Empowered Funds LLC Increases Stock Position in Westlake Co. (NYSE:WLK)

Empowered Funds LLC lifted its stake in shares of Westlake Co. (NYSE:WLK) by 4.1% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 10,021 shares of the specialty chemicals company’s stock after purchasing an additional 395 shares during the quarter. Empowered Funds LLC’s holdings in Westlake were worth $1,506,000 at the end of the most recent quarter.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Pathway Financial Advisers LLC acquired a new stake in Westlake in the first quarter valued at $43,000. Quest Partners LLC increased its holdings in Westlake by 8,400.0% during the 2nd quarter. Quest Partners LLC now owns 340 shares of the specialty chemicals company’s stock valued at $49,000 after acquiring an additional 336 shares in the last quarter. Itau Unibanco Holding S.A. purchased a new stake in shares of Westlake in the second quarter valued at about $66,000. nVerses Capital LLC purchased a new stake in Westlake in the 3rd quarter valued at approximately $75,000. Finally, UniSuper Management Pty Ltd grew its holdings in Westlake by 66.7% during the 1st quarter. UniSuper Management Pty Ltd now owns 500 shares of the specialty chemicals company’s stock valued at $76,000 after buying an additional 200 shares during the last quarter. 28.40% of the stock is owned by hedge funds and other institutional investors.

Westlake Trading Up 1.0 %

NYSE:WLK opened at $129.16 on Friday. The company has a market cap of $16.62 billion, a PE ratio of 181.92, a P/E/G ratio of 2.35 and a beta of 1.19. The business’s 50 day moving average is $138.64 and its two-hundred day moving average is $144.86. The company has a quick ratio of 2.04, a current ratio of 2.79 and a debt-to-equity ratio of 0.41. Westlake Co. has a 52 week low of $118.64 and a 52 week high of $162.64.

Westlake (NYSE:WLK) last posted its earnings results on Tuesday, November 5th. The specialty chemicals company reported $1.41 EPS for the quarter, missing the consensus estimate of $2.21 by ($0.80). The firm had revenue of $3.12 billion during the quarter, compared to the consensus estimate of $3.31 billion. Westlake had a return on equity of 6.93% and a net margin of 0.81%. Westlake’s revenue for the quarter was up .1% on a year-over-year basis. During the same quarter last year, the company posted $2.20 EPS. On average, analysts predict that Westlake Co. will post 6.76 EPS for the current year.

Westlake Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 12th. Shareholders of record on Tuesday, November 26th will be given a dividend of $0.525 per share. The ex-dividend date of this dividend is Tuesday, November 26th. This represents a $2.10 dividend on an annualized basis and a yield of 1.63%. Westlake’s dividend payout ratio (DPR) is presently 295.77%.

Analyst Upgrades and Downgrades

A number of analysts recently commented on the company. Mizuho initiated coverage on Westlake in a research note on Thursday, August 8th. They set an “outperform” rating and a $170.00 price objective on the stock. BMO Capital Markets cut their target price on Westlake from $171.00 to $165.00 and set a “market perform” rating on the stock in a research report on Wednesday, November 13th. Royal Bank of Canada cut their price target on shares of Westlake from $170.00 to $167.00 and set an “outperform” rating on the stock in a report on Monday, November 11th. Barclays upgraded Westlake from an “equal weight” rating to an “overweight” rating and boosted their price objective for the stock from $162.00 to $180.00 in a research note on Monday, September 30th. Finally, Piper Sandler reduced their price target on Westlake from $180.00 to $170.00 and set an “overweight” rating on the stock in a research report on Thursday, September 5th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $162.17.

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.