Westlake Co. (NYSE:WLK) Stake Lifted by BNP Paribas Financial Markets

BNP Paribas Financial Markets increased its position in shares of Westlake Co. (NYSE:WLK) by 15.2% during the 3rd quarter, Holdings Channel.com reports. The firm owned 49,085 shares of the specialty chemicals company’s stock after buying an additional 6,476 shares during the quarter. BNP Paribas Financial Markets’ holdings in Westlake were worth $7,377,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Quest Partners LLC raised its stake in shares of Westlake by 8,400.0% in the 2nd quarter. Quest Partners LLC now owns 340 shares of the specialty chemicals company’s stock worth $49,000 after buying an additional 336 shares in the last quarter. Brooklyn Investment Group bought a new stake in Westlake in the third quarter worth about $62,000. Itau Unibanco Holding S.A. acquired a new stake in Westlake in the 2nd quarter valued at about $66,000. nVerses Capital LLC bought a new position in shares of Westlake during the 3rd quarter valued at about $75,000. Finally, Acadian Asset Management LLC acquired a new position in shares of Westlake in the 2nd quarter worth approximately $101,000. 28.40% of the stock is currently owned by institutional investors and hedge funds.

Westlake Trading Up 0.2 %

Shares of NYSE:WLK opened at $128.68 on Tuesday. Westlake Co. has a 12-month low of $118.64 and a 12-month high of $162.64. The company has a quick ratio of 2.04, a current ratio of 2.79 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $16.56 billion, a P/E ratio of 181.24, a price-to-earnings-growth ratio of 2.48 and a beta of 1.19. The firm has a fifty day moving average of $136.54 and a two-hundred day moving average of $143.27.

Westlake (NYSE:WLK) last issued its earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.41 EPS for the quarter, missing analysts’ consensus estimates of $2.21 by ($0.80). Westlake had a net margin of 0.81% and a return on equity of 6.93%. The firm had revenue of $3.12 billion during the quarter, compared to analysts’ expectations of $3.31 billion. During the same quarter last year, the firm earned $2.20 EPS. The business’s revenue for the quarter was up .1% compared to the same quarter last year. On average, equities analysts expect that Westlake Co. will post 6.47 EPS for the current fiscal year.

Westlake Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, December 12th. Investors of record on Tuesday, November 26th will be issued a dividend of $0.525 per share. This represents a $2.10 annualized dividend and a dividend yield of 1.63%. The ex-dividend date is Tuesday, November 26th. Westlake’s dividend payout ratio is currently 295.77%.

Insider Buying and Selling

In other news, Director David Tsung-Hung Chao sold 1,750 shares of the firm’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $129.08, for a total value of $225,890.00. Following the sale, the director now owns 7,784 shares in the company, valued at approximately $1,004,758.72. This trade represents a 18.36 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 74.10% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. StockNews.com upgraded shares of Westlake from a “sell” rating to a “hold” rating in a report on Tuesday, November 26th. Barclays upgraded Westlake from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $162.00 to $180.00 in a report on Monday, September 30th. JPMorgan Chase & Co. upped their target price on Westlake from $123.00 to $135.00 and gave the company an “underweight” rating in a report on Thursday, August 15th. Mizuho started coverage on Westlake in a research note on Thursday, August 8th. They issued an “outperform” rating and a $170.00 price target on the stock. Finally, Wells Fargo & Company reduced their price objective on shares of Westlake from $180.00 to $160.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Westlake currently has a consensus rating of “Hold” and an average price target of $162.17.

Westlake Company 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.