Northern Trust Corp Buys 8,955 Shares of Westlake Corp. $WLK

Key Points

• Northern Trust Corp increased its stake in Westlake Corp by 2.9%, owning a total of 314,618 shares valued at approximately $31.47 million.
• Westlake recently reported a quarterly loss of $0.09 EPS, missing analyst estimates, while its revenue also declined by 7.9% year-over-year to $2.95 billion.
• The company announced an increase in its quarterly dividend from $0.47 to $0.53, representing a 2.4% yield for investors.

Northern Trust Corp boosted its position in shares of Westlake Corp. (NYSE:WLK - Free Report) by 2.9% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 314,618 shares of the specialty chemicals company's stock after acquiring an additional 8,955 shares during the period. Northern Trust Corp owned approximately 0.25% of Westlake worth $31,471,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Private Trust Co. NA raised its position in Westlake by 251.1% in the first quarter. Private Trust Co. NA now owns 316 shares of the specialty chemicals company's stock worth $32,000 after purchasing an additional 226 shares in the last quarter. Signaturefd LLC raised its holdings in shares of Westlake by 127.1% in the 1st quarter. Signaturefd LLC now owns 427 shares of the specialty chemicals company's stock worth $43,000 after buying an additional 239 shares in the last quarter. Fifth Third Bancorp lifted its position in shares of Westlake by 71.9% during the 1st quarter. Fifth Third Bancorp now owns 514 shares of the specialty chemicals company's stock worth $51,000 after buying an additional 215 shares during the period. Parallel Advisors LLC boosted its stake in Westlake by 33.9% in the 1st quarter. Parallel Advisors LLC now owns 525 shares of the specialty chemicals company's stock valued at $53,000 after buying an additional 133 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its stake in 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. Institutional investors own 28.40% of the company's stock.

Westlake Trading Down 1.7%

WLK stock traded down $1.44 during trading on Wednesday, hitting $85.10. The company had a trading volume of 449,905 shares, compared to its average volume of 1,034,408. The firm has a 50-day moving average price of $82.64 and a 200-day moving average price of $87.85. Westlake Corp. has a 12 month low of $68.55 and a 12 month high of $151.56. The company has a quick ratio of 1.75, a current ratio of 2.47 and a debt-to-equity ratio of 0.43. The stock has a market cap of $10.91 billion, a price-to-earnings ratio of -160.55 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) EPS for the quarter, missing the consensus estimate of $0.06 by ($0.15). The firm 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%. The firm's quarterly revenue was down 7.9% on a year-over-year basis. During the same period last year, the business posted $2.40 earnings per share. As a group, analysts predict that Westlake Corp. will post 6.48 earnings per share for the current year.

Westlake Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Tuesday, August 19th will be given a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date is Tuesday, August 19th. This is a boost from Westlake's previous quarterly dividend of $0.47. Westlake's dividend payout ratio is currently -400.00%.

Analysts Set New Price Targets

A number of research analysts have issued reports on WLK shares. Truist Financial cut their price objective on Westlake from $117.00 to $92.00 and set a "buy" rating for the company in a report on Friday, May 30th. The Goldman Sachs Group dropped their target price on shares of Westlake from $130.00 to $95.00 and set a "neutral" rating for the company in a research report on Tuesday, May 6th. Bank of America cut their price target on shares of Westlake from $90.00 to $84.00 and set a "buy" rating for the company in a report on Wednesday, June 18th. Tudor, Pickering, Holt & Co. raised shares of Westlake from a "hold" rating to a "buy" rating and set a $90.00 price objective on the stock in a research note on Wednesday, August 6th. Finally, Morgan Stanley dropped their price target on Westlake from $98.00 to $90.00 and set an "equal weight" rating for the company in a report on Wednesday, August 6th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have given a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $92.29.

Westlake 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.