Envestnet Asset Management Inc. Sells 4,300 Shares of Westlake Co. (NYSE:WLK)

Envestnet Asset Management Inc. cut its stake in shares of Westlake Co. (NYSE:WLK - Free Report) by 19.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 18,277 shares of the specialty chemicals company's stock after selling 4,300 shares during the quarter. Envestnet Asset Management Inc.'s holdings in Westlake were worth $2,095,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently modified their holdings of WLK. Pacer Advisors Inc. raised its stake in Westlake by 2.4% during the fourth quarter. Pacer Advisors Inc. now owns 4,988 shares of the specialty chemicals company's stock valued at $572,000 after buying an additional 115 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Westlake by 0.5% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 29,396 shares of the specialty chemicals company's stock worth $3,292,000 after purchasing an additional 151 shares during the period. Arizona State Retirement System increased its holdings in shares of Westlake by 1.4% in the fourth quarter. Arizona State Retirement System now owns 11,204 shares of the specialty chemicals company's stock worth $1,285,000 after purchasing an additional 153 shares during the last quarter. Blue Trust Inc. raised its position in shares of Westlake by 247.7% during the 4th quarter. Blue Trust Inc. now owns 226 shares of the specialty chemicals company's stock valued at $26,000 after buying an additional 161 shares in the last quarter. Finally, State of Michigan Retirement System grew its holdings in Westlake by 2.3% during the 4th quarter. State of Michigan Retirement System now owns 8,900 shares of the specialty chemicals company's stock valued at $1,020,000 after purchasing an additional 200 shares during the last quarter. Hedge funds and other institutional investors own 28.40% of the company's stock.

Westlake Stock Up 0.3 %

Shares of Westlake stock traded up $0.25 during trading on Thursday, reaching $92.68. The stock had a trading volume of 264,081 shares, compared to its average volume of 567,933. The company has a market capitalization of $11.91 billion, a price-to-earnings ratio of 130.64, a P/E/G ratio of 2.36 and a beta of 1.02. The stock has a fifty day moving average price of $99.40 and a two-hundred day moving average price of $114.24. The company has a current ratio of 2.79, a quick ratio of 2.04 and a debt-to-equity ratio of 0.41. Westlake Co. has a 52 week low of $81.41 and a 52 week high of $161.31.

Westlake (NYSE:WLK - Get Free Report) last announced its quarterly earnings data on Monday, February 24th. The specialty chemicals company reported $0.06 earnings per share 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 the consensus estimate of $3.01 billion. During the same quarter in the prior year, the company earned $0.72 earnings per share. Westlake's quarterly revenue was up .6% compared to the same quarter last year. Sell-side analysts predict that Westlake Co. will post 6.48 EPS for the current fiscal year.

Westlake Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Stockholders of record on Tuesday, March 4th were paid 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 2.27%. Westlake's payout ratio is 45.36%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Royal Bank of Canada lowered their price target on shares of Westlake from $147.00 to $133.00 and set an "outperform" rating on the stock in a report on Wednesday, February 26th. Truist Financial reduced their price objective on shares of Westlake from $155.00 to $132.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Citigroup cut their price objective on shares of Westlake from $130.00 to $116.00 and set a "buy" rating for the company in a report on Friday, April 4th. Bank of America raised Westlake from a "neutral" rating to a "buy" rating and decreased their price target for the company from $116.00 to $75.00 in a research note on Tuesday, April 15th. Finally, StockNews.com raised shares of Westlake from a "sell" rating to a "hold" rating in a research report on Thursday. Five investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $122.25.

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.