Nations Financial Group Inc. IA ADV Has $1.57 Million Stock Position in Westlake Co. (NYSE:WLK)

Nations Financial Group Inc. IA ADV trimmed its stake in shares of Westlake Co. (NYSE:WLK) by 1.1% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 10,864 shares of the specialty chemicals company’s stock after selling 118 shares during the quarter. Nations Financial Group Inc. IA ADV’s holdings in Westlake were worth $1,573,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in WLK. Capital World Investors boosted its holdings in shares of Westlake by 106.2% in the 4th quarter. Capital World Investors now owns 1,311,836 shares of the specialty chemicals company’s stock worth $183,605,000 after acquiring an additional 675,725 shares in the last quarter. Norges Bank acquired a new position in shares of Westlake in the 4th quarter worth approximately $50,961,000. Appian Way Asset Management LP acquired a new position in shares of Westlake in the 1st quarter worth approximately $25,154,000. Natixis boosted its holdings in shares of Westlake by 41,979.2% in the 1st quarter. Natixis now owns 85,000 shares of the specialty chemicals company’s stock worth $12,988,000 after acquiring an additional 84,798 shares in the last quarter. Finally, KBC Group NV raised its position in Westlake by 460.4% in the 4th quarter. KBC Group NV now owns 85,008 shares of the specialty chemicals company’s stock worth $11,898,000 after purchasing an additional 69,838 shares during the last quarter. 28.40% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on WLK shares. Mizuho started coverage on shares of Westlake in a research report on Thursday, August 8th. They issued an “outperform” rating and a $170.00 price objective for the company. Piper Sandler boosted their price objective 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. JPMorgan Chase & Co. boosted their price objective on shares of Westlake from $123.00 to $135.00 and gave the stock an “underweight” rating in a research report on Thursday, August 15th. StockNews.com upgraded shares of Westlake from a “sell” rating to a “hold” rating in a research report on Thursday, August 22nd. Finally, Barclays boosted their price objective on shares of Westlake from $160.00 to $162.00 and gave the stock an “equal weight” rating in a research report on Monday, June 17th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Westlake currently has a consensus rating of “Hold” and a consensus price target of $166.83.

Westlake Trading Up 0.3 %

Shares of WLK traded up $0.39 during trading hours on Friday, reaching $145.42. The stock had a trading volume of 413,337 shares, compared to its average volume of 427,420. The company has a quick ratio of 1.94, a current ratio of 2.61 and a debt-to-equity ratio of 0.41. Westlake Co. has a 52 week low of $112.77 and a 52 week high of $162.64. The firm has a 50-day moving average of $144.97 and a 200 day moving average of $148.35. The company has a market cap of $18.70 billion, a P/E ratio of 73.09, a P/E/G ratio of 2.01 and a beta of 1.20.

Westlake (NYSE:WLK) last released its quarterly earnings data on Tuesday, August 6th. The specialty chemicals company reported $2.40 EPS for the quarter, beating analysts’ consensus estimates of $1.99 by $0.41. Westlake had a net margin of 2.27% and a return on equity of 7.84%. The business had revenue of $3.21 billion during the quarter, compared to analysts’ expectations of $3.22 billion. During the same quarter in the prior year, the company earned $2.31 EPS. The firm’s quarterly revenue was down 1.4% on a year-over-year basis. On average, sell-side analysts expect that Westlake Co. will post 6.92 earnings per share for the current fiscal year.

Westlake Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 5th. Investors of record on Tuesday, August 20th will be given a $0.525 dividend. The ex-dividend date is Tuesday, August 20th. This represents a $2.10 dividend on an annualized basis and a dividend yield of 1.44%. This is a boost from Westlake’s previous quarterly dividend of $0.50. Westlake’s dividend payout ratio is currently 105.53%.

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.