Advisors Asset Management Inc. Has $1.14 Million Stake in Westlake Co. (NYSE:WLK)

Advisors Asset Management Inc. raised its holdings in Westlake Co. (NYSE:WLK) by 14.0% in the 3rd quarter, HoldingsChannel reports. The firm owned 7,550 shares of the specialty chemicals company’s stock after purchasing an additional 930 shares during the quarter. Advisors Asset Management Inc.’s holdings in Westlake were worth $1,135,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. UniSuper Management Pty Ltd raised its position in Westlake by 66.7% in the 1st quarter. UniSuper Management Pty Ltd now owns 500 shares of the specialty chemicals company’s stock worth $76,000 after purchasing an additional 200 shares during the last quarter. Tidal Investments LLC lifted its stake in shares of Westlake by 30.1% during the first quarter. Tidal Investments LLC now owns 5,017 shares of the specialty chemicals company’s stock valued at $767,000 after acquiring an additional 1,162 shares during the period. Comerica Bank boosted its holdings in Westlake by 17.9% in the first quarter. Comerica Bank now owns 24,490 shares of the specialty chemicals company’s stock valued at $3,742,000 after acquiring an additional 3,710 shares during the last quarter. Yaupon Capital Management LP acquired a new stake in Westlake in the first quarter worth about $9,367,000. Finally, Cetera Advisors LLC bought a new stake in Westlake during the 1st quarter worth about $316,000. Institutional investors and hedge funds own 28.40% of the company’s stock.

Insider Activity at Westlake

In related news, Director David Tsung-Hung Chao sold 1,750 shares of the firm’s stock in a transaction on Friday, November 22nd. The shares were sold at an average price of $130.00, for a total value of $227,500.00. Following the completion of the transaction, the director now owns 9,534 shares of the company’s stock, valued at approximately $1,239,420. This trade represents a 15.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.30% of the stock is owned by insiders.

Westlake Stock Performance

Shares of WLK opened at $131.93 on Tuesday. The firm has a market cap of $16.98 billion, a P/E ratio of 185.82, a PEG ratio of 2.52 and a beta of 1.19. Westlake Co. has a twelve month low of $118.64 and a twelve month high of $162.64. The company has a debt-to-equity ratio of 0.41, a quick ratio of 2.04 and a current ratio of 2.79. The firm’s 50 day moving average price is $138.31 and its two-hundred day moving average price is $144.44.

Westlake (NYSE:WLK) last posted its quarterly earnings data on Tuesday, November 5th. The specialty chemicals company reported $1.41 EPS for the quarter, missing the consensus estimate of $2.21 by ($0.80). The company had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.31 billion. Westlake had a net margin of 0.81% and a return on equity of 6.93%. The company’s revenue was up .1% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.20 earnings per share. On average, analysts forecast that Westlake Co. will post 6.47 EPS for the current fiscal year.

Westlake Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 26th will be issued a dividend of $0.525 per share. The ex-dividend date of this dividend is Tuesday, November 26th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 1.59%. Westlake’s payout ratio is presently 295.77%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Wells Fargo & Company reduced their target price on shares of Westlake from $180.00 to $160.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 6th. Royal Bank of Canada decreased their price objective on Westlake from $170.00 to $167.00 and set an “outperform” rating for the company in a research note on Monday, November 11th. Bank of America raised Westlake from an “underperform” rating to a “neutral” rating and increased their target price for the company from $151.00 to $159.00 in a research note on Wednesday, October 16th. BMO Capital Markets decreased their target price on Westlake from $171.00 to $165.00 and set a “market perform” rating for the company in a research report on Wednesday, November 13th. Finally, Mizuho assumed coverage on shares of Westlake in a research report on Thursday, August 8th. They issued an “outperform” rating and a $170.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $162.17.

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.