Walleye Capital LLC Invests $6.05 Million in Westlake Corporation $WLK

Walleye Capital LLC purchased a new position in shares of Westlake Corporation (NYSE:WLK) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 82,847 shares of the specialty chemicals company’s stock, valued at approximately $6,048,000.

Other large investors have also bought and sold shares of the company. Caitong International Asset Management Co. Ltd bought a new position in Westlake in the third quarter valued at approximately $28,000. Quarry LP bought a new stake in shares of Westlake during the 4th quarter valued at $31,000. Fifth Third Bancorp raised its position in shares of Westlake by 71.3% during the 4th quarter. Fifth Third Bancorp now owns 562 shares of the specialty chemicals company’s stock valued at $42,000 after acquiring an additional 234 shares during the last quarter. CIBC Private Wealth Group LLC acquired a new position in shares of Westlake in the 3rd quarter valued at $53,000. Finally, NewEdge Advisors LLC lifted its stake 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 valued at $57,000 after purchasing an additional 247 shares during the period. 28.40% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Westlake news, Chairman Albert Chao sold 38,873 shares of the business’s stock in a transaction dated Tuesday, August 11th. The stock was sold at an average price of $80.28, for a total value of $3,120,724.44. Following the completion of the transaction, the chairman directly owned 642,880 shares of the company’s stock, valued at approximately $51,610,406.40. The trade was a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.40% of the company’s stock.

Westlake Trading Down 0.8%

Shares of NYSE WLK opened at $79.53 on Friday. Westlake Corporation has a twelve month low of $56.33 and a twelve month high of $124.23. The stock has a market cap of $10.16 billion, a price-to-earnings ratio of -8.30 and a beta of 0.63. The company has a quick ratio of 1.70, a current ratio of 2.45 and a debt-to-equity ratio of 0.55. The company’s fifty day moving average is $77.72 and its 200-day moving average is $93.64.

Westlake (NYSE:WLK) last released its quarterly earnings data on Tuesday, August 4th. The specialty chemicals company reported $2.01 EPS for the quarter, beating analysts’ consensus estimates of $1.83 by $0.18. Westlake had a negative net margin of 10.94% and a positive return on equity of 0.93%. The business had revenue of $3.27 billion during the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter in the prior year, the company earned ($1.11) EPS. The firm’s quarterly revenue was up 10.8% on a year-over-year basis. Equities research analysts predict that Westlake Corporation will post 3.43 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. BMO Capital Markets reaffirmed a “market perform” rating and set a $96.00 price objective on shares of Westlake in a research note on Monday, July 6th. Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $115.00 target price on shares of Westlake in a research note on Thursday, May 7th. Citigroup reduced their target price on Westlake from $95.00 to $85.00 and set a “neutral” rating on the stock in a report on Wednesday, June 24th. Weiss Ratings restated a “sell (d)” rating on shares of Westlake in a research report on Friday, July 17th. Finally, Wall Street Zen upgraded Westlake from a “sell” rating to a “hold” rating in a research report on Saturday, August 8th. Three research analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $93.92.

Westlake 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.