Magnetar Financial LLC Invests $2.73 Million in Westlake Corp. $WLK

Key Points

• Magnetar Financial LLC has made a new investment of approximately $2.73 million in Westlake Corp. by purchasing 27,277 shares, as reported in a recent SEC filing.
• Westlake has recently increased its quarterly dividend from $0.47 to $0.53 per share, reflecting an annualized yield of 2.4% and indicating a positive outlook despite recent financial challenges.
• Several analysts have updated their ratings for Westlake; Tudor Pickering upgraded the stock to a "strong-buy", while other firms adjusted their target prices, with a consensus rating of "Moderate Buy" currently in place.

Magnetar Financial LLC bought a new position in Westlake Corp. (NYSE:WLK - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 27,277 shares of the specialty chemicals company's stock, valued at approximately $2,729,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Comerica Bank lifted its holdings in shares of Westlake by 3.5% during the first quarter. Comerica Bank now owns 30,638 shares of the specialty chemicals company's stock valued at $3,065,000 after acquiring an additional 1,038 shares during the period. Walleye Capital LLC grew its position in shares of Westlake by 377.1% during the 1st quarter. Walleye Capital LLC now owns 34,377 shares of the specialty chemicals company's stock worth $3,439,000 after buying an additional 27,172 shares during the period. Oliver Luxxe Assets LLC grew its position in shares of Westlake by 8.8% during the 1st quarter. Oliver Luxxe Assets LLC now owns 13,885 shares of the specialty chemicals company's stock worth $1,389,000 after buying an additional 1,123 shares during the period. Jump Financial LLC acquired a new position in shares of Westlake during the 1st quarter worth about $232,000. Finally, Allstate Corp acquired a new position in shares of Westlake in the 1st quarter valued at approximately $581,000. 28.40% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several equities analysts recently issued reports on the company. Piper Sandler decreased their price objective on Westlake from $105.00 to $100.00 and set a "neutral" rating for the company in a research report on Wednesday, May 14th. Truist Financial reduced their price target on Westlake from $117.00 to $92.00 and set a "buy" rating for the company in a research report on Friday, May 30th. Royal Bank Of Canada upped their price target on Westlake from $88.00 to $92.00 and gave the stock an "outperform" rating in a research report on Thursday, July 3rd. Bank of America reduced their price target on Westlake from $90.00 to $84.00 and set a "buy" rating for the company in a research report on Wednesday, June 18th. Finally, Tudor, Pickering, Holt & Co. raised Westlake from a "hold" rating to a "buy" rating and set a $90.00 price target for the company in a research report on Wednesday, August 6th. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and six have given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $92.29.

Westlake Stock Performance

WLK traded up $2.72 during trading hours on Thursday, reaching $87.37. The company's stock had a trading volume of 256,294 shares, compared to its average volume of 1,032,797. The company's 50-day moving average is $82.83 and its 200-day moving average is $87.83. Westlake Corp. has a 52 week low of $68.55 and a 52 week high of $151.56. The firm has a market cap of $11.21 billion, a PE ratio of -164.84 and a beta of 0.92. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.75 and a current ratio of 2.47.

Westlake (NYSE:WLK - Get Free Report) last released its quarterly earnings data 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 during the quarter, compared to analyst estimates of $3 billion. Westlake had a negative net margin of 0.57% and a positive return on equity of 1.26%. Westlake's revenue for the quarter was down 7.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.40 earnings per share. On average, equities analysts forecast that Westlake Corp. will post 6.48 EPS for the current year.

Westlake Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Stockholders of record on Tuesday, August 19th will be given a $0.53 dividend. The ex-dividend date of this dividend is Tuesday, August 19th. This is a boost from Westlake's previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.4%. Westlake's dividend payout ratio (DPR) is presently -400.00%.

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.