Millennium Management LLC Has $22.14 Million Stake in Westlake Co. (NYSE:WLK)

Millennium Management LLC increased its stake in Westlake Co. (NYSE:WLK - Free Report) by 122.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 193,087 shares of the specialty chemicals company's stock after purchasing an additional 106,329 shares during the period. Millennium Management LLC owned approximately 0.15% of Westlake worth $22,137,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. increased its stake in Westlake by 247.7% in the 4th quarter. Blue Trust Inc. now owns 226 shares of the specialty chemicals company's stock valued at $26,000 after buying an additional 161 shares during the last quarter. Allworth Financial LP increased its position in shares of Westlake by 6,316.7% in the fourth quarter. Allworth Financial LP now owns 385 shares of the specialty chemicals company's stock valued at $45,000 after acquiring an additional 379 shares during the last quarter. Transamerica Financial Advisors Inc. raised its holdings in Westlake by 1,668.2% during the fourth quarter. Transamerica Financial Advisors Inc. now owns 389 shares of the specialty chemicals company's stock worth $45,000 after acquiring an additional 367 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Westlake during the fourth quarter valued at approximately $71,000. Finally, Venturi Wealth Management LLC grew its stake in Westlake by 163.9% in the fourth quarter. Venturi Wealth Management LLC now owns 789 shares of the specialty chemicals company's stock valued at $90,000 after purchasing an additional 490 shares in the last quarter. Institutional investors own 28.40% of the company's stock.

Westlake Stock Performance

NYSE:WLK opened at $76.31 on Wednesday. The company has a market capitalization of $9.79 billion, a price-to-earnings ratio of 107.48, a PEG ratio of 2.36 and a beta of 1.03. The business has a 50 day moving average of $91.49 and a 200 day moving average of $108.75. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.79 and a quick ratio of 2.04. Westlake Co. has a 1-year low of $76.17 and a 1-year high of $161.31.

Westlake (NYSE:WLK - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The specialty chemicals company reported ($0.31) EPS for the quarter, missing the consensus estimate of $0.70 by ($1.01). Westlake had a return on equity of 6.93% and a net margin of 0.81%. The company had revenue of $2.85 billion during the quarter, compared to analysts' expectations of $2.97 billion. During the same quarter in the prior year, the firm posted $1.34 EPS. The firm's quarterly revenue was down 4.3% on a year-over-year basis. On average, sell-side analysts predict that Westlake Co. will post 6.48 earnings per share for the current fiscal year.

Westlake Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 5th. Investors of record on Tuesday, May 20th will be paid a $0.525 dividend. This represents a $2.10 dividend on an annualized basis and a yield of 2.75%. The ex-dividend date is Tuesday, May 20th. Westlake's payout ratio is 70.47%.

Analysts Set New Price Targets

A number of equities analysts have weighed in on WLK shares. UBS Group lowered their price target on Westlake from $144.00 to $127.00 and set a "buy" rating on the stock in a research report on Monday, April 7th. JPMorgan Chase & Co. dropped their price target on Westlake from $110.00 to $82.00 and set a "neutral" rating on the stock in a research note on Tuesday, May 6th. Bank of America raised shares of Westlake from a "neutral" rating to a "buy" rating and reduced their price objective for the stock from $116.00 to $75.00 in a research report on Tuesday, April 15th. Morgan Stanley dropped their price objective on shares of Westlake from $122.00 to $98.00 and set an "equal weight" rating on the stock in a research report on Monday, May 12th. Finally, Truist Financial reduced their target price on shares of Westlake from $132.00 to $117.00 and set a "buy" rating for the company in a report on Monday, May 5th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $103.54.

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.

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