729,521 Shares in Westlake Corp. $WLK Purchased by Nuveen LLC

Key Points

• Nuveen LLC has acquired a new stake in Westlake Corp., purchasing 729,521 shares valued at approximately $72.97 million, representing about 0.57% of the company.
• Westlake recently declared an increased quarterly dividend of $0.53 per share, resulting in an annualized dividend yield of 2.5%.
• The company's stock price rose by 7.4% to $84.99, despite reporting a quarterly earnings miss and a year-over-year revenue decline of 7.9%.

Nuveen LLC acquired a new stake in Westlake Corp. (NYSE:WLK - Free Report) during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 729,521 shares of the specialty chemicals company's stock, valued at approximately $72,974,000. Nuveen LLC owned approximately 0.57% of Westlake at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of WLK. Private Trust Co. NA boosted its stake in shares of Westlake by 251.1% in the 1st quarter. Private Trust Co. NA now owns 316 shares of the specialty chemicals company's stock valued at $32,000 after buying an additional 226 shares during the period. Signaturefd LLC raised its holdings in Westlake by 127.1% in the first quarter. Signaturefd LLC now owns 427 shares of the specialty chemicals company's stock valued at $43,000 after acquiring an additional 239 shares in the last quarter. Fifth Third Bancorp lifted its stake in Westlake by 71.9% in the first quarter. Fifth Third Bancorp now owns 514 shares of the specialty chemicals company's stock worth $51,000 after acquiring an additional 215 shares during the last quarter. Parallel Advisors LLC lifted its stake in Westlake by 33.9% in the first quarter. Parallel Advisors LLC now owns 525 shares of the specialty chemicals company's stock worth $53,000 after acquiring an additional 133 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S acquired a new position in Westlake during the 4th quarter worth approximately $71,000. 28.40% of the stock is currently owned by hedge funds and other institutional investors.

Westlake Price Performance

Shares of Westlake stock traded down $0.17 during trading on Monday, reaching $83.82. The company's stock had a trading volume of 306,730 shares, compared to its average volume of 1,028,033. The business has a 50 day moving average price of $80.11 and a 200-day moving average price of $89.87. Westlake Corp. has a 12-month low of $68.55 and a 12-month high of $153.34. The company has a market capitalization of $10.75 billion, a P/E ratio of -158.14, a price-to-earnings-growth ratio of 369.22 and a beta of 0.92. The company has a quick ratio of 1.75, a current ratio of 2.47 and a debt-to-equity ratio of 0.43.

Westlake (NYSE:WLK - Get Free Report) last issued 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). Westlake had a positive return on equity of 1.26% and a negative net margin of 0.57%. The company had revenue of $2.95 billion for the quarter, compared to analysts' expectations of $3 billion. During the same quarter in the previous year, the firm posted $2.40 earnings per share. Westlake's revenue for the quarter was down 7.9% on a year-over-year basis. As a group, sell-side analysts anticipate that Westlake Corp. will post 6.48 EPS for the current year.

Westlake Increases Dividend

The business 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. The ex-dividend date is Tuesday, August 19th. This is an increase from Westlake's previous quarterly dividend of $0.47. This represents a $2.12 annualized dividend and a yield of 2.5%. Westlake's dividend payout ratio (DPR) is currently -396.23%.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on WLK. Tudor Pickering upgraded shares of Westlake from a "hold" rating to a "strong-buy" rating in a report on Wednesday, August 6th. 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 report on Wednesday, August 6th. The Goldman Sachs Group lowered their price objective on Westlake from $130.00 to $95.00 and set a "neutral" rating for the company in a research report on Tuesday, May 6th. Wells Fargo & Company raised their target price on Westlake from $76.00 to $90.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. Finally, Mizuho upped their price target on Westlake from $82.00 to $98.00 and gave the company an "outperform" rating in a report on Tuesday, July 15th. One analyst has rated the stock with a sell rating, six have issued a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $92.29.

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.