Westlake Corporation $WLK Shares Sold by Sei Investments Co.

Key Points

• Sei Investments cut its Westlake stake by 55.1% in the first quarter, selling 15,673 shares and retaining 12,769 shares valued at approximately $1.49 million. Institutional investors collectively own 28.4% of WLK.
• Analysts maintain a cautious outlook: Westlake has a consensus rating of “Hold” and an average price target of $93.92, with several firms recently lowering their targets.
• Westlake beat quarterly expectations with adjusted EPS of $2.01 versus $1.83 expected and revenue of $3.27 billion, up 10.8% year over year. The company also pays a quarterly dividend of $0.53, implying a 2.7% annualized yield.

Sei Investments Co. reduced its stake in Westlake Corporation (NYSE:WLK - Free Report) by 55.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,769 shares of the specialty chemicals company's stock after selling 15,673 shares during the period. Sei Investments Co.'s holdings in Westlake were worth $1,492,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Caitong International Asset Management Co. Ltd acquired a new position in Westlake during the third quarter worth approximately $28,000. Quarry LP acquired a new stake in shares of Westlake in the 4th quarter worth $31,000. Fifth Third Bancorp lifted its position in Westlake by 71.3% in the fourth quarter. Fifth Third Bancorp now owns 562 shares of the specialty chemicals company's stock valued at $42,000 after purchasing an additional 234 shares during the period. CIBC Private Wealth Group LLC acquired a new stake in shares of Westlake in the 3rd quarter valued at approximately $53,000. Finally, NewEdge Advisors LLC lifted its holdings in Westlake by 49.6% in the second quarter. NewEdge Advisors LLC now owns 745 shares of the specialty chemicals company's stock valued at $57,000 after acquiring an additional 247 shares during the period. Institutional investors and hedge funds own 28.40% of the company's stock.

Wall Street Analysts Forecast Growth

WLK has been the topic of several research analyst reports. UBS Group reissued a "buy" rating and set a $117.00 price target (down from $130.00) on shares of Westlake in a research note on Friday, June 5th. The Goldman Sachs Group set a $85.00 price target on shares of Westlake in a research note on Thursday, July 16th. Mizuho decreased their price objective on Westlake from $110.00 to $88.00 and set a "neutral" rating on the stock in a report on Wednesday, July 1st. BMO Capital Markets reissued a "market perform" rating and issued a $96.00 price target on shares of Westlake in a research note on Monday, July 6th. Finally, Wells Fargo & Company lowered their price target on Westlake from $110.00 to $89.00 and set an "equal weight" rating for the company in a report on Wednesday, August 5th. Three equities research analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Westlake has a consensus rating of "Hold" and an average price target of $93.92.

Westlake Stock Performance

Shares of WLK stock opened at $79.08 on Tuesday. The company has a current ratio of 2.45, a quick ratio of 1.70 and a debt-to-equity ratio of 0.55. The company has a market cap of $10.11 billion, a PE ratio of -8.25 and a beta of 0.63. The company's fifty day simple moving average is $78.19 and its 200-day simple moving average is $93.87. Westlake Corporation has a 52 week low of $56.33 and a 52 week high of $124.23.

Westlake (NYSE:WLK - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The specialty chemicals company reported $2.01 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.83 by $0.18. Westlake had a positive return on equity of 0.93% and a negative net margin of 10.94%.The firm had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.24 billion. During the same period in the prior year, the firm earned ($1.11) EPS. The firm's quarterly revenue was up 10.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Westlake Corporation will post 3.32 EPS for the current year.

Westlake Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 11th. Stockholders of record on Wednesday, May 27th were paid a $0.53 dividend. The ex-dividend date was Wednesday, May 27th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.7%. Westlake's dividend payout ratio (DPR) is -22.13%.

Westlake 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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