Westlake Corporation (NYSE:WLK) Plans Quarterly Dividend of $0.53

Westlake Corporation (NYSE:WLK) announced a quarterly dividend on Friday, August 14th. Investors of record on Tuesday, August 25th will be given a dividend of 0.533 per share by the specialty chemicals company on Thursday, September 10th. This represents a c) annualized dividend and a dividend yield of 2.7%. The ex-dividend date of this dividend is Tuesday, August 25th. This is a 0.6% increase from Westlake’s previous quarterly dividend of $0.53.

Westlake has increased its dividend by an average of 0.1%annually over the last three years and has raised its dividend every year for the last 21 years. Westlake has a dividend payout ratio of 41.7% meaning its dividend is sufficiently covered by earnings. Analysts expect Westlake to earn $3.17 per share next year, which means the company should continue to be able to cover its $2.13 annual dividend with an expected future payout ratio of 67.2%.

Westlake Stock Up 0.1%

Shares of WLK opened at $78.96 on Friday. The business’s 50 day moving average is $76.88 and its 200 day moving average is $93.53. The company has a current ratio of 2.45, a quick ratio of 1.70 and a debt-to-equity ratio of 0.55. Westlake has a 12-month low of $56.33 and a 12-month high of $124.23. The company has a market capitalization of $10.09 billion, a PE ratio of -8.24 and a beta of 0.63.

Westlake (NYSE:WLK) last posted its quarterly earnings results on Tuesday, August 4th. The specialty chemicals company reported $2.01 earnings per share for the quarter, topping the consensus estimate of $1.83 by $0.18. The business had revenue of $3.27 billion during the quarter, compared to the consensus estimate of $3.24 billion. Westlake had a positive return on equity of 0.93% and a negative net margin of 10.94%.The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($1.11) EPS. Research analysts expect that Westlake will post 3.43 earnings per share for the current fiscal year.

Insider Buying and Selling at Westlake

In related news, Chairman Albert Chao sold 38,873 shares of the firm’s stock in a transaction 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 directly owned 642,880 shares of the company’s stock, valued at approximately $51,610,406.40. This trade represents a 5.70% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 1.40% of the company’s stock.

Hedge Funds Weigh In On Westlake

Several institutional investors have recently bought and sold shares of WLK. Caitong International Asset Management Co. Ltd bought a new stake in shares of Westlake in the 3rd quarter worth about $28,000. Quarry LP purchased a new stake in shares of Westlake during the 4th quarter valued at about $31,000. Fifth Third Bancorp lifted its holdings in shares of Westlake by 71.3% in the 4th quarter. Fifth Third Bancorp now owns 562 shares of the specialty chemicals company’s stock valued at $42,000 after acquiring an additional 234 shares during the last quarter. CIBC Private Wealth Group LLC bought a new position in shares of Westlake in the 3rd quarter valued at about $53,000. Finally, NewEdge Advisors LLC grew its position in Westlake by 49.6% in the second quarter. NewEdge Advisors LLC now owns 745 shares of the specialty chemicals company’s stock worth $57,000 after acquiring an additional 247 shares in the last quarter. Institutional investors own 28.40% of the company’s stock.

Westlake Company 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.