Westlake Corp. $WLK Shares Sold by Deutsche Bank AG

Key Points

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Deutsche Bank AG reduced its position in Westlake Corp. (NYSE:WLK - Free Report) by 13.9% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 33,230 shares of the specialty chemicals company's stock after selling 5,353 shares during the quarter. Deutsche Bank AG's holdings in Westlake were worth $3,324,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Private Trust Co. NA lifted its holdings in shares of Westlake by 251.1% during 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 during the period. Fifth Third Bancorp lifted its holdings in shares of Westlake by 71.9% during the first quarter. Fifth Third Bancorp now owns 514 shares of the specialty chemicals company's stock worth $51,000 after purchasing an additional 215 shares during the period. Asset Management One Co. Ltd. lifted its holdings in shares of Westlake by 4.6% during the first quarter. Asset Management One Co. Ltd. now owns 12,253 shares of the specialty chemicals company's stock worth $1,226,000 after purchasing an additional 534 shares during the period. Janney Montgomery Scott LLC lifted its holdings in shares of Westlake by 2.7% during the first quarter. Janney Montgomery Scott LLC now owns 61,134 shares of the specialty chemicals company's stock worth $6,115,000 after purchasing an additional 1,635 shares during the period. Finally, Envestnet Asset Management Inc. lifted its holdings in Westlake by 45.2% in the first quarter. Envestnet Asset Management Inc. now owns 26,535 shares of the specialty chemicals company's stock valued at $2,654,000 after acquiring an additional 8,258 shares during the period. 28.40% of the stock is owned by institutional investors and hedge funds.

Westlake Trading Down 0.6%

Westlake stock opened at $83.45 on Tuesday. The stock has a market cap of $10.70 billion, a PE ratio of -157.44, a P/E/G ratio of 369.22 and a beta of 0.92. The stock has a 50-day moving average price of $80.26 and a 200 day moving average price of $89.66. Westlake Corp. has a 52 week low of $68.55 and a 52 week high of $153.34. The company has a current ratio of 2.47, a quick ratio of 1.75 and a debt-to-equity ratio of 0.43.

Westlake (NYSE:WLK - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The specialty chemicals company reported ($0.09) EPS for the quarter, missing analysts' consensus estimates 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 prior year, the business posted $2.40 EPS. The company's revenue for the quarter was down 7.9% compared to the same quarter last year. Equities research analysts predict that Westlake Corp. will post 6.48 earnings per share for the current fiscal year.

Westlake Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 4th. Shareholders of record on Tuesday, August 19th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.5%. The ex-dividend date of this dividend is Tuesday, August 19th. This is a positive change from Westlake's previous quarterly dividend of $0.47. Westlake's dividend payout ratio is -396.23%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. UBS Group reduced their target price on Westlake from $101.00 to $99.00 and set a "buy" rating for the company in a report on Wednesday, July 9th. 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 research report on Wednesday, August 6th. Wells Fargo & Company raised their price target on Westlake from $76.00 to $90.00 and gave the company an "equal weight" rating in a research report on Monday, July 14th. Tudor, Pickering, Holt & Co. upgraded 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. Finally, Barclays dropped their price target on Westlake from $135.00 to $100.00 and set an "overweight" rating for the company in a research report on Monday, May 5th. One analyst has rated the stock with a sell rating, six have assigned a hold rating, eight have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target 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.

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