Federated Hermes Inc. Sells 216,188 Shares of Westlake Co. (NYSE:WLK)

Federated Hermes Inc. decreased its stake in Westlake Co. (NYSE:WLK - Free Report) by 52.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 192,107 shares of the specialty chemicals company's stock after selling 216,188 shares during the quarter. Federated Hermes Inc. owned approximately 0.15% of Westlake worth $26,887,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Venturi Wealth Management LLC raised its holdings in shares of Westlake by 51.3% during the fourth quarter. Venturi Wealth Management LLC now owns 236 shares of the specialty chemicals company's stock worth $33,000 after acquiring an additional 80 shares in the last quarter. Arizona State Retirement System increased its position in Westlake by 0.8% in the 4th quarter. Arizona State Retirement System now owns 10,528 shares of the specialty chemicals company's stock worth $1,473,000 after purchasing an additional 81 shares during the last quarter. Treasurer of the State of North Carolina raised its stake in shares of Westlake by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 17,569 shares of the specialty chemicals company's stock worth $2,190,000 after purchasing an additional 83 shares in the last quarter. PDT Partners LLC lifted its holdings in shares of Westlake by 0.9% during the 1st quarter. PDT Partners LLC now owns 9,443 shares of the specialty chemicals company's stock valued at $1,165,000 after buying an additional 86 shares during the last quarter. Finally, Exchange Traded Concepts LLC grew its stake in shares of Westlake by 19.3% in the 3rd quarter. Exchange Traded Concepts LLC now owns 599 shares of the specialty chemicals company's stock valued at $75,000 after buying an additional 97 shares in the last quarter. Institutional investors and hedge funds own 28.40% of the company's stock.

Westlake Stock Performance

NYSE:WLK traded up $1.82 during mid-day trading on Friday, hitting $150.76. 484,556 shares of the company's stock traded hands, compared to its average volume of 415,924. The company has a current ratio of 2.37, a quick ratio of 1.79 and a debt-to-equity ratio of 0.43. The firm has a 50 day moving average of $146.61 and a two-hundred day moving average of $136.47. The firm has a market capitalization of $19.33 billion, a price-to-earnings ratio of 40.75, a price-to-earnings-growth ratio of 1.46 and a beta of 1.30. Westlake Co. has a 12 month low of $103.28 and a 12 month high of $162.64.

Westlake (NYSE:WLK - Get Free Report) last posted its quarterly earnings data on Tuesday, February 20th. The specialty chemicals company reported $0.72 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.09). Westlake had a net margin of 3.82% and a return on equity of 9.70%. The business had revenue of $2.83 billion during the quarter, compared to the consensus estimate of $2.85 billion. During the same period in the prior year, the company posted $1.79 earnings per share. The firm's revenue was down 14.3% compared to the same quarter last year. On average, equities analysts forecast that Westlake Co. will post 6.93 earnings per share for the current fiscal year.

Westlake Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, March 14th. Shareholders of record on Wednesday, February 28th were given a $0.50 dividend. The ex-dividend date was Tuesday, February 27th. This represents a $2.00 annualized dividend and a yield of 1.33%. Westlake's dividend payout ratio is 54.05%.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft raised shares of Westlake from a "hold" rating to a "buy" rating and raised their price objective for the company from $138.00 to $174.00 in a research report on Thursday. Vertical Research downgraded shares of Westlake from a "buy" rating to a "hold" rating and set a $154.00 price target on the stock. in a report on Monday, April 8th. Royal Bank of Canada upped their price objective on shares of Westlake from $134.00 to $153.00 and gave the stock a "sector perform" rating in a report on Friday. UBS Group increased their target price on shares of Westlake from $139.00 to $145.00 and gave the stock a "neutral" rating in a research report on Thursday, January 11th. Finally, Wells Fargo & Company boosted their price target on Westlake from $150.00 to $180.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 3rd. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $145.79.

Insider Transactions at Westlake

In related news, EVP Robert F. Buesinger sold 3,878 shares of the stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $144.50, for a total value of $560,371.00. Following the completion of the sale, the executive vice president now owns 21,144 shares in the company, valued at $3,055,308. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CFO Mark Steven Bender sold 4,804 shares of the firm's stock in a transaction dated Wednesday, March 6th. The shares were sold at an average price of $141.02, for a total transaction of $677,460.08. Following the completion of the transaction, the chief financial officer now directly owns 45,306 shares of the company's stock, valued at approximately $6,389,052.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Robert F. Buesinger sold 3,878 shares of Westlake stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $144.50, for a total transaction of $560,371.00. Following the sale, the executive vice president now owns 21,144 shares in the company, valued at $3,055,308. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 13,658 shares of company stock worth $1,923,225. 74.10% of the stock is currently owned by company insiders.

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.