Jupiter Topco LLC Invests $19.54 Million in Westlake Corporation $WLK

Jupiter Topco LLC bought a new stake in shares of Westlake Corporation (NYSE:WLK) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 267,748 shares of the specialty chemicals company’s stock, valued at approximately $19,544,000. Jupiter Topco LLC owned approximately 0.21% of Westlake as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently bought and sold shares of WLK. Caitong International Asset Management Co. Ltd purchased a new stake in Westlake in the 3rd quarter worth $28,000. Quarry LP purchased a new position in shares of Westlake in the fourth quarter valued at about $31,000. Fifth Third Bancorp lifted its position in shares of Westlake by 71.3% in the fourth 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 in the last quarter. CIBC Private Wealth Group LLC bought a new position in shares of Westlake in the third quarter worth about $53,000. Finally, NewEdge Advisors LLC grew its position in shares of Westlake by 49.6% during the second quarter. NewEdge Advisors LLC now owns 745 shares of the specialty chemicals company’s stock worth $57,000 after purchasing an additional 247 shares in the last quarter. Institutional investors own 28.40% of the company’s stock.

Westlake Stock Up 2.6%

Shares of NYSE WLK opened at $75.87 on Friday. The company has a current ratio of 2.45, a quick ratio of 1.70 and a debt-to-equity ratio of 0.55. Westlake Corporation has a 12-month low of $56.33 and a 12-month high of $124.23. The firm’s 50-day moving average price is $76.09 and its 200-day moving average price is $92.95. The stock has a market capitalization of $9.70 billion, a price-to-earnings ratio of -7.92 and a beta of 0.63.

Westlake (NYSE:WLK) last released its quarterly earnings results on Tuesday, August 4th. The specialty chemicals company reported $2.01 EPS for the quarter, topping the consensus estimate of $1.83 by $0.18. Westlake had a positive return on equity of 0.93% and a negative net margin of 10.94%.The company had revenue of $3.27 billion during the quarter, compared to analyst estimates of $3.24 billion. During the same quarter last year, the business posted ($1.11) earnings per share. The firm’s revenue was up 10.8% on a year-over-year basis. On average, equities research analysts anticipate that Westlake Corporation will post 3.35 EPS for the current fiscal year.

Westlake Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Stockholders of record on Tuesday, August 25th will be issued a $0.533 dividend. This is a positive change from Westlake’s previous quarterly dividend of $0.53. The ex-dividend date is Tuesday, August 25th. This represents a $2.13 dividend on an annualized basis and a dividend yield of 2.8%. Westlake’s dividend payout ratio (DPR) is presently -22.23%.

Insider Buying and Selling at Westlake

In other news, Chairman Albert Chao sold 38,873 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $80.28, for a total transaction of $3,120,724.44. Following the transaction, the chairman 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.40% of the company’s stock.

Analyst Ratings Changes

Several analysts recently issued reports on WLK shares. Truist Financial decreased their target price on Westlake from $127.00 to $104.00 and set a “buy” rating on the stock in a research note on Monday, July 20th. Morgan Stanley cut their price objective on shares of Westlake from $106.00 to $92.00 and set an “equal weight” rating for the company in a report on Thursday, July 2nd. Wells Fargo & Company cut their price objective on Westlake from $110.00 to $89.00 and set an “equal weight” rating for the company in a research report on Wednesday, August 5th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Westlake in a report on Friday, July 17th. Finally, Zacks Research upgraded Westlake from a “strong sell” rating to a “hold” rating in a research report on Tuesday. Three analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and an average 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.