Wedge Capital Management L L P NC Has $3.03 Million Stock Position in Westlake Corporation $WLK

Wedge Capital Management L L P NC cut its holdings in Westlake Corporation (NYSE:WLK) by 70.3% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 39,375 shares of the specialty chemicals company’s stock after selling 93,026 shares during the period. Wedge Capital Management L L P NC’s holdings in Westlake were worth $3,034,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Norges Bank acquired a new stake in Westlake in the 2nd quarter valued at $104,314,000. Brandes Investment Partners LP increased its position in shares of Westlake by 246.0% in the second quarter. Brandes Investment Partners LP now owns 1,456,871 shares of the specialty chemicals company’s stock valued at $110,621,000 after acquiring an additional 1,035,851 shares during the last quarter. ANTIPODES PARTNERS Ltd bought a new stake in Westlake during the second quarter worth about $62,508,000. Millennium Management LLC boosted its position in Westlake by 366.7% during the first quarter. Millennium Management LLC now owns 901,229 shares of the specialty chemicals company’s stock valued at $90,150,000 after purchasing an additional 708,142 shares during the last quarter. Finally, Engineers Gate Manager LP boosted its position in Westlake by 12,724.7% during the second quarter. Engineers Gate Manager LP now owns 351,011 shares of the specialty chemicals company’s stock valued at $26,652,000 after purchasing an additional 348,274 shares during the last quarter. Institutional investors and hedge funds own 28.40% of the company’s stock.

Westlake Price Performance

Shares of WLK opened at $74.34 on Tuesday. The company’s 50-day moving average is $69.15 and its 200-day moving average is $77.19. The company has a debt-to-equity ratio of 0.39, a current ratio of 1.99 and a quick ratio of 1.39. The firm has a market capitalization of $9.54 billion, a PE ratio of -10.02 and a beta of 0.94. Westlake Corporation has a fifty-two week low of $56.33 and a fifty-two week high of $119.86.

Westlake (NYSE:WLK) last released its quarterly earnings results on Thursday, October 30th. The specialty chemicals company reported ($0.29) earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.47). Westlake had a negative net margin of 8.34% and a negative return on equity of 0.78%. The company had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $2.97 billion. During the same period in the prior year, the company earned $1.41 earnings per share. The firm’s revenue was down 9.0% compared to the same quarter last year. Equities analysts forecast that Westlake Corporation will post 6.48 EPS for the current year.

Westlake Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, December 11th. Shareholders of record on Tuesday, November 25th were issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend was Tuesday, November 25th. Westlake’s dividend payout ratio is currently -28.57%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on WLK shares. Alembic Global Advisors set a $80.00 price target on Westlake in a research report on Monday, November 17th. Weiss Ratings restated a “sell (d)” rating on shares of Westlake in a report on Wednesday, October 8th. Bank of America raised shares of Westlake from a “neutral” rating to a “buy” rating and dropped their price target for the stock from $87.00 to $84.00 in a research report on Monday, November 3rd. Truist Financial set a $90.00 price target on shares of Westlake and gave the company a “buy” rating in a research note on Monday, October 13th. Finally, BMO Capital Markets reissued a “market perform” rating and issued a $83.00 price objective (down previously from $91.00) on shares of Westlake in a research report on Tuesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, seven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $86.67.

About Westlake

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.