ING Groep NV Purchases New Holdings in Westlake Co. (NYSE:WLK)

ING Groep NV purchased a new position in shares of Westlake Co. (NYSE:WLK - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 20,200 shares of the specialty chemicals company's stock, valued at approximately $3,036,000.

Other large investors also recently modified their holdings of the company. Comerica Bank grew its holdings in Westlake by 17.9% in the first quarter. Comerica Bank now owns 24,490 shares of the specialty chemicals company's stock worth $3,742,000 after purchasing an additional 3,710 shares during the period. CIBC Asset Management Inc acquired a new stake in shares of Westlake in the 2nd quarter valued at about $544,000. 1832 Asset Management L.P. acquired a new position in Westlake during the 2nd quarter worth approximately $27,179,000. Avantax Advisory Services Inc. bought a new position in Westlake in the first quarter worth approximately $207,000. Finally, Envestnet Asset Management Inc. grew its stake in Westlake by 89.8% in the second quarter. Envestnet Asset Management Inc. now owns 44,194 shares of the specialty chemicals company's stock valued at $6,400,000 after acquiring an additional 20,913 shares during the period. Institutional investors and hedge funds own 28.40% of the company's stock.

Westlake Trading Down 0.0 %

WLK traded down $0.03 during midday trading on Friday, reaching $126.66. 395,144 shares of the company's stock traded hands, compared to its average volume of 564,904. Westlake Co. has a 52 week low of $118.64 and a 52 week high of $162.64. 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 firm has a fifty day moving average of $139.18 and a two-hundred day moving average of $145.32. The stock has a market capitalization of $16.30 billion, a price-to-earnings ratio of 178.39, a P/E/G ratio of 2.34 and a beta of 1.19.

Westlake (NYSE:WLK - Get Free Report) last issued its quarterly earnings data on Tuesday, November 5th. The specialty chemicals company reported $1.41 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.21 by ($0.80). The company had revenue of $3.12 billion for the quarter, compared to analysts' expectations of $3.31 billion. Westlake had a net margin of 0.81% and a return on equity of 6.93%. The firm's revenue for the quarter was up .1% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.20 earnings per share. On average, equities analysts anticipate that Westlake Co. will post 6.76 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on WLK shares. Wells Fargo & Company cut their target price on Westlake from $180.00 to $160.00 and set an "overweight" rating on the stock in a report on Wednesday, November 6th. StockNews.com cut Westlake from a "hold" rating to a "sell" rating in a research report on Thursday, September 19th. Barclays raised Westlake from an "equal weight" rating to an "overweight" rating and increased their price target for the company from $162.00 to $180.00 in a research report on Monday, September 30th. Piper Sandler reduced their target price on shares of Westlake from $180.00 to $170.00 and set an "overweight" rating for the company in a research note on Thursday, September 5th. Finally, Mizuho initiated coverage on Westlake in a research report on Thursday, August 8th. They set an "outperform" rating and a $170.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, six have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, Westlake presently has a consensus rating of "Hold" and a consensus target price of $162.17.

Westlake Company 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.