Point72 Asset Management L.P. Acquires New Stake in Westlake Co. (NYSE:WLK)

Point72 Asset Management L.P. acquired a new stake in Westlake Co. (NYSE:WLK - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 71,140 shares of the specialty chemicals company's stock, valued at approximately $10,302,000. Point72 Asset Management L.P. owned 0.06% of Westlake as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. UBS Group AG grew its position in Westlake by 54.4% during the fourth quarter. UBS Group AG now owns 48,169 shares of the specialty chemicals company's stock valued at $6,742,000 after acquiring an additional 16,964 shares during the period. Treasurer of the State of North Carolina grew its position in Westlake by 81.0% during the fourth quarter. Treasurer of the State of North Carolina now owns 31,797 shares of the specialty chemicals company's stock valued at $4,450,000 after acquiring an additional 14,228 shares during the period. Bank of Nova Scotia purchased a new stake in Westlake during the fourth quarter valued at about $255,000. KBC Group NV grew its position in Westlake by 460.4% during the fourth quarter. KBC Group NV now owns 85,008 shares of the specialty chemicals company's stock valued at $11,898,000 after acquiring an additional 69,838 shares during the period. Finally, Royal London Asset Management Ltd. purchased a new stake in Westlake during the fourth quarter valued at about $308,000. Hedge funds and other institutional investors own 28.40% of the company's stock.

Westlake Stock Performance

NYSE WLK traded down $1.16 during trading hours on Tuesday, reaching $149.13. The company's stock had a trading volume of 545,460 shares, compared to its average volume of 438,159. The company has a current ratio of 2.61, a quick ratio of 1.94 and a debt-to-equity ratio of 0.41. The business has a 50-day simple moving average of $143.58 and a 200 day simple moving average of $148.79. Westlake Co. has a 52 week low of $112.77 and a 52 week high of $162.64. The stock has a market cap of $19.18 billion, a PE ratio of 75.26, a PEG ratio of 1.95 and a beta of 1.18.

Westlake (NYSE:WLK - Get Free Report) last issued its earnings results on Tuesday, August 6th. The specialty chemicals company reported $2.40 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.99 by $0.41. The firm had revenue of $3.21 billion for the quarter, compared to analysts' expectations of $3.22 billion. Westlake had a net margin of 2.27% and a return on equity of 7.84%. Westlake's revenue was down 1.4% on a year-over-year basis. During the same quarter last year, the company posted $2.31 earnings per share. Equities research analysts predict that Westlake Co. will post 7.13 earnings per share for the current fiscal year.

Westlake Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 5th. Investors of record on Tuesday, August 20th were paid a dividend of $0.525 per share. This represents a $2.10 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date was Tuesday, August 20th. This is a positive change from Westlake's previous quarterly dividend of $0.50. Westlake's dividend payout ratio (DPR) is currently 105.53%.

Analyst Upgrades and Downgrades

A number of equities research analysts have issued reports on WLK shares. Mizuho started 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. StockNews.com downgraded Westlake from a "hold" rating to a "sell" rating in a research report on Thursday, September 19th. Royal Bank of Canada upgraded Westlake from a "sector perform" rating to an "outperform" rating and increased their target price for the company from $157.00 to $174.00 in a research note on Friday, August 23rd. BMO Capital Markets boosted their price target on Westlake from $167.00 to $171.00 and gave the stock a "market perform" rating in a research report on Tuesday, August 13th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Westlake from $123.00 to $135.00 and gave the company an "underweight" rating in a research report on Thursday, August 15th. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Westlake presently has an average rating of "Hold" and a consensus target price of $167.50.

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.