Inspire Investing LLC Sells 3,217 Shares of Westlake Co. (NYSE:WLK)

Inspire Investing LLC lessened its stake in Westlake Co. (NYSE:WLK) by 23.7% in the 1st quarter, Holdings Channel reports. The institutional investor owned 10,352 shares of the specialty chemicals company’s stock after selling 3,217 shares during the period. Inspire Investing LLC’s holdings in Westlake were worth $1,582,000 as of its most recent filing with the SEC.

A number of other institutional investors have also added to or reduced their stakes in WLK. Sei Investments Co. grew its holdings in shares of Westlake by 19.2% during the 1st quarter. Sei Investments Co. now owns 14,771 shares of the specialty chemicals company’s stock worth $2,257,000 after purchasing an additional 2,382 shares in the last quarter. Susquehanna Fundamental Investments LLC bought a new stake in Westlake in the 1st quarter valued at $3,254,000. Duality Advisers LP raised its stake in shares of Westlake by 214.2% in the 1st quarter. Duality Advisers LP now owns 14,270 shares of the specialty chemicals company’s stock valued at $2,180,000 after buying an additional 9,728 shares in the last quarter. Texas Permanent School Fund Corp lifted its holdings in shares of Westlake by 1.0% during the 1st quarter. Texas Permanent School Fund Corp now owns 28,037 shares of the specialty chemicals company’s stock worth $4,284,000 after acquiring an additional 285 shares during the period. Finally, FORA Capital LLC boosted its position in shares of Westlake by 9.5% during the 1st quarter. FORA Capital LLC now owns 5,019 shares of the specialty chemicals company’s stock valued at $767,000 after acquiring an additional 437 shares in the last quarter. 28.40% of the stock is owned by institutional investors and hedge funds.

Westlake Stock Performance

WLK stock traded up $3.22 during mid-day trading on Tuesday, hitting $149.58. 92,282 shares of the company were exchanged, compared to its average volume of 427,203. Westlake Co. has a 1-year low of $112.77 and a 1-year high of $162.64. The business has a 50 day simple moving average of $151.90 and a 200-day simple moving average of $146.93. The company has a current ratio of 2.46, a quick ratio of 1.83 and a debt-to-equity ratio of 0.42. The stock has a market capitalization of $19.23 billion, a PE ratio of 73.55, a price-to-earnings-growth ratio of 1.81 and a beta of 1.20.

Westlake (NYSE:WLK) last released its quarterly earnings results on Wednesday, May 1st. The specialty chemicals company reported $1.34 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.09 by $0.25. Westlake had a return on equity of 7.69% and a net margin of 2.13%. The business had revenue of $2.98 billion during the quarter, compared to the consensus estimate of $2.93 billion. During the same period in the previous year, the company posted $3.05 EPS. The firm’s quarterly revenue was down 11.4% on a year-over-year basis. On average, equities analysts forecast that Westlake Co. will post 6.66 earnings per share for the current year.

Westlake Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 6th. Stockholders of record on Tuesday, May 21st were given a dividend of $0.50 per share. The ex-dividend date was Monday, May 20th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 1.34%. Westlake’s payout ratio is 100.50%.

Insider Transactions at Westlake

In other news, CFO Mark Steven Bender sold 4,950 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $152.19, for a total value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 74.10% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

WLK has been the subject of a number of analyst reports. Wells Fargo & Company raised their price target on shares of Westlake from $150.00 to $180.00 and gave the stock an “overweight” rating in a research note on Wednesday, April 3rd. Vertical Research lowered shares of Westlake from a “buy” rating to a “hold” rating and set a $154.00 price objective for the company. in a report on Monday, April 8th. Bank of America upgraded Westlake from a “hold” rating to a “buy” rating and raised their target price for the company from $138.00 to $174.00 in a research note on Thursday, April 18th. Barclays raised their price objective on shares of Westlake from $160.00 to $162.00 and gave the company an “equal weight” rating in a research report on Monday, June 17th. Finally, Piper Sandler upped their target price on shares of Westlake from $160.00 to $180.00 and gave the stock an “overweight” rating in a research report on Tuesday, May 7th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $153.15.

Westlake Profile

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.