UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC Boosts Stock Position in Westlake Corporation $WLK

Key Points

• UBS Asset Management increased its stake in Westlake Corporation by 7.0%, holding 371,175 shares valued at approximately $37.13 million at the end of the first quarter.
• Several analysts have adjusted their price targets for Westlake, with BMO Capital Markets raising its target from $91.00 to $94.00 and Truist Financial reducing it from $117.00 to $92.00.
• Westlake Corporation recently declared a quarterly dividend of $0.53, an increase from the previous $0.47, resulting in an annualized dividend yield of 2.4%.

UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its stake in Westlake Corporation (NYSE:WLK - Free Report) by 7.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 371,175 shares of the specialty chemicals company's stock after purchasing an additional 24,386 shares during the quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC owned approximately 0.29% of Westlake worth $37,129,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently modified their holdings of WLK. Victory Capital Management Inc. lifted its position in 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 purchasing an additional 586,178 shares during the last quarter. Goldman Sachs Group Inc. increased its position in Westlake by 10.9% in the first quarter. Goldman Sachs Group Inc. now owns 1,041,190 shares of the specialty chemicals company's stock worth $104,150,000 after buying an additional 102,268 shares in the last quarter. Millennium Management LLC grew its position in shares of Westlake by 366.7% during the first quarter. Millennium Management LLC now owns 901,229 shares of the specialty chemicals company's stock worth $90,150,000 after purchasing an additional 708,142 shares in the last quarter. Nuveen LLC purchased a new position in Westlake during the 1st quarter valued at approximately $72,974,000. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Westlake by 46.6% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 551,766 shares of the specialty chemicals company's stock worth $55,166,000 after purchasing an additional 175,306 shares during the period. Hedge funds and other institutional investors own 28.40% of the company's stock.

Westlake Stock Performance

Shares of NYSE:WLK traded down $1.87 on Friday, hitting $83.10. 1,342,219 shares of the company were exchanged, compared to its average volume of 1,019,524. The company's 50 day moving average price is $84.25 and its two-hundred day moving average price is $85.79. Westlake Corporation has a one year low of $68.55 and a one year high of $151.56. The company has a debt-to-equity ratio of 0.43, a quick ratio of 1.75 and a current ratio of 2.47. The firm has a market capitalization of $10.66 billion, a price-to-earnings ratio of -156.78 and a beta of 0.92.

Westlake (NYSE:WLK - Get Free Report) last posted its earnings results on Tuesday, August 5th. The specialty chemicals company reported ($0.09) earnings per share for the quarter, missing analysts' consensus estimates 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 business had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $3 billion. During the same period in the previous year, the firm earned $2.40 EPS. The business's revenue was down 7.9% compared to the same quarter last year. Research analysts expect that Westlake Corporation will post 6.48 earnings per share for the current year.

Westlake Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 4th. Stockholders of record on Tuesday, August 19th were given a $0.53 dividend. This is a boost from Westlake's previous quarterly dividend of $0.47. The ex-dividend date of this dividend was Tuesday, August 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.6%. Westlake's payout ratio is -400.00%.

Analysts Set New Price Targets

Several research firms have recently commented on WLK. Mizuho boosted their price target on Westlake from $82.00 to $98.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. Morgan Stanley lowered their price target on Westlake from $98.00 to $90.00 and set an "equal weight" rating for the company in a research report on Wednesday, August 6th. Tudor, Pickering, Holt & Co. upgraded Westlake from a "hold" rating to a "buy" rating and set a $90.00 target price on the stock in a research report on Wednesday, August 6th. JPMorgan Chase & Co. lowered their price objective on Westlake from $75.00 to $73.00 and set a "neutral" rating on the stock in a report on Tuesday, August 12th. Finally, BMO Capital Markets lifted their price objective on Westlake from $91.00 to $94.00 and gave the stock a "market perform" rating in a research report on Wednesday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $92.29.

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.