Jefferies Financial Group Inc. Buys 7,019 Shares of Westlake Corp. (NYSE:WLK)

Key Points

• Jefferies Financial Group Inc. increased its stake in Westlake Corp. by 336.0%, now owning shares valued at $911,000 according to their recent SEC filing.
• Westlake's stock dropped 2.1% to $81.34, with a market cap of $10.43 billion and a PE ratio of -153.47.
• Westlake Corp. recently declared a dividend of $0.4714 per share, leading to an annual yield of 2.3% and a payout ratio of 70.47%.

Jefferies Financial Group Inc. boosted its position in shares of Westlake Corp. (NYSE:WLK - Free Report) by 336.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 9,108 shares of the specialty chemicals company's stock after acquiring an additional 7,019 shares during the quarter. Jefferies Financial Group Inc.'s holdings in Westlake were worth $911,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Balyasny Asset Management L.P. grew its holdings in Westlake by 732.7% in the 4th quarter. Balyasny Asset Management L.P. now owns 993,150 shares of the specialty chemicals company's stock valued at $113,865,000 after buying an additional 873,888 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Westlake by 17.7% in the first quarter. Victory Capital Management Inc. now owns 3,900,025 shares of the specialty chemicals company's stock valued at $390,120,000 after acquiring an additional 586,178 shares in the last quarter. First Trust Advisors LP increased its position in Westlake by 56.8% during the fourth quarter. First Trust Advisors LP now owns 827,516 shares of the specialty chemicals company's stock worth $94,875,000 after acquiring an additional 299,597 shares during the period. Deprince Race & Zollo Inc. acquired a new stake in Westlake in the 4th quarter worth about $25,026,000. Finally, Voloridge Investment Management LLC boosted its holdings in Westlake by 3,182.3% in the 4th quarter. Voloridge Investment Management LLC now owns 219,030 shares of the specialty chemicals company's stock valued at $25,112,000 after purchasing an additional 212,357 shares during the period. Institutional investors and hedge funds own 28.40% of the company's stock.

Westlake Trading Up 1.1%

NYSE:WLK traded up $0.93 on Thursday, reaching $82.05. 1,074,822 shares of the stock traded hands, compared to its average volume of 1,021,162. The company has a current ratio of 2.47, a quick ratio of 1.86 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 $78.91 and its 200-day moving average is $91.74. The firm has a market capitalization of $10.52 billion, a price-to-earnings ratio of -154.81, a price-to-earnings-growth ratio of 20.50 and a beta of 0.92.

Westlake (NYSE:WLK - Get Free Report) last released its 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 firm had revenue of $2.95 billion during the quarter, compared to analyst estimates of $3 billion. During the same quarter in the previous year, the firm earned $2.40 EPS. Westlake's quarterly revenue was down 7.9% on a year-over-year basis. Equities research analysts anticipate that Westlake Corp. will post 6.48 EPS for the current fiscal year.

Westlake Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 27th. Shareholders of record on Tuesday, August 12th will be issued a $0.4714 dividend. This represents a $1.89 dividend on an annualized basis and a yield of 2.3%. Westlake's payout ratio is currently 70.47%.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on WLK shares. BMO Capital Markets boosted their price target on Westlake from $91.00 to $94.00 and gave the company a "market perform" rating in a research note on Wednesday. Mizuho increased their price objective on shares of Westlake from $82.00 to $98.00 and gave the stock an "outperform" rating in a research note on Tuesday, July 15th. Royal Bank Of Canada upped their price target on shares of Westlake from $88.00 to $92.00 and gave the stock an "outperform" rating in a report on Thursday, July 3rd. Barclays cut their target price on Westlake from $135.00 to $100.00 and set an "overweight" rating for the company in a research note on Monday, May 5th. Finally, Wells Fargo & Company increased their target price on shares of Westlake from $76.00 to $90.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $92.93.

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.