Geode Capital Management LLC Raises Stock Position in Westlake Co. (NYSE:WLK)

Geode Capital Management LLC lifted its holdings in Westlake Co. (NYSE:WLK - Free Report) by 1.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 557,943 shares of the specialty chemicals company's stock after buying an additional 5,297 shares during the quarter. Geode Capital Management LLC owned approximately 0.43% of Westlake worth $63,832,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of WLK. Victory Capital Management Inc. raised its holdings in Westlake by 21.0% in the 4th quarter. Victory Capital Management Inc. now owns 3,313,847 shares of the specialty chemicals company's stock worth $379,933,000 after purchasing an additional 574,068 shares during the period. Norges Bank bought a new position in Westlake during the fourth quarter valued at $46,630,000. Schroder Investment Management Group boosted its stake in shares of Westlake by 348.8% during the fourth quarter. Schroder Investment Management Group now owns 364,274 shares of the specialty chemicals company's stock valued at $41,327,000 after purchasing an additional 283,100 shares during the period. Amundi lifted its stake in Westlake by 525.6% in the fourth quarter. Amundi now owns 278,329 shares of the specialty chemicals company's stock worth $30,766,000 after acquiring an additional 233,838 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in shares of Westlake in the fourth quarter worth about $13,411,000. Hedge funds and other institutional investors own 28.40% of the company's stock.

Westlake Stock Performance

WLK stock traded up $1.54 during trading hours on Friday, reaching $91.86. The stock had a trading volume of 603,314 shares, compared to its average volume of 564,857. Westlake Co. has a fifty-two week low of $81.41 and a fifty-two week high of $161.31. The stock has a market capitalization of $11.80 billion, a PE ratio of 129.37, a price-to-earnings-growth ratio of 2.36 and a beta of 1.02. The stock has a 50-day simple moving average of $103.03 and a 200 day simple moving average of $117.51. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.79 and a quick ratio of 2.04.

Westlake (NYSE:WLK - Get Free Report) last posted its earnings results on Monday, February 24th. The specialty chemicals company reported $0.06 EPS for the quarter, missing the consensus estimate of $1.04 by ($0.98). Westlake had a return on equity of 6.93% and a net margin of 0.81%. The business had revenue of $2.84 billion for the quarter, compared to analyst estimates of $3.01 billion. During the same quarter in the prior year, the business earned $0.72 earnings per share. The firm's quarterly revenue was up .6% on a year-over-year basis. Analysts predict that Westlake Co. will post 6.48 EPS for the current fiscal year.

Westlake Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Tuesday, March 4th were issued a $0.525 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $2.10 annualized dividend and a dividend yield of 2.29%. Westlake's payout ratio is currently 45.36%.

Analyst Ratings Changes

A number of equities analysts have weighed in on WLK shares. Piper Sandler restated a "neutral" rating and set a $105.00 price objective (down from $120.00) on shares of Westlake in a research report on Monday, April 7th. StockNews.com lowered Westlake from a "hold" rating to a "sell" rating in a report on Thursday, April 3rd. JPMorgan Chase & Co. upgraded Westlake from an "underweight" rating to a "neutral" rating and decreased their target price for the stock from $135.00 to $110.00 in a research report on Thursday, February 27th. BMO Capital Markets decreased their price objective on Westlake from $157.00 to $132.00 and set a "market perform" rating on the stock in a research note on Wednesday, February 26th. Finally, UBS Group reduced their price objective on shares of Westlake from $144.00 to $127.00 and set a "buy" rating on the stock in a research note on Monday, April 7th. One analyst has rated the stock with a sell rating, four have given a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $126.23.

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.