Bank of Nova Scotia Buys 3,469 Shares of Westlake Co. (NYSE:WLK)

Bank of Nova Scotia increased its position in Westlake Co. (NYSE:WLK - Free Report) by 15.9% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 25,296 shares of the specialty chemicals company's stock after purchasing an additional 3,469 shares during the quarter. Bank of Nova Scotia's holdings in Westlake were worth $2,900,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. grew its stake in Westlake by 2.4% during the 4th quarter. Pacer Advisors Inc. now owns 4,988 shares of the specialty chemicals company's stock valued at $572,000 after purchasing an additional 115 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in Westlake by 0.5% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 29,396 shares of the specialty chemicals company's stock valued at $3,292,000 after acquiring an additional 151 shares during the last quarter. Arizona State Retirement System grew its holdings in Westlake by 1.4% during the 4th quarter. Arizona State Retirement System now owns 11,204 shares of the specialty chemicals company's stock worth $1,285,000 after acquiring an additional 153 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Westlake by 247.7% in the 4th quarter. Blue Trust Inc. now owns 226 shares of the specialty chemicals company's stock valued at $26,000 after purchasing an additional 161 shares in the last quarter. Finally, State of Michigan Retirement System grew its stake in Westlake by 2.3% in the fourth quarter. State of Michigan Retirement System now owns 8,900 shares of the specialty chemicals company's stock worth $1,020,000 after purchasing an additional 200 shares in the last quarter. Institutional investors and hedge funds own 28.40% of the company's stock.

Analysts Set New Price Targets

WLK has been the subject of a number of research analyst reports. Truist Financial lowered their price target on Westlake from $155.00 to $132.00 and set a "buy" rating for the company in a report on Monday. Royal Bank of Canada decreased their price target on shares of Westlake from $147.00 to $133.00 and set an "outperform" rating for the company in a report on Wednesday, February 26th. Citigroup dropped their price objective on shares of Westlake from $130.00 to $116.00 and set a "buy" rating on the stock in a research note on Friday, April 4th. Piper Sandler restated a "neutral" rating and issued a $105.00 target price (down from $120.00) on shares of Westlake in a research note on Monday, April 7th. Finally, BMO Capital Markets dropped their price target on Westlake from $157.00 to $132.00 and set a "market perform" rating on the stock in a research report on Wednesday, February 26th. One analyst has rated the stock with a sell rating, four have issued a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $126.23.

Westlake Price Performance

Shares of WLK traded up $1.54 during trading hours on Thursday, hitting $91.86. 603,190 shares of the company were exchanged, compared to its average volume of 737,463. The company has a debt-to-equity ratio of 0.41, a current ratio of 2.79 and a quick ratio of 2.04. The company has a market capitalization of $11.80 billion, a PE ratio of 129.37, a PEG ratio of 2.36 and a beta of 1.02. The firm has a fifty day simple moving average of $103.42 and a 200-day simple moving average of $117.91. Westlake Co. has a one year low of $81.40 and a one year high of $161.31.

Westlake (NYSE:WLK - Get Free Report) last posted its quarterly earnings data on Monday, February 24th. The specialty chemicals company reported $0.06 EPS for the quarter, missing analysts' consensus estimates of $1.04 by ($0.98). Westlake had a return on equity of 6.93% and a net margin of 0.81%. The firm had revenue of $2.84 billion during the quarter, compared to analyst estimates of $3.01 billion. During the same period in the prior year, the business posted $0.72 EPS. The company's revenue for the quarter was up .6% on a year-over-year basis. As a group, sell-side analysts predict that Westlake Co. will post 6.48 earnings per share for the current year.

Westlake Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Tuesday, March 4th were given a $0.525 dividend. This represents a $2.10 annualized dividend and a yield of 2.29%. The ex-dividend date of this dividend was Tuesday, March 4th. Westlake's payout ratio is currently 45.36%.

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.