Westlake Corporation $WLK Shares Sold by ANTIPODES PARTNERS Ltd

Key Points

• ANTIPODES PARTNERS Ltd reduced its Westlake stake by 25.1% in the fourth quarter, selling 139,384 shares and leaving it with 416,520 shares valued at about $30.8 million.
• Westlake reported a weaker-than-expected quarterly result, with EPS of -$0.77 versus expectations of -$0.10 and revenue of $2.65 billion versus $2.79 billion forecast. Revenue fell 6.8% year over year.
• The stock was down 3.1% and analysts currently have a Hold consensus rating, with an average price target of $110.43; the company also paid a quarterly dividend of $0.53 per share, or $2.12 annually.

ANTIPODES PARTNERS Ltd cut its holdings in shares of Westlake Corporation (NYSE:WLK - Free Report) by 25.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 416,520 shares of the specialty chemicals company's stock after selling 139,384 shares during the period. ANTIPODES PARTNERS Ltd owned 0.32% of Westlake worth $30,800,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in WLK. Caitong International Asset Management Co. Ltd acquired a new position in shares of Westlake during the third quarter worth $28,000. Fifth Third Bancorp increased its position in shares of Westlake by 71.3% during the fourth quarter. Fifth Third Bancorp now owns 562 shares of the specialty chemicals company's stock worth $42,000 after purchasing an additional 234 shares in the last quarter. CIBC Private Wealth Group LLC purchased a new stake in shares of Westlake during the third quarter valued at $53,000. Hantz Financial Services Inc. grew its holdings in shares of Westlake by 180.3% during the third quarter. Hantz Financial Services Inc. now owns 740 shares of the specialty chemicals company's stock valued at $57,000 after buying an additional 476 shares during the last quarter. Finally, NewEdge Advisors LLC grew its holdings in shares of Westlake by 49.6% during the second quarter. NewEdge Advisors LLC now owns 745 shares of the specialty chemicals company's stock valued at $57,000 after buying an additional 247 shares during the last quarter. 28.40% of the stock is owned by institutional investors and hedge funds.

Westlake Stock Down 3.1%

Shares of NYSE WLK opened at $88.72 on Friday. The company has a 50 day simple moving average of $110.39 and a 200-day simple moving average of $90.05. The company has a market capitalization of $11.37 billion, a P/E ratio of -6.99 and a beta of 0.67. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.17 and a quick ratio of 1.56. Westlake Corporation has a 1 year low of $56.33 and a 1 year high of $124.23.

Westlake (NYSE:WLK - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The specialty chemicals company reported ($0.77) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.10) by ($0.67). The firm had revenue of $2.65 billion for the quarter, compared to analyst estimates of $2.79 billion. Westlake had a negative return on equity of 1.89% and a negative net margin of 14.91%.The firm's quarterly revenue was down 6.8% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.31) EPS. On average, equities research analysts predict that Westlake Corporation will post 3.73 earnings per share for the current year.

Westlake Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Tuesday, March 3rd were given a dividend of $0.53 per share. The ex-dividend date of this dividend was Tuesday, March 3rd. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.4%. Westlake's dividend payout ratio (DPR) is presently -16.69%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Zacks Research raised shares of Westlake from a "strong sell" rating to a "hold" rating in a report on Thursday, February 26th. Deutsche Bank Aktiengesellschaft reissued a "hold" rating and set a $115.00 price objective on shares of Westlake in a report on Thursday, May 7th. Wall Street Zen lowered shares of Westlake from a "hold" rating to a "sell" rating in a report on Sunday, May 3rd. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Westlake in a report on Monday, April 20th. Finally, BMO Capital Markets raised shares of Westlake from a "market perform" rating to an "outperform" rating and upped their price target for the company from $108.00 to $127.00 in a report on Thursday, March 5th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $110.43.

Insider Buying and Selling at Westlake

In related news, CFO Mark Steven Bender sold 17,409 shares of the stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $100.92, for a total transaction of $1,756,916.28. Following the completion of the transaction, the chief financial officer owned 44,433 shares of the company's stock, valued at approximately $4,484,178.36. This trade represents a 28.15% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 1.40% of the company's stock.

Westlake Company Profile

Westlake Corp. is a global manufacturer of petrochemicals, polymers and building products, serving customers across industrial and residential markets. The company's core operations encompass the production of vinyls—primarily polyvinyl chloride (PVC) and its key feedstock vinyl chloride monomer (VCM)—as well as chlor-alkali products including caustic soda and chlorine. In addition, Westlake produces ethylene, propylene and specialty elastomers, along with construction-related materials such as vinyl siding, trim, windows and roofing systems.

Operating a network of vertically integrated plants and distribution centers, Westlake serves markets in North America, Europe and Asia.

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