Westlake Corporation $WLK Shares Sold by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lowered its holdings in Westlake Corporation (NYSE:WLK) by 16.7% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 817,207 shares of the specialty chemicals company’s stock after selling 164,198 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC’s holdings in Westlake were worth $59,656,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Caitong International Asset Management Co. Ltd purchased a new position in shares of Westlake during the 3rd quarter worth $28,000. Quarry LP purchased a new stake in Westlake in the 4th quarter valued at about $31,000. Fifth Third Bancorp lifted its position in 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 buying an additional 234 shares during the last quarter. CIBC Private Wealth Group LLC acquired a new position in Westlake in the third quarter valued at about $53,000. Finally, NewEdge Advisors LLC boosted its stake in 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 buying an additional 247 shares during the period. Institutional investors and hedge funds own 28.40% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the stock. Truist Financial dropped their price target on shares of Westlake from $127.00 to $104.00 and set a “buy” rating for the company in a research report on Monday, July 20th. The Goldman Sachs Group set a $85.00 price objective on shares of Westlake in a research report on Thursday, July 16th. Morgan Stanley dropped their target price 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. UBS Group reissued a “buy” rating and issued a $117.00 target price (down from $130.00) on shares of Westlake in a research report on Friday, June 5th. Finally, Royal Bank Of Canada restated an “outperform” rating and set a $95.00 price target (up from $89.00) on shares of Westlake in a research note on Thursday, August 6th. Three investment 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.com, the stock has an average rating of “Hold” and a consensus price target of $93.92.

Westlake Stock Performance

NYSE WLK opened at $76.25 on Thursday. The company has a debt-to-equity ratio of 0.55, a current ratio of 2.45 and a quick ratio of 1.70. The company has a market cap of $9.74 billion, a P/E ratio of -7.96 and a beta of 0.63. The stock has a 50-day moving average of $76.00 and a two-hundred day moving average of $92.41. Westlake Corporation has a 1-year low of $56.33 and a 1-year high of $124.23.

Westlake (NYSE:WLK) last issued its quarterly earnings results on Tuesday, August 4th. The specialty chemicals company reported $2.01 earnings per share (EPS) for the quarter, topping the consensus estimate 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 for the quarter, compared to analysts’ expectations of $3.24 billion. During the same quarter in the prior year, the company earned ($1.11) earnings per share. The business’s quarterly revenue was up 10.8% on a year-over-year basis. As a group, analysts anticipate that Westlake Corporation will post 3.35 EPS for the current year.

Westlake Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 10th. Shareholders of record on Tuesday, August 25th will be issued a dividend of $0.533 per share. This is a boost 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 yield of 2.8%. Westlake’s dividend payout ratio (DPR) is currently -22.23%.

Insider Transactions at Westlake

In other Westlake news, Chairman Albert Chao sold 38,873 shares of the firm’s stock in a transaction that occurred on Tuesday, August 11th. The shares were 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 owned 642,880 shares of the company’s stock, valued at $51,610,406.40. This trade represents a 5.70% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 1.40% of the stock is currently owned by company insiders.

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.