Westlake Corp. $WLK Shares Sold by Jacobs Levy Equity Management Inc.

Key Points

• Jacobs Levy Equity Management Inc. decreased its ownership in Westlake Corp. by 2.9%, now holding approximately 0.60% of the company with a valuation of $77.6 million.
• Westlake recently announced a quarterly dividend of $0.53, raising its annualized dividend to $2.12 with a yield of 2.4%.
• The company's last earnings report showed a $0.09 loss per share, missing analysts' estimates, and a revenue drop of 7.9% compared to the same quarter last year.

Jacobs Levy Equity Management Inc. lessened its position in shares of Westlake Corp. (NYSE:WLK - Free Report) by 2.9% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 775,801 shares of the specialty chemicals company's stock after selling 23,449 shares during the quarter. Jacobs Levy Equity Management Inc. owned 0.60% of Westlake worth $77,603,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Private Trust Co. NA grew its stake in Westlake by 251.1% during the 1st quarter. Private Trust Co. NA now owns 316 shares of the specialty chemicals company's stock valued at $32,000 after purchasing an additional 226 shares during the last quarter. Signaturefd LLC grew its stake in Westlake by 127.1% during the 1st quarter. Signaturefd LLC now owns 427 shares of the specialty chemicals company's stock valued at $43,000 after purchasing an additional 239 shares during the last quarter. Fifth Third Bancorp grew its stake in Westlake by 71.9% during the 1st quarter. Fifth Third Bancorp now owns 514 shares of the specialty chemicals company's stock valued at $51,000 after purchasing an additional 215 shares during the last quarter. Parallel Advisors LLC grew its stake in Westlake by 33.9% during the 1st quarter. Parallel Advisors LLC now owns 525 shares of the specialty chemicals company's stock valued at $53,000 after purchasing an additional 133 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its stake in Westlake by 3,005.6% during 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 purchasing an additional 541 shares during the last quarter. Hedge funds and other institutional investors own 28.40% of the company's stock.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Tudor Pickering upgraded Westlake from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 6th. Morgan Stanley lowered their target price on Westlake from $98.00 to $90.00 and set an "equal weight" rating on the stock in a research note on Wednesday, August 6th. Wells Fargo & Company upped their target price on Westlake from $76.00 to $90.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. Truist Financial lowered their target price on Westlake from $117.00 to $92.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Finally, Piper Sandler lowered their target price on Westlake from $105.00 to $100.00 and set a "neutral" rating on the stock in a research note on Wednesday, May 14th. One 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. Based on data from MarketBeat.com, Westlake has an average rating of "Moderate Buy" and a consensus price target of $92.29.

Westlake Price Performance

WLK stock traded up $1.75 during mid-day trading on Friday, reaching $89.39. 1,200,207 shares of the company's stock were exchanged, compared to its average volume of 1,104,049. The company has a market cap of $11.46 billion, a price-to-earnings ratio of -168.66 and a beta of 0.92. The stock's 50 day moving average is $83.32 and its 200 day moving average is $87.11. The company has a debt-to-equity ratio of 0.43, a current ratio of 2.47 and a quick ratio of 1.75. Westlake Corp. has a 12-month low of $68.55 and a 12-month high of $151.56.

Westlake (NYSE:WLK - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The specialty chemicals company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.06 by ($0.15). The business had revenue of $2.95 billion for the quarter, compared to analysts' expectations of $3 billion. Westlake had a positive return on equity of 1.26% and a negative net margin of 0.57%.The business's revenue for the quarter was down 7.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $2.40 EPS. On average, research analysts expect that Westlake Corp. will post 6.48 EPS for the current year.

Westlake Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Shareholders of record on Tuesday, August 19th were given a dividend of $0.53 per share. This is an increase from Westlake's previous quarterly dividend of $0.47. This represents a $2.12 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date was Tuesday, August 19th. Westlake's dividend payout ratio (DPR) is currently -400.00%.

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.