Westlake Corporation (WLK) To Go Ex-Dividend on May 27th

Westlake Corporation (NYSE:WLK) announced a quarterly dividend on Friday, May 15th. Investors of record on Wednesday, May 27th will be given a dividend of 0.53 per share by the specialty chemicals company on Thursday, June 11th. This represents a c) dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Wednesday, May 27th.

Westlake has raised its dividend by an average of 0.1%per year over the last three years and has raised its dividend every year for the last 21 years. Westlake has a dividend payout ratio of 41.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Westlake to earn $3.52 per share next year, which means the company should continue to be able to cover its $2.12 annual dividend with an expected future payout ratio of 60.2%.

Westlake Price Performance

NYSE:WLK opened at $88.63 on Monday. The company has a current ratio of 2.17, a quick ratio of 1.56 and a debt-to-equity ratio of 0.56. The company has a market capitalization of $11.35 billion, a P/E ratio of -6.98 and a beta of 0.67. Westlake has a 12 month low of $56.33 and a 12 month high of $124.23. The business’s 50-day moving average is $108.76 and its 200 day moving average is $90.76.

Westlake (NYSE:WLK) last posted its earnings results on Tuesday, May 5th. The specialty chemicals company reported ($0.77) EPS for the quarter, missing analysts’ consensus estimates of ($0.10) by ($0.67). Westlake had a negative return on equity of 1.89% and a negative net margin of 14.91%.The firm had revenue of $2.65 billion during the quarter, compared to analysts’ expectations of $2.79 billion. During the same quarter in the prior year, the firm posted ($0.31) earnings per share. Westlake’s quarterly revenue was down 6.8% on a year-over-year basis. On average, equities research analysts forecast that Westlake will post 3.73 earnings per share for the current fiscal year.

Insider Transactions at Westlake

In related news, CFO Mark Steven Bender sold 17,409 shares of the firm’s stock in a transaction on Friday, February 27th. The stock was sold at an average price of $100.92, for a total value of $1,756,916.28. Following the completion of the transaction, the chief financial officer owned 44,433 shares in the company, valued at $4,484,178.36. This trade represents a 28.15% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.40% of the stock is owned by company insiders.

Hedge Funds Weigh In On Westlake

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Orbis Allan Gray Ltd raised its stake in Westlake by 12.1% in the 4th quarter. Orbis Allan Gray Ltd now owns 4,386,635 shares of the specialty chemicals company’s stock worth $324,348,000 after acquiring an additional 472,224 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Westlake by 7,239.1% during the 4th quarter. Wellington Management Group LLP now owns 4,220,717 shares of the specialty chemicals company’s stock valued at $312,080,000 after buying an additional 4,163,207 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Westlake by 13.9% during the 4th quarter. Vanguard Group Inc. now owns 3,917,329 shares of the specialty chemicals company’s stock valued at $289,647,000 after buying an additional 477,698 shares during the last quarter. Capital World Investors purchased a new position in shares of Westlake during the 4th quarter valued at about $160,548,000. Finally, Dimensional Fund Advisors LP raised its stake in shares of Westlake by 45.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 1,885,678 shares of the specialty chemicals company’s stock valued at $139,431,000 after buying an additional 585,438 shares during the last quarter. Hedge funds and other institutional investors own 28.40% of the company’s stock.

About Westlake

Westlake Corp. is a global manufacturer of petrochemicals, polymers and building products, serving customers across industrial and residential markets. The company’s core operations encompass the production of vinyls—primarily polyvinyl chloride (PVC) and its key feedstock vinyl chloride monomer (VCM)—as well as chlor-alkali products including caustic soda and chlorine. In addition, Westlake produces ethylene, propylene and specialty elastomers, along with construction-related materials such as vinyl siding, trim, windows and roofing systems.

Operating a network of vertically integrated plants and distribution centers, Westlake serves markets in North America, Europe and Asia.