Merewether Investment Management LP Acquires 4,470 Shares of Westlake Co. (NYSE:WLK)

Merewether Investment Management LP increased its position in Westlake Co. (NYSE:WLK - Free Report) by 1.7% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 273,637 shares of the specialty chemicals company's stock after acquiring an additional 4,470 shares during the period. Merewether Investment Management LP owned about 0.21% of Westlake worth $31,372,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of WLK. Blue Trust Inc. lifted its position in shares of Westlake by 247.7% in the fourth quarter. Blue Trust Inc. now owns 226 shares of the specialty chemicals company's stock valued at $26,000 after acquiring an additional 161 shares in the last quarter. Allworth Financial LP raised its position in Westlake by 6,316.7% during the fourth quarter. Allworth Financial LP now owns 385 shares of the specialty chemicals company's stock valued at $45,000 after purchasing an additional 379 shares during the period. Transamerica Financial Advisors Inc. grew its stake in shares of Westlake by 1,668.2% during the fourth quarter. Transamerica Financial Advisors Inc. now owns 389 shares of the specialty chemicals company's stock valued at $45,000 after buying an additional 367 shares during the last quarter. GAMMA Investing LLC grew its stake in shares of Westlake by 72.0% during the fourth quarter. GAMMA Investing LLC now owns 523 shares of the specialty chemicals company's stock valued at $60,000 after buying an additional 219 shares during the last quarter. Finally, BI Asset Management Fondsmaeglerselskab A S bought a new position in Westlake in the fourth quarter worth approximately $71,000. 28.40% of the stock is currently owned by hedge funds and other institutional investors.

Westlake Price Performance

NYSE WLK opened at $85.62 on Tuesday. The company has a quick ratio of 2.04, a current ratio of 2.79 and a debt-to-equity ratio of 0.41. Westlake Co. has a 12-month low of $76.97 and a 12-month high of $161.31. The company has a market capitalization of $10.98 billion, a PE ratio of 120.59, a price-to-earnings-growth ratio of 2.36 and a beta of 1.03. The firm's 50 day moving average is $94.79 and its 200-day moving average is $110.72.

Westlake (NYSE:WLK - Get Free Report) last released its quarterly earnings data on Friday, May 2nd. The specialty chemicals company reported ($0.31) EPS for the quarter, missing analysts' consensus estimates of $0.70 by ($1.01). Westlake had a return on equity of 6.93% and a net margin of 0.81%. The company had revenue of $2.85 billion for the quarter, compared to the consensus estimate of $2.97 billion. During the same period last year, the firm earned $1.34 earnings per share. The company's revenue for the quarter was down 4.3% compared to the same quarter last year. Equities research analysts anticipate that Westlake Co. will post 6.48 earnings per share for the current fiscal year.

Westlake Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 5th. Stockholders of record on Tuesday, May 20th will be paid a $0.525 dividend. This represents a $2.10 annualized dividend and a dividend yield of 2.45%. The ex-dividend date is Tuesday, May 20th. Westlake's dividend payout ratio is currently 70.47%.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on WLK. BMO Capital Markets decreased their price objective on Westlake from $125.00 to $103.00 and set a "market perform" rating for the company in a report on Tuesday, May 6th. StockNews.com lowered Westlake from a "hold" rating to a "sell" rating in a research report on Friday. Piper Sandler reiterated a "neutral" rating and set a $105.00 target price (down previously from $120.00) on shares of Westlake in a research note on Monday, April 7th. Truist Financial cut their price target on shares of Westlake from $132.00 to $117.00 and set a "buy" rating for the company in a report on Monday, May 5th. Finally, Morgan Stanley lowered their price target on shares of Westlake from $122.00 to $98.00 and set an "equal weight" rating on the stock in a research report on Monday. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $106.08.

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.

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