Inceptionr LLC Takes $264,000 Position in Westlake Co. (NYSE:WLK)

Inceptionr LLC bought a new stake in Westlake Co. (NYSE:WLK) during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 1,883 shares of the specialty chemicals company’s stock, valued at approximately $264,000.

A number of other hedge funds have also made changes to their positions in the company. CVA Family Office LLC acquired a new stake in Westlake in the 4th quarter valued at about $25,000. Venturi Wealth Management LLC grew its position in shares of Westlake by 51.3% in the fourth quarter. Venturi Wealth Management LLC now owns 236 shares of the specialty chemicals company’s stock valued at $33,000 after purchasing an additional 80 shares during the last quarter. GAMMA Investing LLC purchased a new position in shares of Westlake during the 4th quarter worth approximately $37,000. Fifth Third Bancorp raised its position in shares of Westlake by 55.9% during the 3rd quarter. Fifth Third Bancorp now owns 354 shares of the specialty chemicals company’s stock worth $44,000 after purchasing an additional 127 shares during the last quarter. Finally, Planned Solutions Inc. purchased a new stake in Westlake in the 4th quarter valued at approximately $87,000. Hedge funds and other institutional investors own 28.40% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on WLK. Citigroup boosted their price target on Westlake from $140.00 to $162.00 and gave the stock a “neutral” rating in a report on Wednesday, April 10th. Deutsche Bank Aktiengesellschaft upgraded shares of Westlake from a “hold” rating to a “buy” rating and upped their target price for the company from $138.00 to $174.00 in a report on Thursday, April 18th. Vertical Research downgraded shares of Westlake from a “buy” rating to a “hold” rating and set a $154.00 price target for the company. in a report on Monday, April 8th. Piper Sandler upped their price objective on shares of Westlake from $160.00 to $180.00 and gave the company an “overweight” rating in a research note on Tuesday, May 7th. Finally, Wells Fargo & Company raised their price objective on Westlake from $150.00 to $180.00 and gave the stock an “overweight” rating in a report on Wednesday, April 3rd. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $151.00.

Insider Buying and Selling

In other Westlake news, CFO Mark Steven Bender sold 4,950 shares of the stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $152.19, for a total transaction of $753,340.50. Following the transaction, the chief financial officer now owns 40,356 shares of the company’s stock, valued at approximately $6,141,779.64. The transaction was disclosed in a document filed with the SEC, which is available at this link. In related news, EVP Robert F. Buesinger sold 3,878 shares of the business’s 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 completion of the sale, the executive vice president now owns 21,144 shares of the company’s stock, valued at approximately $3,055,308. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Mark Steven Bender sold 4,950 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $152.19, for a total transaction of $753,340.50. Following the completion of the transaction, the chief financial officer now directly owns 40,356 shares in the company, valued at approximately $6,141,779.64. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,608 shares of company stock worth $2,676,565. Corporate insiders own 74.10% of the company’s stock.

Westlake Stock Up 1.4 %

Westlake stock traded up $2.13 during midday trading on Friday, hitting $157.19. 42,427 shares of the stock were exchanged, compared to its average volume of 396,402. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.46 and a quick ratio of 1.83. The company has a 50 day moving average price of $151.58 and a two-hundred day moving average price of $140.54. The firm has a market cap of $20.21 billion, a P/E ratio of 77.92, a P/E/G ratio of 1.98 and a beta of 1.30. Westlake Co. has a 1 year low of $103.28 and a 1 year high of $162.64.

Westlake (NYSE:WLK) last released its quarterly earnings results on Wednesday, May 1st. The specialty chemicals company reported $1.34 earnings per share for the quarter, topping analysts’ consensus estimates of $1.09 by $0.25. Westlake had a net margin of 2.13% and a return on equity of 7.69%. The business had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same quarter last year, the company earned $3.05 earnings per share. The business’s quarterly revenue was down 11.4% compared to the same quarter last year. On average, sell-side analysts predict that Westlake Co. will post 6.57 earnings per share for the current fiscal year.

Westlake Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, June 6th. Stockholders of record on Tuesday, May 21st will be given a dividend of $0.50 per share. The ex-dividend date of this dividend is Monday, May 20th. This represents a $2.00 annualized dividend and a dividend yield of 1.27%. Westlake’s payout ratio is 100.50%.

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.