Victory Capital Management Inc. Cuts Stock Position in Westlake Co. (NYSE:WLK)

Victory Capital Management Inc. lessened its holdings in Westlake Co. (NYSE:WLK) by 3.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,265,420 shares of the specialty chemicals company’s stock after selling 103,824 shares during the period. Westlake comprises approximately 0.5% of Victory Capital Management Inc.’s holdings, making the stock its 26th biggest holding. Victory Capital Management Inc.’s holdings in Westlake were worth $457,028,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Venturi Wealth Management LLC raised its stake in shares of Westlake by 51.3% in the 4th quarter. Venturi Wealth Management LLC now owns 236 shares of the specialty chemicals company’s stock valued at $33,000 after acquiring an additional 80 shares during the period. Arizona State Retirement System increased its stake in Westlake by 0.8% during the 4th quarter. Arizona State Retirement System now owns 10,528 shares of the specialty chemicals company’s stock worth $1,473,000 after buying an additional 81 shares during the period. Treasurer of the State of North Carolina increased its stake in Westlake by 0.5% during the 3rd quarter. Treasurer of the State of North Carolina now owns 17,569 shares of the specialty chemicals company’s stock worth $2,190,000 after buying an additional 83 shares during the period. Exchange Traded Concepts LLC increased its stake in Westlake by 19.3% during the 3rd quarter. Exchange Traded Concepts LLC now owns 599 shares of the specialty chemicals company’s stock worth $75,000 after buying an additional 97 shares during the period. Finally, Fifth Third Bancorp increased its stake in Westlake by 55.9% during the 3rd quarter. Fifth Third Bancorp now owns 354 shares of the specialty chemicals company’s stock worth $44,000 after buying an additional 127 shares during the period. Hedge funds and other institutional investors own 28.40% of the company’s stock.

Westlake Trading Up 0.6 %

Shares of Westlake stock traded up $0.85 during trading on Wednesday, hitting $148.21. The stock had a trading volume of 442,738 shares, compared to its average volume of 392,589. The stock has a 50 day simple moving average of $147.71 and a 200 day simple moving average of $137.73. The company has a market capitalization of $19.00 billion, a PE ratio of 39.83, a P/E/G ratio of 1.50 and a beta of 1.30. The company has a quick ratio of 1.79, a current ratio of 2.37 and a debt-to-equity ratio of 0.43. Westlake Co. has a 1 year low of $103.28 and a 1 year high of $162.64.

Westlake (NYSE:WLK) last released its earnings results on Tuesday, February 20th. The specialty chemicals company reported $0.72 earnings per share for the quarter, missing the consensus estimate of $0.81 by ($0.09). Westlake had a return on equity of 9.70% and a net margin of 3.82%. The firm had revenue of $2.83 billion during the quarter, compared to analysts’ expectations of $2.85 billion. During the same period last year, the business earned $1.79 earnings per share. The business’s revenue was down 14.3% on a year-over-year basis. On average, research analysts expect that Westlake Co. will post 6.73 EPS for the current fiscal year.

Westlake Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 14th. Investors of record on Wednesday, February 28th were given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 1.35%. The ex-dividend date of this dividend was Tuesday, February 27th. Westlake’s payout ratio is presently 54.05%.

Insider Activity at Westlake

In related news, CFO Mark Steven Bender sold 4,804 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $141.02, for a total transaction of $677,460.08. Following the transaction, the chief financial officer now directly owns 45,306 shares of the company’s stock, valued at $6,389,052.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Mark Steven Bender sold 4,804 shares of the business’s stock in a transaction that occurred on Wednesday, March 6th. The shares were sold at an average price of $141.02, for a total transaction of $677,460.08. Following the transaction, the chief financial officer now directly owns 45,306 shares of the company’s stock, valued at $6,389,052.12. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Robert F. Buesinger sold 3,878 shares of the business’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $144.50, for a total transaction of $560,371.00. Following the completion of the sale, the executive vice president now owns 21,144 shares of the company’s stock, valued at $3,055,308. The disclosure for this sale can be found here. Over the last three months, insiders have sold 13,658 shares of company stock valued at $1,923,225. Corporate insiders own 1.30% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on WLK. Wells Fargo & Company raised their price objective on shares of Westlake from $150.00 to $180.00 and gave the stock an “overweight” rating in a report on Wednesday, April 3rd. Bank of America raised shares of Westlake from a “hold” rating to a “buy” rating and lifted their price target for the company from $138.00 to $174.00 in a report on Thursday, April 18th. UBS Group lifted their price target on shares of Westlake from $139.00 to $145.00 and gave the company a “neutral” rating in a report on Thursday, January 11th. Deutsche Bank Aktiengesellschaft raised shares of Westlake from a “hold” rating to a “buy” rating and lifted their price target for the company from $138.00 to $174.00 in a report on Thursday, April 18th. Finally, Citigroup boosted their target price on shares of Westlake from $140.00 to $162.00 and gave the company a “neutral” rating in a research note on Wednesday, April 10th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $145.79.

About Westlake

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.