bancorp lifted its position in shares of 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 purchasing an additional 234 shares during the last quarter. CIBC Private Wealth Group LLC purchased a new stake in shares of Westlake during the third quarter valued at $53,000. Finally, NewEdge Advisors LLC boosted its stake in shares of Westlake by 49.6% during the second 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 owned by institutional investors.

Westlake Stock Up 0.1%

NYSE:WLK opened at $70.59 on Monday. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.17 and a quick ratio of 1.56. 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 $79.45 and a 200 day moving average of $94.29. The firm has a market cap of $9.04 billion, a PE ratio of -5.56 and a beta of 0.63.

Westlake (NYSE:WLK - Get Free Report) last posted its earnings results on Tuesday, May 5th. The specialty chemicals company reported ($0.77) EPS for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.67). Westlake had a negative net margin of 14.91% and a negative return on equity of 1.89%. The business had revenue of $2.65 billion for the quarter, compared to analysts' expectations of $2.79 billion. During the same period last year, the business posted ($0.31) EPS. The company's revenue for the quarter was down 6.8% on a year-over-year basis. As a group, research analysts anticipate that Westlake Corporation will post 3.2 EPS for the current fiscal year.

Westlake Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 11th. Investors of record on Wednesday, May 27th were issued a dividend of $0.53 per share. This represents a $2.12 annualized dividend and a yield of 3.0%. The ex-dividend date of this dividend was Wednesday, May 27th. Westlake's dividend payout ratio (DPR) is presently -16.69%.

Analyst Ratings Changes

Several research firms recently commented on WLK. JPMorgan Chase & Co. raised shares of Westlake from an "underweight" rating to a "neutral" rating and set a $90.00 price target on the stock in a research note on Monday, May 18th. Truist Financial dropped their target price on shares of Westlake from $127.00 to $104.00 and set a "buy" rating on the stock in a research note on Monday, July 20th. Royal Bank Of Canada reduced their target price on shares of Westlake from $145.00 to $130.00 and set an "outperform" rating on the stock in a research report on Monday, May 11th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Westlake in a research note on Friday, July 17th. Finally, UBS Group reiterated a "buy" rating and issued a $117.00 price target (down from $130.00) on shares of Westlake in a report on Friday, June 5th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, ten have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Westlake presently has a consensus rating of "Hold" and a consensus target price of $97.64.

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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