Westlake Corporation $WLK Shares Sold by BNP Paribas Financial Markets

BNP Paribas Financial Markets decreased its holdings in shares of Westlake Corporation (NYSE:WLK) by 51.7% during the 4th quarter, HoldingsChannel.com reports. The firm owned 92,223 shares of the specialty chemicals company’s stock after selling 98,743 shares during the period. BNP Paribas Financial Markets’ holdings in Westlake were worth $6,819,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Caitong International Asset Management Co. Ltd acquired a new position in Westlake during the 3rd quarter worth approximately $28,000. Fifth Third Bancorp increased its position in Westlake by 71.3% during the 4th quarter. Fifth Third Bancorp now owns 562 shares of the specialty chemicals company’s stock worth $42,000 after purchasing an additional 234 shares during the period. CIBC Private Wealth Group LLC acquired a new position in Westlake during the 3rd quarter worth approximately $53,000. Hantz Financial Services Inc. increased its position in Westlake by 180.3% during the 3rd quarter. Hantz Financial Services Inc. now owns 740 shares of the specialty chemicals company’s stock worth $57,000 after purchasing an additional 476 shares during the period. Finally, NewEdge Advisors LLC grew its holdings in shares of Westlake by 49.6% in the 2nd quarter. NewEdge Advisors LLC now owns 745 shares of the specialty chemicals company’s stock worth $57,000 after acquiring an additional 247 shares during the period. Institutional investors and hedge funds own 28.40% of the company’s stock.

Westlake Trading Up 1.4%

Shares of Westlake stock opened at $86.43 on Wednesday. Westlake Corporation has a fifty-two week low of $56.33 and a fifty-two week high of $124.23. The firm has a market cap of $11.07 billion, a PE ratio of -6.81 and a beta of 0.58. The business’s fifty day moving average is $102.73 and its two-hundred day moving average is $92.77. The company has a quick ratio of 1.56, a current ratio of 2.17 and a debt-to-equity ratio of 0.56.

Westlake (NYSE:WLK) last issued its quarterly earnings results on Tuesday, May 5th. The specialty chemicals company reported ($0.77) earnings per share 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 business had revenue of $2.65 billion for the quarter, compared to analysts’ expectations of $2.79 billion. During the same period in the prior year, the company earned ($0.31) EPS. The company’s revenue for the quarter was down 6.8% compared to the same quarter last year. Analysts anticipate that Westlake Corporation will post 3.81 earnings per share for the current year.

Westlake Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 11th. Investors of record on Wednesday, May 27th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a dividend yield of 2.5%. The ex-dividend date of this dividend is Wednesday, May 27th. Westlake’s dividend payout ratio (DPR) is -16.69%.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on WLK shares. Weiss Ratings restated a “sell (d)” rating on shares of Westlake in a report on Monday, April 20th. UBS Group reaffirmed a “buy” rating and issued a $117.00 target price (down from $130.00) on shares of Westlake in a research note on Friday. Citigroup lowered Westlake from a “buy” rating to a “neutral” rating and reduced their target price for the company from $125.00 to $95.00 in a research note on Wednesday, May 27th. Zacks Research raised Westlake from a “strong sell” rating to a “hold” rating in a research note on Thursday, February 26th. Finally, Wells Fargo & Company reduced their target price on Westlake from $125.00 to $110.00 and set an “equal weight” rating on the stock in a research note on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, ten have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $107.36.

Westlake Company Profile

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.